New to trading (Sorry if it's not okay to ask).

I just searched and was able to locate those four files in less than 5 minutes. Recently there was a guy on here who didn't know how to search for books under the author's name. He thought he was smart but he was a real dummy who didn't know how to use the internet to search for stuff. Don't be a dummy like him. Learn to use the tools available to you.

About trading the ES: you have much to learn grasshopper. I've been trading stock index futures for over 10 years, and I can tell you it's not something anyone can just pick up from scratch and start doubling his account. These "teachers" of yours are blowing sunshine up your ass.

My suggestion is to start with a market you can go very small without leverage. I am aware it will not be heeded.
 
Why not trade the SPY instead? You'll trade with less risk while you learn (100 shares is less risk than 1 ES contract) plus, when volatility is low as it has been, the ES is much more difficult because of the tick size.

db1991 said:
I am planning to start with E-mini S&P 500. Trading one contract a day until I've doubled my capital. Then increase to two, and continue. This is what my teachers recommend me to do at least.


Dennis
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Normally, I agree with NoDoji, however in this case I would not be giving advice to a 22 year about finding an edge.

Instead I would tell this person to finish college. Get a job. Get some experience on your resume. Then after to built up some cash, you can practice trading til you find an edge either at night or off days.

If you start trading now and fail, you will not be able to find a job, and may end up killing yourself.
 
oraclewizard77 said:
Normally, I agree with NoDoji, however in this case I would not be giving advice to a 22 year about finding an edge.

Instead I would tell this person to finish college. Get a job. Get some experience on your resume. Then after to built up some cash, you can practice trading til you find an edge either at night or off days.

If you start trading now and fail, you will not be able to find a job, and may end up killing yourself.
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Excellent advice, because in many cases the biggest loss in trading is opportunity loss; letting all other professional opportunities pass you by while you pursue what is most often an illusive dream.

Finding yourself 30 years old with a big hole in your resume and your skills is not a pleasant place to be.
 
oraclewizard77 said:
Instead I would tell this person to finish college. Get a job. Get some experience on your resume. Then after to built up some cash, you can practice trading til you find an edge either at night or off days.

If you start trading now and fail, you will not be able to find a job, and may end up killing yourself.
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The OP said "I'd also like to mention that as for now, I don't have the academic background to pursue the university degrees of economics and finance."

Also, you can maintain a job while learning to trade. There's no reason to begin trading real money until the learning process results in the ability to generate profits consistently over time in a simulated or market replay account.
 
db1991 said:
Learning that the biggest challenge for me is to overcome my own feelings and thoughts and always stick to my plan and trading system. Never let my feelings control my actions when I'm on the market.
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If you are into psychology type books, then I recommend "The Power of Habit".

I read most of it over a flight during the Christmas holiday. It's a great read.

One of the most powerful things it talks about is NOT focusing on the problem. Instead create new good habits (focus on solutions and the positive). For example, as long as you are focusing on "trying to overcome fear", you won't. Instead learn to be in the habit of being calm and unmoved.

And relax a bit, to "always stick to the plan" would mean that you are a perfect being. It's simply not realistic, if it's not in your nature. Some guys beat themselves up so bad because they got out too early or too late or not with enough contracts or too many contracts. They are never happy. Instead learn the reward of making the best choice. And when you see the reward, you will start a good new habit. And, it will be natural to trade your plan.

I won't go on about it. Read it if you wanna.
 
40% OTC Penny Stocks
20% 401K into Blue Chips
20% Sports Betting, BlackJack, Poker, Horse Handicapping, Baccarat.. whatever.
20% Educational Material

good luck, you're gonna need it!
 
NoDoji said:
The OP said "I'd also like to mention that as for now, I don't have the academic background to pursue the university degrees of economics and finance."

Also, you can maintain a job while learning to trade. There's no reason to begin trading real money until the learning process results in the ability to generate profits consistently over time in a simulated or market replay account.
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This is a reply to pretty much everyone, just quoted this great person!
Yeah thanks! However, as mentioned before (which clearly the others didn't pay attention to, I can't pursue a college degree as it is for now). But I can get the same books they use their, sure I can't attend their seminars and such but I can still learn a lot from reading their same course material.

Also, I am not going to start off by betting my own money for now. Will just trade using a demo account for quite some time til I feel like I can handle all indicators, diagrams and when I know which instrument I will be trading.

I will be studying the market like 5 hours from when the market is opening where I live. Then I will take the rest of the day to study other stuff that I need to complete my degrees.

I am not hoping to make wonders in short time, I know it is hard work and dedication, I am not expecting to make a fortune in just a year or something like that.

I'm looking at this as a 10 year project and of course, I will get a job meanwhile, as soon as my health condition is alright!

Thank you everyone and especially those who actually read through my post!
 
Dennis,

A novice asking for tips on daytrading, in their first post on ET, is very ordinary. (This is not a negative comment, everyone starts somewhere.) However, much of the advice you received is extraordinary. In particular, I do not recall ever reading such a valuable, succinct list for learning to "swing" trade stocks as items 2 through 5 in icarus's post.

If you haven't already, do yourself a favor and print his entire post, paste it inside the front cover of your "Starting to Learn Trading" notebook, and use it as a guide to help focus your efforts.

Best wishes!

-river
 
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