I want to trade futures... oh and I'm 17

M

Matasulous

First, I know this isn't the best place for this post, but I'm not sure where I should have posted this anyway...

Alright, I'm 17 (I turn 18 on July 6th) and I decided I want to trade futures (maybe stocks when I have more capital). I'm learning everything I can about it, but most videos/text explanations use jargon they don't explain. Day trading and technical analysis seems as if it would be something I see myself doing for the next 10 years, and then I would trade something else, or not. From five minutes of research I've noticed that people can go full time in five years or less. I'm in 11th grade and will most likely graduate this year, then do a gap year in Russia. After that I would probably go to college there... The gap year (replacing senior year) would give me a lot of time to practice.

Right now my plan is: study, sim trade, then trade with real money... However as I've said the jargon is more extensive than "buying short/long" and some people say things like "don't read books about trading, they aren't written by people who trade in the markets everyday" and that seminars are by people who are "professional teachers" not traders (if they do a lot of seminars). I'm confused as to what material I should look into... I'm watching YouTube videos (haha I know) and reading stuff online. Where do I start?
 
Start figuring out what kind of style you want to trade. Do you want to scalp, Swing trade, Gap Trade, Momentum Based. I am not saying you can't do all. But you should find what helps you perceive the market correctly most efficiently.
 
re:trading futures.

About trading futures now and stocks when you have more capital??? umm I think you have it in reverse! Futures have much much leverage that stocks and therefore riskier and you could blow up easily holding overnight positions. I would start with stocks or something less risky and then if you do really well then maybe branch out.

start with a relatively small account and make a trading plan and keep a journal. Review your errors regularily and learn discipline...cuz without it you will for sure blow up.

Then hopefully you will make more mistakes with small size..then eventually become profitable--then size up.
 
Agreed. Trade stocks first (prop acct) with 5k up. Less risk and you'll keep yourself in the game longer while you learn how to trade.

Quote from Datradr:

re:trading futures.

About trading futures now and stocks when you have more capital??? umm I think you have it in reverse! Futures have much much leverage that stocks and therefore riskier and you could blow up easily
More...
 
Expect a long learning curve and don't be surprised if you lose everything you have. Also, don't think that anyone will take you seriously when you say you want to learn to trade.

Welcome to trading, it's a brutal lonely world......that I wouldn't trade for anything.
 
I started when I was 17, just turned 20 and I'm still at it. I trade FX futures. Finally saved up enough living expenses to spend 6 months trading full time, going to see where I'm at in May and either continue full time or go to university.

Start by learning how markets work rather than how to 'predict' prices with technical analysis. A good starting point is Trading and Exchanges: Market Microstructure for Practitioners by Larry Harris. After I read this it really got my creative juices flowing in terms of strategy design.
 
I started when I was 17 but lucky for me it was 1998. It really is the best time to start because you don't generally need any money to live on so there is no pressure. It sounds like you already have your heart set on technical trading but at your age you have the advantage of waiting for fundamental macro strategies to work out. Not sure how much money you have but you might want to open multiple accounts one for your trading and one for investing because it is those investments that are going to make you shit loads of money without tons of leverage.

God, 1998 what a great time to be alive. 98 cent gas was nice to!
 
If you're interested in intraday scalping, study Bob Volman's Forex Price Action Scalping and don't worry about the fact that it's Forex or the fact that he uses a 70tick chart. During regular trading hours, most futures have a 1-min chart very similar to a 70-tick chart.

If you're interested in day trading in general, study Al Brooks. I've heard that his 3 recent books are written in a language that humans can understand. His first book, Reading Price Charts Bar By Bar, is both brilliant and comprehensive, but you need experience (screen time) before you'll be able to understand it. It's really geared to traders who've had at least a year of live screen time.

If you're interested in swing trading, futures are not a recommended instrument to start out with, IMHO. Alan Farley's The Master Swing Trader is an excellent reference, but pretty advanced. Pristine offers swing trading (and day trading) education and from what I've seen it's absolutely top notch. If I could go back in time and give myself advice when I was a beginner it would be to learn to trade from Pristine.

Disclosure: I have absolutely no affiliation with Pristine whatsoever.
 
Quote from Datradr:

re:trading futures.

About trading futures now and stocks when you have more capital??? umm I think you have it in reverse! Futures have much much leverage that stocks and therefore riskier and you could blow up easily holding overnight positions. I would start with stocks or something less risky and then if you do really well then maybe branch out.

start with a relatively small account and make a trading plan and keep a journal. Review your errors regularily and learn discipline...cuz without it you will for sure blow up.

Then hopefully you will make more mistakes with small size..then eventually become profitable--then size up.
More...
======================
Good points A trader;
he probably will not listen to your leverage warnings=MOST do not%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%

But when one has tried everything;
try trading/investing[less comissions for investing ], reasonable size,LOL but true.%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%

:cool:
PS . Mr mata[17]The reason lots of leverage is NOT is a good idea;
we all start out ignorant; why leverage ignorance??????????????????????????????????????????????????????????????????????????%%%%%%%%%%%%%%%%%%%:D Wisdom is profitable to direct.
 
Mate

I just turned 25yrs old. I been at my prop firm for 3yrs.

You cannot learn this game from textbooks, university lectures, or other people.

90% of the foundation of your trading will come directly from thorough learning and purposeful practice by trading EVERY SINGLE DAY and executing trades over 2000-4000 hours.

Simply put, you need to do the hours.

> It took me 12-months of sitting in front of the screen every single day at my prop shop just to get 'in tune' with markets.

> You need to develop the sharpness and feel for how far things move, what a real move is like, what is good... what is bad... gut instinct... how to dig yourself out of holes piled with sh*t all over you...

Experience.

> Your best bet is probably doing a basic 3-year economics or finance degree and then applying for a prop shop. If you want it, you'll get it. You need to be hungry.

> Futures = best game of all. Highest leverage, so you can day trade. GOod luck
 
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