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I'm in need of guidance. Back in 2014, I started researching and practicing trading the Emini ES. Pancreatic cancer got in the way and I had to shelf my desire to learn trading. So, here I am, cancer free, and itching to re-engage. Just trying to provide a little history for those that may ask the question, "Why did you stop for so long?" It was a tough road with a lot of complications, which delayed my recovery.
Can you help? I've read numerous posts about a number of trading schools who post their own glowing reviews. Being a beginner, I have no way to sort out who's who.
- I want to keep it simple - Emini ES, maybe FOREX
- I'd like opinions on upstanding trading schools/programs suited for the beginner
- Any other recommendations re: mentors, individual trainers, etc.
- Who should I stay away from?
- Anything you can add that may expedite my learning curve
- Lastly, any recommendations for anything I have not inquired about here would be greatly appreciated.
I recommend forex until such time as you figure some stuff out. You can trade sim until you get the basics, then live on tiny contract sizes that won't hurt. Move to futures trading when you are more confident in your abilities.
Expedite. The use of this word reveals your intent. If you build your early foundations on this expectation, you will be walking a very difficult road. Change your assumptions. Slow steady knowledge accumulation will get you to where you want to be (faster and cheaper too).
Don't pay anyone. Everything you need is for free.
Before anything do this:
Find a free online chart of eurusd or oil, or gold, or spx ....whatever you want.
Post it right here in this thread.
Tell us what you see and whether you would go short or long or not do anything.
This is always a good starting point when asking for advice. Traders here will get an idea of your level of knowledge and be able to offer more appropriate suggestions.
Congratulations on beating the beast! Welcome back, and best of health and success.
Matt Z
Optimus Futures
There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
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First, you need to get eliminate your fear mindset. However, the reason you need to move away from fear mindset is not because success is likely. It is just factually speaking not likely and financial loss is more likely, at least initially. But, embracing the fear mindset is more likely to slow or stunt your progression. Instead, I might suggest to reframe your perspective from seeing vendors as either (A) elite gurus or (B) frauds to instead see everyone as modestly competent. Next, your passion and strengths might help you hone in where you want to work.
But, first I would recommend you do a deep internal study and evaluation of the why you want to trade. It is very difficult for most to make any money at all trading. I have never understood why people want to trade who don't have a passion and exceptional ability to read markets. I think you may need to raise the bar too. Trading is too difficult to pursue with just the mindset of trying it out. You need to set the bar higher. I think a rational goal is to set the bar at 160k per year because that is more then most jobs pay. Granted, it might take you several years or more to reach that level. I do a 5 year test with most ideas. If the idea isn't something I want to be working on in 5 years then I probably won't pursue it. I find this a good process to eliminate the poorer ideas.
If you want the highest probability of achieving at least marginal success, your best course of action is without a doubt to pursue systematic or quantitative trading. It might even be the method you will find greater success. However, super normal success is more difficult to quantify. A blended approach may be more likely to produce greater success if you possess super normal qualities in discretionary trading. It is more likely I think making use of asymmetrical advantages such as an exceptional ability to read and understand markets, advanced technology, leverage capital, or being in the right products and right time.
tpredictor, I appreciate you taking the time to respond. However, I'm confused. I don't believe I was taking a position of "fear." While I may be a bit leery at this point due to my two previous experiences, there is no fear. Just don't want to wasted time at this point.
I've got a bit of an ADD brain and all the moving parts of a trading experience intrigue me. At 56, I'm approaching the "not so employable" part of my life and I prefer having control over my career moves, especially having been self-employed for the previous 12 years, except the most recent 2. I just don't want to waste time spinning my wheels at this point in my life. I'd like to find, if it is out there, a reputable training program to dive into and learn what I don't yet know and improve my opportunity for success. While I appreciate the psych evaluation, I'm looking for a company that comes well recommended. At that point, I will responsible for my success.
I can imagine that when you start your trading carreer, you want some guidance. There is so much stuff out there, good and a lot of BS, this can all be very overwhelming. And even good advice may be not applicable for you, because it depends on the type of trader you are. What feels comfortable and what not, what kind of trading fits your psychology. It is a journey in which you have to discover/ develop your own trading style. There is no shortcut for that.
I started out with courses of topdogtrading.com, it gave me a good intro in the markets. I don't use any of the technical stuff as I have developed my own style.
But Topdog couses hnadles a lot of general stuff which is very useful in the beginning and at the same time gives all kinds of setups, strategies. Mainly focused on futures , FX, but also for Swingtrading even options trading. Worked for me.
Congrats on beating your cancer, a terribly unfortunate thing that affects and interrupts too many lives. I would suggest a visit to https://www.tradingschools.org/ early because most of the trading education industry is an unregulated con and all of them probably don't trade for a living, or even really trade. This most honest trading education review site could have helped many since the dawn of retail electronic trading if it exited then, unfortunately it didn't until a few years ago, but it's there now with hundreds of alarming exposing reviews. Very interesting "warning" story, but as they say it takes a (reformed)"thief to catch a thief". The CFTC reportedly also read this site and sometimes communicate with Emmett in their investigations as they arrest or fine more of these frauds in recent years. An example review since you had mentioned forex trading.
