NexusFi: Find Your Edge


Home Menu

 





Hi! How do I get started?


Discussion in Traders Hideout

Updated
      Top Posters
    1. looks_one DbPhoenix with 4 posts (15 thanks)
    2. looks_two Anagami with 3 posts (2 thanks)
    3. looks_3 ShruggedAtlas with 3 posts (8 thanks)
    4. looks_4 jaredmason with 3 posts (7 thanks)
      Best Posters
    1. looks_one fminus with 14 thanks per post
    2. looks_two DbPhoenix with 3.8 thanks per post
    3. looks_3 ShruggedAtlas with 2.7 thanks per post
    4. looks_4 jaredmason with 2.3 thanks per post
    1. trending_up 11,673 views
    2. thumb_up 63 thanks given
    3. group 18 followers
    1. forum 31 posts
    2. attach_file 1 attachments




 
Search this Thread

Hi! How do I get started?

  #1 (permalink)
jaredmason
Auckland
 
Posts: 3 since Jul 2015
Thanks Given: 3
Thanks Received: 1

Hi there!

I'm a complete newb to trading, but came across your forum a couple of times while investigating Emini Trading Academy and the Day Trading Academy. The comments on this site seemed really well reasoned and genuine, so I've come back to see what other gems you might have.

After poking around for a few hours I'm sorry to say I'm pretty lost on how to get started with trading.

The community here seems very skeptical of various youTube videos and training websites, but I can't figure out what the alternative is. What does futures.io (formerly BMT) recommend for an honest introduction to trading?

I guess what I'm after is a bit of a road map. I don't like to sign on for things before getting a full idea of the costs and risks. But as an outsider, I don't know who to trust and what training options actually do what they claim to do...

Can anyone recommend a course, or a series of videos, or books that can take me from zero to semi-functional trader? The more comprehensive the better, but preferably with fixed costs and clear progressive milestones.

Thanks for any and all feedback!

Reply With Quote

Can you help answer these questions
from other members on NexusFi?
Futures True Range Report
The Elite Circle
NexusFi Journal Challenge - April 2024
Feedback and Announcements
Build trailing stop for micro index(s)
Psychology and Money Management
Are there any eval firms that allow you to sink to your …
Traders Hideout
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
59 thanks
Funded Trader platforms
37 thanks
GFIs1 1 DAX trade per day journal
22 thanks
NexusFi site changelog and issues/problem reporting
22 thanks
The Program
20 thanks
  #3 (permalink)
 DbPhoenix 
Phoenix AZ
 
Posts: 470 since Dec 2012



jaredmason View Post
Hi there!

I'm a complete newb to trading, but came across your forum a couple of times while investigating Emini Trading Academy and the Day Trading Academy. The comments on this site seemed really well reasoned and genuine, so I've come back to see what other gems you might have.

After poking around for a few hours I'm sorry to say I'm pretty lost on how to get started with trading.

The community here seems very skeptical of various youTube videos and training websites, but I can't figure out what the alternative is. What does futures.io (formerly BMT) recommend for an honest introduction to trading?

I guess what I'm after is a bit of a road map. I don't like to sign on for things before getting a full idea of the costs and risks. But as an outsider, I don't know who to trust and what training options actually do what they claim to do...

Can anyone recommend a course, or a series of videos, or books that can take me from zero to semi-functional trader? The more comprehensive the better, but preferably with fixed costs and clear progressive milestones.

Thanks for any and all feedback!

If I may, the first thing you need to do is decide what kind of trader you want to be.

The second is to decide what you're going to trade and when you're going to trade it.

The third is to develop your system.

It is work. There's no denying that. The good news is that it needn't cost you a dime until you're ready to open up a brokerage account and begin trading.

The attached pdf will guide you:

Attached Thumbnails
Hi! How do I get started?-developing-plan2015.pdf  
Reply With Quote
  #4 (permalink)
 
ShruggedAtlas's Avatar
 ShruggedAtlas 
Bloomington
 
Experience: Beginner
Platform: NinjaTrader
Broker: Interactive Brokers
Trading: Stocks
Posts: 191 since Apr 2011
Thanks Given: 78
Thanks Received: 75

I started by reading books I found at the book store. For inspiration I read interviews with traders. Market wizards and new market wizards. Also one of the best I read was Alexander Elders books, particularly the new trading for a living. I'd download ninjatrader and do some sim trading using end of day data. All free except the books. Find anything available free. Podcasts, webinars, iTunes vids. Avoid, for now expensive subscriptions and courses because all of that information can be found free online if you take the time to look. Eventually, after absorbing enough free info and with your experience with sim trading you'll probably want to consider coding strategies so you can backtest and have more certainty about your approach or methodology. You need to know if there is a positive statistical expectancy to your system. As a newbie I would avoid futures but consider forex because you can trade small with very small commissions. Plus you can scale up to higher leverage later as you grow. I hope that helps.


Sent from my iPhone using Tapatalk

"I've missed more than 9,000 shots in my career. I've lost almost 300 games. 26 times, I've been trusted to take the game-winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed."
- Michael Jordan, 5-Time NBA Most Valuable Player, 6-Time NBA Champion
Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #5 (permalink)
 
fminus's Avatar
 fminus 
Washington DC
 
Experience: Advanced
Platform: TT
Broker: Dorman
Trading: US Treasuries
Posts: 126 since Sep 2009
Thanks Given: 156
Thanks Received: 299

I'm going to recommend a different approach from the usual. Let's look at the steps you would take to become a professional golfer (or any performance based endeavor) and let's try to translate those steps into trading.

