Topsteptrader.com If you pass there test then they give you a shot to become funded with them. I believe they also have mentors and education courses. If you have some extra spending money i would recommend trying a mentor to psychologically put you in the right path . Also those people that you mentioned that are making 500-1000 a day consistently. Guaranteed they put in the ''10,000 screen hours rule'' to get where they are. It sure is a marathon my friend!
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By now, even though I dont think that they are not optimal for the actual funding-part of the equation, I highly recommend the Topsteptrader combines to you as well.
Choose a small one, no greater than the 50k combine and learn through trading it.
I, partly through own experience, came to believe that this is the cheapest way of learning to trade while still being exposed to the market in a relatively "honest" way.
But that's only my own experience, one of a not-quite but hopefully soon consistent trader I might add.
To answer your curiosity (specifics not important). I grew up in a third world country where all I knew about America was what I saw on Hollywood, MTV, HBO and sitcoms like Saved By the Bell or shows like Dynasty and Colombo. I arrive when Im 18 and fell into consumerism - spend more than what you have, you live only once, get a college loan and get the best education while staying in the best dorm, buy a car when you graduate, live the American dream.
In summary, without much guidance from anyone it all added up where I ended up in 140K of debt and have bought that down to 30K in 5 years. I was a loan officer at one point and 90% of the applications I processed had very poor savings habits.
Its a long answer but I wanted to address the fact that regardless of what anyone makes, big/small city or best job in the world, without education , guidance and calculated risks - NO one can succeed financially.
Truth be told I make close to $140k and I would not spend a DIME in the stock market till i make sure i either have a healthy risk:reward ratio and control over my emotions. I picked up trading as a journey to financial freedom in the long run or to make residual income. I am grateful for my job and can always and humbly stay at this level but the thrill of being independant and knowing that others have done it in capital markets, thats enough to make me be sponge and absorb as much as i can from these forums.
thanks for your question.
Last edited by apextc; January 26th, 2015 at 12:43 AM.
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I believe you are on the right path, asking the right questions. In my opinion, you don't need a trading firm to train you, or a mentor that will charge you thousands. I spent quite a bit of money early on, and what I learn is that the VERY BEST material is FREE, or almost free.
Here are some recommendations.
- Spend quite a bit of time on this forum and you will find some great advice and resources. Read posts by Josh, Tigertrader, BigMike, Fat Tails.
- Watch webinars by FT72 and Albrooks (in my opinion some of the best).
- Al Brooks has a great video course, very affordable. It was instrumental in my learning to read Price Action
- Tastytrade: Great videos on how to trade options
- SPEND a lot of TIME learning and trading. I also work full time, have a family (small children) and a social life. But I get up at 3 am to trade the European session (DAX) and spend time on Sunday 6 to 10 am analyzing weekly charts for my swing trades. Think of this long term. 10 / 20 / 30 years.
As far as prop firms, I dont really know any. In the past I was curious and looked into topstep, but I did the math and the %return you must have to make it is quite high. There maybe other benefits to joining a prop firm, but it wasn't for me.
Last edited by hectormas; January 26th, 2015 at 07:35 AM.
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Im reading thru the forums to figure out the most recommended software for futures and NINJATRADER seems to be a favorite. That being said those threads are from 2012.... any input would help me since I've been searching for a while now.
A Question: If you are a management consultant, why not consider paving the way to setup your own consultancy firm? You probably know a lot more about that field than you do trading and the risk of success is probably equal. In fact trading is probably more risky in terms of failure probability.
Having said that, this is a great place to learn and I hope you succeed. Read all the intro stuff, become an elite member and access the fantastic webinars and soak up information. Learn what style suits your personality (day trader/swing trader) and start saving a small amount each month to put towards trading eventually. It will take you a long time and is not easy (trust me I'm still learning after 3 years) but coming here has probably saved you 1 year lost searching hopelessly.
Research Auction Market theory / Market Profile / Volume Profile to grasp the core concepts of why markets move.
Build up your own ideas of what could happen if X/Y/Z occurs based on these core concepts.
Add techniques/methods to define good entry and exit points.
Understand risk and risk management and apply it to everything you now know.
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