Quote from Baker_Trader:
...Well Trained in Trading Stocks (Nasdaq-NYSE)
Your only 19 years old...
What do you mean by well trained in trading stocks?
...you've made a few hundred dollars, thousands of dollars...have a mentor (highly recommended)...already a profitable consistent trader...what exactly do you mean?
...What do you all think?
Im mainly asking, where should i start? What should i start to trade with?
Any help would be just great guys?
First of all...you can start by getting a Futures broker...open an account and put enough money in it to trade several contracts eventhough your only going to be trading
one contract of ES (this will also allow you to have enough money to trade NQ when NQ has a trade setup and ES doesn't and allow you to keep trading for awhile if you have a few bad trading days).
Next...ask your broker to send you all information they have about trading Eminis (I've mentioned this to you in a prior reply to your questions).
Remember this...being
well trained doesn't mean your able to make consistent money...you'll just have a shorter learning curve and quicker road to profits.
If you are or were making consistent profits while trading stocks...
start trading the Eminis via a realtime simulator (notice how I didn't say paper trading...writing down Bid and Ask) or trading with real money via one contract.
By the end of the year...if your profitable with one contract...your ahead of most (I didn't say all) here at EliteTrader.com that trades the Eminis.
Next...next year about this time...if your profitable...move up to 3 contracts.
The following year...move up to 6 contracts.
Remember...you said your 19 years old and wanting to
save up the money.
Now you have a way to earn that money. 25k,30k 50k or whatever it is that someone convinces you is adequate enough.
Hopefully, by the time you your closing in on your 25th birthday you will not only be well trained in the Eminis...
you'll also be a profitable trader making a living at it.
I will also add...start with ES. On occassion, only trade the NQ when the NQ has the better trade setup while ES is showing nothing.
Since your new...start slow and keep it simple. In other words...don't try any fancy trading stuff.
Last of all, read carefully the
Psychology forum thread here at EliteTrader.com
http://www.elitetrader.com/vb/forumdisplay.php?s=&forumid=35
Why do I say this...
the biggest threat to your potential success is not the market...
it's you.
I'm still curious about what you mean by
well trained. Hopefully you didn't mean you've read a few books on the subject.
Once again...use your Futures Broker, use the Search menu here at EliteTrader.com, start with 1 contract and gradually work you way up to multiple contracts and never stop learning about yourself as a trader as you interact with the markets every time you open up your brokers trade execution platform.
If your looking to be spoon fed...I suggest you open a Futures account with someone that will guide you through the process for awhile (commissions will be higher).
When you feel like you know enough...look for a broker with lower commissions and used them as your primary broker while using that first broker as your secondary broker (don't close the account).
Read the the following threads here very carefully...Journals, Psychology, Hardware, Software and of course the Futures forum thread.
If your in college and at the same time you are very serious about day trading...use the search menu here because there was a thread about Universities that offer or have trading rooms for day traders.
P.S. I highly recommend you spend more time exploring the resources your broker has and prior info here at EliteTrader.com before asking any more questions.
All the questions you have asked so far have been asked so many times before here at ET...its almost funny.
NihabaAshi
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