Hello all, I am a 100% newbie and dont have grand illusions about day trading. Appreciate this is harder than any other occupation and that there is no magic pill. I am an ex corporate lawyer, 37 y/o and have recently quit my job to take a sabbatical and keen to find an alternative lifestyle profession. Trading has been on my mind for a long time and I really want to give it a good shot. I dont need to worry about paying my bills so am under no pressure and I'd like to give this a fair shot over the next many months. I like index futures (emini) and commodities. Appreciate these are 2 very different securities/products. I am look for some pointed guidance on what exactly I need to do to get started. I dont want to endlessly read scores of books. It would be nice to get directed to say a course that can get me started and something that focussed on the basics. I am a complete newbie - I dont understand charts, TA etc. My main questions: 1. is the same amount of TA needed to trade e-minis and commodities? 2. if yes, what exactly do i need to cover? I dont want to spend the next 6 months just reading TA books. Happy to spend few weeks working with 1 book or course that meets my requirements 3. any online courses that you might recommend? for e-minis or commodities or both 4. any specific advise I thank you all for your help in advance.
It takes a long long time before you get an intuitive feeling for this game. It takes a long long time before you start thinking right in terms of algorithms. I recommend Bollinger-on-Bollinger-Bands, not because I use them, but because it's a good way to start thinking down the right pathways. When you think you're really ready to trade live, trade for 2 months at 5% capital. After that, increase by 5% for each profitable two weeks until uncomfortable.
To get started you need nothing really. To get started making money consistently you will need a consistently working trading method. The method nobody teaches and nobody sells (probably since almost nobody has it, and those who have - why would they ), you will have to create it yourself. My answers to your questions: 1. yes, but do not confuse a method of analysis (TA) with the trading method, therefore the greatest TA analysts can not trade. 2. to start working on method you will need to cover just the basics : i would recommend classics: edwards and maggee, murphy, nisson. 3. i do not recommend any courses 4. do not rush , your sabbatical (if its a year or two) in terms of time will be just enough to thread the waters in terms of building functional method. This enterprise will take most of your life, and most of your money, without guarantee of the success.
Developing a Trading Plan. Avoid books. Avoid courses. Avoid chat rooms and trading rooms. Avoid trading forums.
DB's advice is the best you will get for a beginner. When I started I had advice from several people. You don't know who to trust. Click on his link (in red) and read to see if it makes sense to you. Do a forum search for the fellow: "Lajax" who has the threads "Price Action - NQ" to see how a college student who is in (or had) a class with a professor who applies DB's work explains it... Lajax does a beautiful and complete disposition of how to begin.
I'm new too. I'm in medicine. My brother has been trying to daytrade the markets for about 6 years (indicies) and seems to lose fairly consistently. Lucky for him, he can afford it as he has a VERY well paid job, and losing a few hundred dollars per day can be seen as a very expensive hobby. I've spoken to some people on various trading forums in private. I've been told to stay away from charts and TA. Still trying to work out what that leaves for someone who wishes to trade intraday (other than depth of market stuff which I can't see any repeatable behaviour in) Good luck. The industry seems to be full of pretenders. I think there's a chance that it's actually not possible. (Hope i'm wrong, as it does seem like an interesting way to make money)