Quote from TraderGreg:
.......
Question
How did you make the transition from knowing trading to being a trader?
Goal
I want to have fairly consistent, proven setups,
Challenge
....but just can't decide on my next move. I only have about 6 weeks before I lose most of my time to college now ... I figure I could print out charts full of different indicators and study, paper trade what I know and learn from experience, keep learning how to program, sit around and be indecisive, or what?
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I re-read your OP and split it with inserted red labels above to gather a better picture of where you're at and what you want. I think you've recieved a lot of great hard won advice, but I'm not sure these are the answers you need at this point. In the end it's hard to accept advice at face value.
The "
Question" is easy - Just open an account and trade. Somehow I don't think that is what you need to know.
Everyone here probably shares your "
Goal", the challenge is how to find it. In my limited experience with ET, I've seen threads here that present successful approaches. The key is to find an approach and market that matches your account size, risk tolerance, trading availability, etc.
The "
Challenge" is the 64 cent question, what to do next.... My sense is that you're chomping at the bit with a lot of enthusiam for markets and want to get involved.
Paper trading is an easy way to start. There are brokers who support "paper" accounts. Find one and set up an account. Print some charts, apply what you know, and see what can be learned.
6 weeks is not a long time, but this may prove to be time well spent. I think you could get better advice here if you provided more details about what you've studied so far. Perhaps outlining some of your underlying ideas on markets (up to this point).
Programing / Backtesting is not an easy undertaking. There is more to it than meets the eye. If you've studied up on it at all there are more than a few pitfalls involved. Mechanical systems are a poor substitute for an ability to make trading decisions.
Trading is not "easy" money. It looks simple (buy / sell), like playing checkers. Add a little leverage and the penalty for losing the game is that your house burns down.
Despite the prevailing wisdom, I jumped in straight away and funded a small account. I blew it up in short order ( 30% DD) - I was smart enought not to burn my house down
. I stepped back for a solid year of self education, before going back. It took me close to 5 years to become a break even (spare time) trader.
When I was in college (engineering major), I took ~ 160 credit hours to complete my degree in 4 years (school 10 months a year). I didn't have time for much else. I think it will be hard balance the demands of college with market work, unless you are pursuing a financial major.
You have great goals - Don't hurt yourself or damage your interest by getting ahead of your self education. I liked your comment regarding account losses with respect to a trading journal, trading plans, re-examination of losses, etc. Good ideas to grow knowledge and build a successful approach. With the exception of emotional impacts of real trading, trade journals & plans can work for paper accounts as a basis to critique your own performance.
... welcome to mini-pikerville, a place that I didn't even know existed! :eek:
