Some questions to think about: Which market to choose: futures, stocks, fx, options, etc? What type of trading: swing, position, scalping, etc? Whatâs gonna be my approach: TA, Fundamentals, nn, astrology, intuition, gurus, a magic system for 5K, combination, etc.? What are the ingredients of my trading system (if any)? How to manage risks? ⦠According to your answers, dig in this forum and other free online resources. Call prop firms. Call / email data/software vendors. Get the general idea how it works. Good luck!
The most important part of a trading plan is the exit strategy. Williams did an experiment where he entered the market on a =random= basis but followed a very specific exit strategy. He was able to do a bit better than break even, which is better than the vast majority of traders. His exit strategy alone made him money. One example is get out with a 1% loss, or a 5% gain. And then practice and refine your plan for at least 6 months to a year on a good simulator, making adjustments as necessary. When you find the plan works in simulation, gradually move to real money. Start small -- one lot on the ym, for example.
I'm just starting off also. Not ready to make a trade yet. Been doing alot of reading and browsing the forums. There is a book I do recommend, Trading in the zone, by Mark Douglas. He talks about think process of trading. Though the first few chapters is quite repetitve, he really drills that information into your head.
It's OK. Everyone has to learn someway, and making a pit stop here isn't the worse move you could make. You've gotten some pretty good advice, I would just add read trading books (go to Amazon and start doing searches), like they've already said, paper trade until you're comfortable, and then good luck. The only other thing I would add. Go get another job (preferably at night, maybe on the weekends, doesn't matter), get another job, because you are going to need it. Best, Jimmy