what should I do?? (another n00b question)...

Quote from ElectricSavant:

Your Welcome.

I was once young and could not die. I was going to take over the world.

Thank you for your energy and your motivation......tread carefully....panning to fail....and handling failure are 2 separate issues.

Please do not take my post negatively.......I wish you all the success.....But try to always look at the long term and do not get into the trap of current condition verses perspective.

You must learn to be analytical, logical, and reactive to what you know and have learned. Keep on track while exploring. Remember to always be on the right side of the trade and quickly determine the probabilities.

May I suggest as part of your introduction to trading....that you take on a statistical study of the Dow. Notice when it drops by a certain percentage how reactive is it to a reversal. or try to study....gap open.......or MAE and MFE from a certain time of the day.

I know I am lecturing so good luck if there is such a thing. Maybe I should say may the odds be probable to be positive with your strategy.

Michael B.
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Thanks Mike B.. I won't take your post negatively and I do not feel like you are lecturing me.

I believe what you said would have costed me a fair amount of time reading a huge book or two and cash if I were to get that from experience. And thank you dearly for you wise advice and your willingness to type it into the open for someone like me to learn from.
 
Here's a job at the Minneapolis Grain Exchange. You can even trade the eminis for an hour and a half after this job is done. After a while you can get a job as a floor broker (don't tell the Exchange that's what you may do or you won't get this job) and then start trading your own account.

This job is good because you get to see what professional traders do.

http://www.mgex.com/about/employment/new positions.htm

Immediate Part-Time Openings

ENTRY LEVEL PART-TIME POSITIONS

Department:
Exchange Room

Open Position(s):
Exchange Room Clerk

Objective:
To accurately and quickly observe and record market transactions. To assist in providing a proper floor trading environment.

Responsibilities:
Completion and distribution of market data, update settlement and trade data at end of each trading session, report futures quotations of various markets, surveillance of trading pit activity within various markets and assist with member services.

Qualifications:
Strong communication and problem solving skills, self-confident, motivated and able to work as a team player. Computer literacy and ability to work with word processing/spreadsheet programs.

Hours:
9:00 a.m. - 2:00 p.m., Monday-Friday, or as market needs require, advancement to full-time position on availability.

Hourly Wage:
Competitive incentive and bonus programs available

Contacts:
Minneapolis Grain Exchange
Department of Exchange Room
400 South Fourth Street, Suite 111
Minneapolis, MN 55415
(612) 321-7159
Fax: (612) 321-7180
Email: nwarren@mgex.comMinneapolis Grain Exchange

Human Resources
400 South Fourth Street, Suite 150
Minneapolis, MN 55415
Fax: (612) 321-7196
Email: resumes@mgex.com
 
Quote from Nelson1980:



again... thank you funky for your post, I really appreciate it.

I do understand that if I don't make any profits, that I will be losing money. But I want to get started now or within 6 months or so is because the market is about surge back up and I know that that chances for me to succeed are greater because of it.

So, what should I do?

Save money and wait for a bear market or should I jump in at a Prop firm and ride the bull?
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this is also another feeling that new traders get....i did. the feelings of 'getting in the game' before the market has no more money to give. it gets worse -- when you see other traders making money on days that you lost alot, or broke even, you will be frustrated. i can remember not long ago when i left for hawaii on my vacation -- it was on a friday at 10:24am that I logged off. At 10:26am the market broke for one of the biggest rallies we've seen in a year. I came back to see that the market broke exactly when i left. frustration is a common thing with traders ad this is always one of the reasons.

but let me share with you something that i've realized since then, that you will either accept now or will have to learn the hard way: the market was around well before you were born, and it will be around well after you die. it will ALWAYS be a fact that you can make money by trading some sort of market, with some sort of strategy. there will NEVER come a time in your life, that the market will be untradable or unprofitable.

waiting 2 or 3 months before you start trading for real will NOT decrease your chances of success. say that with me...."The market will be around tomorrow." say it again. 1 more time. ok, now this works in all timeframes too. If you trade intraday, you will realize this. during slow days where news or other external factor cause the volume to drop off and volitility to increase, you should repeat the saying again. repeat it two times more. The market will be around tomorrow.

many traders won't admit this, but the thing that makes you the most money is right above your chair seat. the ability to sit tight and not trade...sounds funny? print out a copy of this and stick it in your logs, and in 2 months come back and read it again. to pull money out of the market consistently, you need to be like a hunter...stalking your prey....wait........wait.....wait until its out in the open.......wait........BAM!!! the second the deer jumps out from behind the trees you don't hesitate. but until it does, you're gonna be firing precious ammo. another way to think of this: its like fishing with bait, and using the bait for your own food. eventually you could be out of food if you continue to fish for things that aren't much bigger than your bait.

my .0199 cents....
 
Quote from funky:



to pull money out of the market consistently, you need to be like a hunter...stalking your prey....wait........wait.....wait until its out in the open.......wait........BAM!!!

the second the deer jumps out from behind the trees you don't hesitate. but until it does, you're gonna be firing precious ammo.

my .0199 cents....
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that 'BAM!!!' part was alone worth all 0.0199 cents. :)
 
Where you telling me that I am exposing myself too much that I am making myself vulnerable ? or that,

I sound so naive and stupid that you know my impatience is gonna lead me into utter self destruction?


Nelson,

I guess it came out like I was saying that you were open, vulnerable, naive, stupid, and impatience, and a loser.

  • If you were closed minded you would not open yourself publically to a discriminating forum of people that are incognito and un-identified.
  • If you were not so confident, bold and motivated you would be vulnerable but this is not your case.
  • If you were stupid....well you have a degree don't you?

    IMPATIENT...YES
  • Loser, I do not think so...you remind me of myself.

Michael B.
 
Mike thanks again.

and I understand what you all are saying.

I am going to wait, finish my degree, and get a night job and get some money and see where its going to take me.
 
But..............You must practice and use this time wisely....You seem to have monthly income....spend some of it on a datafeed and charting program.

Michael B.


P.S. step by step........reach your goal with baby steps...

Michael B.
 
Quote from Nelson1980:

Mike thanks again.

and I understand what you all are saying.

I am going to wait, finish my degree, and get a night job and get some money and see where its going to take me.
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Nelson1980

A lot of people over estimate what they can do in a year

but heavily under estimate what they can do in a decade or 2.
 
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