I quit my job and skipped education to pursue Forex fulltime!:) What now?

Hi Johnny,

It's good to see you again around here :)

Volume and O/I you will find most useful for commodities, rather than index futures. The COT report might come in handy also for swing trades on commodities/forex futures.

For index futures, IMHO the best intraday indicator is the TICK (and the TICKQ for Nasdaq), if you read Steenbarger's blog you'll find plenty of examples. Also, he is assembling a free on-line book on how to trade.

Best trading,

Jorge
 
Quote from Johnny:
What is the purpose of this forum?
More...

The purpose of this forum is bragging about money you made on paper trading and bashing anyone who dares to think differently than you do. Succesful people don't hang around here for long... ET is like the 5 monkeys experiment.

If I may suggest anything, I don't know if you already heard of these but they set me on the right foot when I started actually trading:

"The Zurich Axioms" - Max Gunther
"How To Trade Stocks" - Jesse Livermore

A lot is learned from practice so if I may, I would suggest you open a free account at Oanda or some other broker who offers unlimited paper trading and start trading so you can start to learn the timing of the market (how fast price changes, how much volume changes a trend, etc.) Time is just as important as price, more often than not. This practice will help you will realize how hard it really is even trading only on paper. You will also start to elaborate trading strategies that will help a lot when you are finally doing the real thing.

Keep us posted on your successes and failures. Yes, failures. You only learn from those. Success only makes you cocky.

Best of luck young jedi! :cool:
 
Quote from Sarvise:

Hi Johnny,

It's good to see you again around here :)

Volume and O/I you will find most useful for commodities, rather than index futures. The COT report might come in handy also for swing trades on commodities/forex futures.

For index futures, IMHO the best intraday indicator is the TICK (and the TICKQ for Nasdaq), if you read Steenbarger's blog you'll find plenty of examples. Also, he is assembling a free on-line book on how to trade.

Best trading,

Jorge
More...

Good to see that you`re still around yourself Jorge:)

Thanks for the heads up.

Quote from zosorock:

The purpose of this forum is bragging about money you made on paper trading and bashing anyone who dares to think differently than you do. Succesful people don't hang around here for long... ET is like the 5 monkeys experiment.

If I may suggest anything, I don't know if you already heard of these but they set me on the right foot when I started actually trading:

"The Zurich Axioms" - Max Gunther
"How To Trade Stocks" - Jesse Livermore

A lot is learned from practice so if I may, I would suggest you open a free account at Oanda or some other broker who offers unlimited paper trading and start trading so you can start to learn the timing of the market (how fast price changes, how much volume changes a trend, etc.) Time is just as important as price, more often than not. This practice will help you will realize how hard it really is even trading only on paper. You will also start to elaborate trading strategies that will help a lot when you are finally doing the real thing.

Keep us posted on your successes and failures. Yes, failures. You only learn from those. Success only makes you cocky.

Best of luck young jedi! :cool:
More...
:)

Haha. You`re a funny guy Mr. zozorock!:)

Thank you for the book recommendations, the encouraging words and the good laughter(always makes a good start of the day)!:D

Best regards,

Johnny
 
Quote from Johnny:

Hey guys,

I ended up following Sarvise`s advice on studying up on the books first. Makes sense.

I see some of you guys mentioning mentors. How and where did you get one? I don`t think it would be any use for me to get one until I get started trading for real, but I`m curious.

Has anyone had any positive experiences with joining a trader for real-time trading online?


Johnny
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Considering the mentors part, please have a look here:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=103596&perpage=6&pagenumber=10
 
Quote from JodyOng:

Read Trading Day by Day by Chick Goslin
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is there any other book besides that one? or maybe an online source? i just ordered the book by internet but will be here until next week. Thank you tho in advance
 
" JUST DO IT "


God damn...JUST DO IT.

But be smart. Do your research...Learn about stops, learn about indicators...most of all, keep it simple.

I dropped out of college and am running my futures/fx trading along with another business and am doing fine, but ofcourse I paid some hefty tuition "fees" when I started...FIND A MENTOR if possible. I mentored my buddy and he's doing better than me now...

Decide on your rules you need..
You need to have a maximum loss amt per day/week. Keep your focus on a bigger time frame (not quick little "scalps" please!).

and don't over leverage...

and I hope u have AT LEAST 10k....25-100k would be much more comfortable.
 
Don't get sucked into the not so glamours world of the "forex indicator geeks". If you search around a tad bit you'll find huge communities of forex traders using metatrader and ridiculous auto trading systems and weird indicator combinations. You'll waste your time messing with those crud, pure price action is king.
 
yes because I am auto trading...... I am using a hard system. No deviation. If you keep the margin down it's not that big a problem. It's only when you get fools trading on 50:1+ margin (LOL even 400:1) then you start sweating on each trade) But they'll learn the hard way.

----------------------------------------------------------------------------------

It's easy as pie to cut a loss quickly when you're paper trading. Can you toss your ego aside and do that with your real money on the line after you've made what you were sure was a good trading decision? Then when the pain's too much and you bail and blew half your account, how fast will you need to "get it back"?
 
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