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So I'm a 20 year old guy from Toronto, Canada and have no previous experience whatsoever when it comes to trading. I play online poker as a part-time income and I love studying the game, learning new things, I'm addicted to the progression and just really have a true passion for the game.
I've heard about day traders before but really didn't understand how it works and stuff. Just last night I was browsing the forum 2plus2 (a poker forum) and stumbled across the investing/trading section. I had seen this page before but I guess out of mere boredom I decided to read some threads and came across dozens of threads where there were ex-poker pros who had become day traders. This made me curious as to why it would have such an appeal to them so I went on a few hour research session where I just read about and watched videos about day trading.
I understand that you guys deal with money management, discipline, patience, confidence, the risk/reward factor, and like anything else have a love for it. These are just a couple of things that can be related to poker so upon doing some research I thought this might be something I'd like to study and learn.
I have no intention of investing any money just yet but with the way that online poker is nowadays the liquidity is going down, US market is backing out along with other countries and its just getting harder and harder for grinders to turn a good profit, So I thought I could start investing some of my time in learning a new skill. I have a few questions,
What is it that I should know about day trading?
Where should I start?
What books should I read?
What should my overall approach/game plan be?
What are some skill requirements I must have?
If you could answer these questions and throw in a few tips of your own it would be greatly appreciated, thanks
Can you help answer these questions from other members on NexusFi?
Hi, it seems you already have a demo of Ninjatrader already? If you're interested in forex, mbtrading.com and fxcm.com have some demo feeds/accounts that will work with Ninjatrader. TDAmeritrade's ThinkorSwim also have demo TOS platform which includes most markets. TDA also has feeds for Ninjatrader but only select stocks and only via live account. Other brokers that support NT to some extent are interactivebrokers.com and globalfutures.com and there are more NT supporting brokers out there; As for intro material, you could check out trading journals, futures.io (formerly BMT) webinars , although many are ultimately vendor related, have a lot of intro trading demonstrations. There are various "schools" of trading techniques such as price action, indicators, market/volume profile, fibs/elliot wave, orderflow,etc. and one usually chooses a particular way or a combination to trade with.
Your welcome, it's up to you of course to choose which platform. nexusfi.com (formerly BMT) has most of it's downloadable indicators for NT. You'll also need to be elite member to see some sections and threads. (Big Mike's "ask any question" thread is in elite area). I think you can use the demo version of NT with a trial feed.
Here's my "notes" thread. Probably outdated now. But may be helpful and fun to browse:
re: marketwatch.com ; I guess I like it as an overall financial news source with updates on general and forex indices. but I'm not
sure and uninformed about it for actual trading advice & suggestions.
"38 steps of trading" , re: timeline of progression to successful trading
1. We accumulate information--buying books, going to seminars and researching.
2. We begin to trade with our 'new' knowledge.
3. We consistently 'donate' and then realize we may need more knowledge or information.
4. …
Read around on bmt and around the web. Google all the above mentioned and filter out scams. Yes their are a lot of scams out there, they're called trading systems. I suppose not every system is a scam, but beware. When you have enough understanding try a demo account.
I would stay away from market watch for news, they have more opinion than news. The real news you can get directly from the source. If you're interested in opinions of everything and nothing go there, read the comments for every political view in America, and realize at the end of the day that the only thing you've gained as a sense that there are people with a lot of differing views.
