Novice Trader

Some questions to think about:

Which market to choose: futures, stocks, fx, options, etc?
What type of trading: swing, position, scalping, etc?
What’s gonna be my approach: TA, Fundamentals, nn, astrology, intuition, gurus, a magic system for 5K, combination, etc.?
What are the ingredients of my trading system (if any)?
How to manage risks?
…
According to your answers, dig in this forum and other free online resources. Call prop firms. Call / email data/software vendors. Get the general idea how it works. Good luck!
 
The most important part of a trading plan is the exit strategy. Williams did an experiment where he entered the market on a =random= basis but followed a very specific exit strategy. He was able to do a bit better than break even, which is better than the vast majority of traders.

His exit strategy alone made him money.

One example is get out with a 1% loss, or a 5% gain.

And then practice and refine your plan for at least 6 months to a year on a good simulator, making adjustments as necessary.

When you find the plan works in simulation, gradually move to real money. Start small -- one lot on the ym, for example.
 
I'm just starting off also. Not ready to make a trade yet. Been doing alot of reading and browsing the forums. There is a book I do recommend, Trading in the zone, by Mark Douglas. He talks about think process of trading. Though the first few chapters is quite repetitve, he really drills that information into your head. :D
 
Quote from Cheese:

I recently made the decision to quit school and become the first child Prime Minister of India. I have no background on India. Should I travel to India by air? Or should I walk there by the shortest overland route.

Child 8billion&88
More...
This was the funniest thread I've read in a long time. I needed a good laugh--thanks.
 
Quote from trader1688:
.. I was thinking about going to a firm that offered paper trading..
Hopefully this forum has more than your typical numbnut scum than the few that responded.
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There must be a 'recycled paper' futures market that no else has noticed.
Sweet.
:)
 
It's OK.

Everyone has to learn someway, and making a pit stop here isn't the worse move you could make.

You've gotten some pretty good advice, I would just add read trading books (go to Amazon and start doing searches), like they've already said, paper trade until you're comfortable, and then good luck.

The only other thing I would add.

Go get another job (preferably at night, maybe on the weekends, doesn't matter), get another job, because you are going to need it.

Best,

Jimmy
 
Quote from Cheese:

There must be a 'recycled paper' futures market that no else has noticed.
Sweet.
:)
More...

Dood. I want in.

We'll make billions in PAPER money!
:D
 
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