Logikos - How did you get started in trading, meaning how did you break ice (trading for yourself or did you start at a company) ?
Detonator, I did it on my own. I had nobody lead me by the hand through the process. Actually, kind of funny, but what got me interested in futures in the first place was a mailing I received from Ken Roberts, selling his snake oil. After mulling it over for several weeks, I decided to spend the $199 for his course. He made making millions sound SO EASY! Back in those days I was really struggling financially because I didn't have enough experience in my career to command much of a salary, I was married and had two young sons, plus we made a decision to have my wife stay home with the kids, regardless of the financial implications. I found some moonlighting jobs and managed to save $2000 to open a futures account with KR's recommended broker ($100 round turn commissions!). To make a long story short, KR's students were supposed to call his "hot line" to get trade recommendations, and it wasn't long before I realized his analysis conflicated with mine on many markets. In fact, if I would have stuck with one of his recommendations, my stake would have been wiped in a single trade. Nonetheless, I still blew out my account and it didn't take long. But that was enough to start me down the wonderful road of trading. I determined to develop all the skills needed to participate and win. To me it was like the mother of all chess games. It's an oddball kind of business. Be sure you have the psychological makeup to endure.
Freddie, go to the beach,go golfing,go drinking,read a good book(non-market). Then, when you start your training program, work 12 hours a day and give your firm 110%
Are you starting on one of REFCO's trainee programs? If not I'm curious to know what place is BACKING traders ?
1) read all the books you can get your hand on 2) trade 1 contract 3) why do you need backing espically in the futures where margin is so high? You have like a $5,000 backing or something? I don't think anybody trading futures needs external backing other then his broker's margin.
Coolweb, READ the original post. <i>I am soon to start training as a <b>backed</b> futures trader. I don't know a great deal about futures and was wondering if anybody has any advice for me. Also can anybody tell me what the 'auction concept' is? And what the terms high tick/low tick mean? Many thanks for your help with this . . . </i> So looks like there is a place TRAINING = BACKING starting traders.