Quote from johnstac:
I am brand new to futures trading and that book was suggested. I am about half way through the book. I'm also reading, "Come into my trading room" to get some of the basics.
Honestly though, I feel like information overload right now. My $40k account will clear and be ready this coming Monday. I'm excited and that bothers me. There is sooooooo much information on the net that I just don't know where to turn for some beginning setups that I can use without jeopardizing a lot of capital at once. I gathered from what John Carter talks about, that the emini dow is a good vehicle for beginners. Safer then individual stocks. Is there a differing opinion? I like what I am reading about ETF's but not sure if these are good to day trade. Forex? Seems like forex is a lot like gambling. I don't know. It's becoming analysis paralysis for me.
First and foremost, John Carter is a poser and a charlatan, so don't put a lot of faith in what he has to say. Second, he "borrowed" his so-called proprietary indicators from the Tradestation forums from those who wrote and shared them for free, and then re-badged them as his own. He sells them for thousands of dollars to the unsuspecting. Third, John Carter's methods are all smoke and mirrors. Don't believe that by following his tales, you will be successful. It's well documented that JC has lost much money trading his systems, his and other peoples as well. Failed traders typically shift gears by selling fee-based trading rooms, trading systems, write books, sell indicators, or all combined. There are a slew of these con artists out there, so be careful whose path you follow. I sincerely do not want to see you lose your money before you figure this out for yourself.
My personal suggestion would be to open an IB account with the minimum amount required, and keep the rest of your funds tucked safely away in a bank for now. No offense intended, but you are no way ready to trade live yet. The odds of you losing your money at this stage is extremely high, almost a given.
IB will give you the data feed you will need for $10 a month, free once you begin trading live. Meanwhile, I would suggest using low cost/free charting such as QuoteTracker, Sierra Charts, IBCharts, etc., with a IB demo account. Learn to use the TWS before attaching any front end to it, the front ends are only to speed up the entries/exits/stops, and you should understand what that front end is actually doing. Then, and only then , should you use a front end. I suggest Bracket Trader because it is free for as long as you wish to use it, with some minor restrictions in it's function. Spending several hundred dollars a month for charting, data, etc. is simply not necessary to learn trading. Preserving capital is the golden rule.
Do not get sucked into joining fee-based rooms. They are a waste of time. Instead, search the forums, as there are a lot of good ideas out there. Unfortunately, for every good nugget of information, there are a thousand others that are worthless. Proceed with caution. Ignore the blowhards such as jack hersey and company, as they will only confuse you and add nothing of value. Keep it simple, find an instrument that fits your personality, and learn it like you know yourself. Any skilled trader can blow holes all through JC's theory on why to trade the YM. The ES is probably the safest to learn on, as is has the most volume, but that too can be disputed. Personally, I find indicators a waste of time, learn to read price action, and the money will follow. Waiting for multiple indicators to cross and line up with the moon is not the path to winning.
If you are the type that needs hand holding and personal interaction, thus justifying in your mind why you need to pay for trading advice, chances are trading is not for you. This is no doubt one of the toughest unscrupulous professions there is to master. You need to be tough, smart, and not swayed by the chatter of others.
Money management is every bit as important as any trading method, more so in my opinion. ALWAYS use stops, and have a valid reason for there placement. Fixed stops are the tale-tale sign of amateurs. Act accordingly. Create a set of trading rules and adhere to them like a religion. You can take the best winning system ever found and blow your account out if you do not practice inflexible money management and follow your rules.
No doubt, naysayers will chime in and tell you how I'm not correct. As the famous philosopher Forest Gump would say, stupid is as stupid does. Report back in a year and let us know who was most correct.

Good luck!
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