Are you recommending futures contract trading for a newbie???
starting trading
- Thread starter harry8888
- Start date
Are you recommending futures contract trading for a newbie???
Quote from YuforaCapital:
Are you recommending futures contract trading for a newbie???
Harry wants to trade futures. He made that clear at the start of the thread. I think mastering a single instrument is one of the best things a noob could do. I wish I'd started that way.
I'm a price action trader, making my style of trading timeless. I trade what I see, not what I think. I'm willing to switch sides in a heartbeat when indicated.
The algos (programmed trading) make my style of trading easier than ever. Programmed trading is incredibly predictable.
What you recomend to start trading? Its better to use an experiment account, or its better to create a excell file with the trades?
Im in the very beginning of this journey, and since i'm in college taking a economics degree i would like to know what do you recommend....
I have been trading some betfair bets, i know its a complete diferent game but im enjoying the life and im seriously thinking about making this as a career, probably not as a home trader, but trading for some company.
Since i have some free time i would like to start now this journey!
Im in the very beginning of this journey, and since i'm in college taking a economics degree i would like to know what do you recommend....
I have been trading some betfair bets, i know its a complete diferent game but im enjoying the life and im seriously thinking about making this as a career, probably not as a home trader, but trading for some company.
Since i have some free time i would like to start now this journey!
Yes, I can recommend some specific advice. First, I would recommend that you review my mini book here, The Logics:
http://www.elitetrader.com/vb/showthread.php?s=&threadid=221630
You can also message me for my blog links and articles. I would recommend that you think about how you can develop a framework that is both sufficiently complex to deal with the market in all its forms and yet simple enough that it will allow you to make decisions quickly and efficiently. I would recommend to start trading with a minimum of $25,000 per ES contract.
As for books, I highly recommend, Gary Smith's, "How I Trade For a Living". This was the book that did it for me. I consider this the bible on trading. I've read it 5x and find something valuable every time: remember though markets are always changing.
I would recommend that you focus more on training then books or reading. The training must be goal directed, to the exact and to the requirements of your live trading.
The first thing you need to do is to make an assessment of your strengths. Why do you want to trade futures? You know what are you bringing to the table.
Your success or failure will be dependent on
* Finding and developing your strengths
* Staying in market centric feedback loops
* Acquiring enough capital to trade properly
* Managing your risk and monitoring your progress
As for basic information, you can get that from CME website or any of the dozens of promoters. I would also highly recommend you review Dr. Brett's traderfeed. It is no longer updated but is a great archive of valuable information
One aspect you can't underestimate is the difficulty of leveraged trading. Non leveraged trading is like driving down the highway in a car at 60MPH, make it a sporty car at 100MPH with moderate to high leverage, and extreme leveraged trading is like racing a motorcycle at 200MPH. The risk involved and skills needed are just much greater.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=221630
You can also message me for my blog links and articles. I would recommend that you think about how you can develop a framework that is both sufficiently complex to deal with the market in all its forms and yet simple enough that it will allow you to make decisions quickly and efficiently. I would recommend to start trading with a minimum of $25,000 per ES contract.
As for books, I highly recommend, Gary Smith's, "How I Trade For a Living". This was the book that did it for me. I consider this the bible on trading. I've read it 5x and find something valuable every time: remember though markets are always changing.
I would recommend that you focus more on training then books or reading. The training must be goal directed, to the exact and to the requirements of your live trading.
The first thing you need to do is to make an assessment of your strengths. Why do you want to trade futures? You know what are you bringing to the table.
Your success or failure will be dependent on
* Finding and developing your strengths
* Staying in market centric feedback loops
* Acquiring enough capital to trade properly
* Managing your risk and monitoring your progress
As for basic information, you can get that from CME website or any of the dozens of promoters. I would also highly recommend you review Dr. Brett's traderfeed. It is no longer updated but is a great archive of valuable information
One aspect you can't underestimate is the difficulty of leveraged trading. Non leveraged trading is like driving down the highway in a car at 60MPH, make it a sporty car at 100MPH with moderate to high leverage, and extreme leveraged trading is like racing a motorcycle at 200MPH. The risk involved and skills needed are just much greater.
** Update
What makes someone to be in the top 1% of traders? It is very simple: winning. Winning every week, every month, every year. If you can't win and you've never had greatness then it will be difficult to work through the losing periods. If you've had greatness then it is inevitable that you will work through any difficulties.
What makes someone to be in the top 1% of traders? It is very simple: winning. Winning every week, every month, every year. If you can't win and you've never had greatness then it will be difficult to work through the losing periods. If you've had greatness then it is inevitable that you will work through any difficulties.