1. Learn and understand the rules
2. Get the appropriate equipment
3. Learn the basic mechanics
4. Practice in a controlled environment
5. Evaluate your performance
6. Apply steps 4 & 5 in real time
7. Find mentoring or education
8. Repeat previous steps for as long as it takes

In trading it would translate to:

1. Learn the terminology (margin call, short, long, risk-on, risk-off, trade management, etc)
2. Acquire a trading platform and brokerage account
3. Learn your platform (place a trade, manage your trade, close out trade, etc).
4. Practice in SIM placing some trades. Treat them as closely as possible to real-life, no 5,000 lot trades.
5. Record everything in a journal (observations, emotions, everything).
6. The reality of how difficult trading should be apparent if you followed all the steps so far. Get some skin in the game and open a small real money account and watch how different it is with actual money on the line.
7. Read books, watch the webinars in the Elite section, ask questions in the forum (everything you need to become profitable is already in this forum, no need to pay for a trading room).
8. Repeat about 1 million times the steps of failing, recording, learning, and applying until proficient.

In trading, shortcuts lead to the longest path possible.
Reply With Quote
  #6 (permalink)
 
FABRICATORX's Avatar
 FABRICATORX 
San Tan Valley, AZ/USA
 
Experience: Advanced
Platform: NT7
Broker: IB, Tallinex, & 10 others.
Trading: Futures
Posts: 195 since Jun 2013
Thanks Given: 697
Thanks Received: 165

We ONLY retain learned knowledge in context.

This means to understand what a short is, get on a demo acct and see it in action, by doing it yourself.

To understand what a margin call is, get on a demo acct, and let a massive trade go against yourself, and don't close it until it margin calls. Incidentally, you'll also learn about stop-loss, money management, and what the emotional roller-coaster feels like.

To iterate, learning is best done in the context/application of what you're learning. Get in the driver's seat and smash into some walls.

What develops true skill isn't a repertoire of "how to do it correctly", but rather "how NOT to do it". So put on a helmet and wreck yourself a bit.

Also, see one, do one, teach one. Learn it, do it, then explain it to someone like they're five. Repeat the first two steps until you can do the last.

Start accepting the fact that this is going to take you a really long time, and be ok with that. For motivation and evidence, read Mastery by Robert Greene.

-Jimmy

P.S. Assume you're always wrong, then you will always be learning.

-Jimmy
Reply With Quote
Thanked by:
  #7 (permalink)
 GFIs1 
who cares
Legendary Market Wizard
 
Experience: None
Platform: nobody interested
Broker: none
Trading: forget about it
Posts: 6,921 since Feb 2012
Thanks Given: 6,181
Thanks Received: 15,564

Just consider a long learning curve - and lots of drawdowns while you want to step forward
into your "consistent" earning quickly. Also keep in mind that it costs you money, nerves and a lot
of time. And it is finally a very lonely job.
This is not a warning - just a fact.
If you can't afford to study the details of your markets, your tools and your instruments
FOR at LEAST TWO YEARS then:
Better stay at the sidelines.

Read the complete stories here on futures.io (formerly BMT) from people who tried it and failed...
Maybe it helps you to get the bigger picture of trading.

GFIs1

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #8 (permalink)
 
lemons's Avatar
 lemons 
Tallinn, Estonia
 
Experience: Beginner
Platform: SC
Trading: NAS100
Posts: 959 since Nov 2010

The Course - The Art and Science of Trading

Reply With Quote
  #9 (permalink)
 
Anagami's Avatar
 Anagami 
Cancun, Mexico
Legendary Market Hustler
 
Experience: Advanced
Trading: MES
Posts: 978 since Dec 2010
Thanks Given: 707
Thanks Received: 2,300


jaredmason View Post
The community here seems very skeptical of various youTube videos and training websites, but I can't figure out what the alternative is. What does futures.io (formerly BMT) recommend for an honest introduction to trading?

#1 - Watch the market for several years.
#2 - Watch it for a few more.
#3 - Then trade.

You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
Reply With Quote
Thanked by:
  #10 (permalink)
 
ShruggedAtlas's Avatar
 ShruggedAtlas 
Bloomington
 
Experience: Beginner
Platform: NinjaTrader
Broker: Interactive Brokers
Trading: Stocks
Posts: 191 since Apr 2011
Thanks Given: 78
Thanks Received: 75


Not that I want to start a debate, but I disagree with the general idea that any new trader should wait years before actually trading; standing on the sidelines "watching "the market. The amount of time to wait, study, observe is dependent on the individual. Getting started in the Sim training at the beginning is fine, but at some point getting started with a small account perhaps with forex with a few hundred is a good first step. I don't recommend spending thousands to take courses when any resourceful person can get 90% market knowledge free online or through books and videos.


Sent from my iPhone using Tapatalk

"I've missed more than 9,000 shots in my career. I've lost almost 300 games. 26 times, I've been trusted to take the game-winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed."
- Michael Jordan, 5-Time NBA Most Valuable Player, 6-Time NBA Champion
Visit my NexusFi Trade Journal Reply With Quote




Last Updated on September 18, 2015


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts