Whats the best training program to learn futures trading?
I'm new to futures and wanted to ask if there is any advice for the best education program to learn to trade? I've heard of Emni academy($5k) and The daytrading academy($5k), and the online trading academy (Priciest 10k+). I dont want to waste money on scams or expensive and useless indicator software. I understand the value of coaching and an education, advice from pro traders on how to get jump started?
In my humble opinion, if I were just starting out again I would specifically spend my time on learning price action and nothing else. Learn to trade off of 1 chart add no more than a moving average such as a 20 ema for a frame of reference. It is possible to become very successful trading exclusively this way. There are educators out there that teach this and are reasonably priced. There is also a lot of free price action information and webinars on Big Mike's. Such as Al Brooks, Vince Virgil, PAT and many others.
Understand, recognize and learn how to draw trend lines, channels, support and resistance, consolidation areas, measured moves, symmetry and basic price action patterns. I suggest your trading time frame not be too fast and as beginner give yourself a little wider stops then you might be comfortable with and trade with less size (Sim to start).
Learn to be patient and let the trade come to you. Once you start to learn more about yourself focus on trading methods that are best for your psychology and not what you think will make the most money.
Be open minded to trade any market. Many traders in the beginning think the emini S&P is what they should trade but in the end they realize their personality type fits the price action of crude oil for example.
Once you learn price action in its purest form I think you can then begin to expand your knowledge on other methods and trading tools. I would suggest auction theory and understanding the concepts of market and volume profile. I would also watch every FT71 webinar on Big Mikes.
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Even if something like these is not a scam, and even if it actually could work, it still is going to be useless to you. You are simply going to have to find your own way.
(And, by the way, anything where they want that kind of money is a scam, at best.)
You are just going to have to dig in and find what works for you. That means understand the markets and trading, and understand yourself, all hard stuff. There are a lot of people who want your money, and who know that people who are interested in trading may be willing, and able, to pay it. Question: if their stuff is all that good, why would they be willing to sell it to you? Why would they not just use it and make millions themselves, instead of getting money from you? Hmmm.... Answer: your money is much easier for them to get.
Use the resources of futures.io (formerly BMT) wisely, read the posts and consider the much lesser amount of an Elite membership, which gives wider access. Whatever you do, don't expect anyone to give you "the answer." If it were that easy, everyone would be rich.
And, good luck with the journey.
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Although so far, most of the feedback you've gotten has been negative, you could look at vendor reviews for any that interest you. The Search function at the top right of the page is a good tool; go to Advanced Search, put in the name of the outfit and select "Vendors and Product Reviews" as the forum to search.
Learning to search is a good idea. You'll get a lot of stuff that way here.
Most of the vendor reviews that I have read, which are not many, are not too positive. But you do get real-life feedback from people who have either tried them or at least looked at them, which can be valuable.
I back steve 100%. When I first started out I had things like RSI up and after a while I just didnt use them at all, I didnt think they gave me an edge. I then progressed to pure price action, trading off s/r and using volumes and chart developments to get an idea of what the market was doing. Something I am now focusing is using order flow using the jigsaw add-on for ninjatrader, I think this gives you so much more information and feel compared to if you solely look at charts. I recommend you check out the jigsaw channel on youtube, he explains order flow concepts quite well. You are looking for aggressive buying/selling (lots of market orders in one direction) and also absorption, how much heat the bids and offers are willing to take at each price. Theres a drill I did during an evaluation period for a prop firm called cut and reverse, where you have to stay net long or short. This is excellent because you are in the market all the time (this helps me focus and stay alert, it can be wearing but I loved it) and its hard for you to develop a bias because you need to look for opportunities on both sides. In addition to this, I would recommend trading without charts, just looking at the DOM, that way you have no preconceived notions of how price should move, and you can purely focus on the orderflow. I am currently doing this because many times I am entering too aggressively into the market with limit orders thinking I know price will do this or that when in reality I cannot know this, I do think there are times where this is appropriate (at significant levels) but I do it way too much. Note that you need a good DOM like the one on XTrader, OEC trader or the jigsaw DOM for ninjatrader, you need to be able to see size printing into the bids and offers.
Also, no matter what your method is I think psychology is very important (maybe not so much if you build systems) because it will influence how you trade. There is an excellent book called the daily trading coach, gives a lot of useful insights. And you probably hear everyone say, keep a journal. This is so key, take note of how you are feeling about certain trades, write down your thinking process, keep a record of your p/l each day. Remember the goal is to improve your trading, when you start out your p/l will mostly be in the red (unless you are one of the very rare guys who picks it up trading pretty quickly), so you need to focus on process goals and reward yourself for things like sticking to your rules. Maybe you hit your daily loss limit and you stop trading. Frame that as a positive - it is a show of discipline. Or you have problems overtrading so you become more selective with your trades, also a positive. No matter how much you know or how much skill you have, if you dont have a sound mindset you will keep sabotaging yourself. My anxiety to perform and put on trades has led to a lot of trouble with me putting on mediocre trades and playing scared, journaling and becoming aware of thought patterns and feelings associated with poor trading as well as good trading has given me more control over my pyschology because I can then take steps to address issues as they arise (e.g. slowing and deepening breath, taking a quick break from the screen, to reduce anxiety).
I should also add that you need to find something that works and makes sense to you. I enjoy scalping thin, fast moving markets (oil, nasdaq, gold) because it suits my personality and skill set. Some guys prefer slower markets (e-mini snp moves at a moderate pace, treasuries are very liquid and move quite slowly). Other guys dont trade directionally they spread trade, and some guys arent great at discretionary trading but are great at building trading systems. While there is no holy grail, perhaps there are personal holy grails.
Understanding yourself is just as important as understanding markets.
Last edited by TickedOff; February 8th, 2015 at 11:14 PM.
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