Hi all, I am a newbie to futures trading. Could you please give me some pointers about how to become a successful futures trader and how to become a successful day-trader? Thanks a lot!
Also, if I want to test some strategies, for execution, of course I am using IB, but for strategy exploration and backtesting (trading futures), which software is the best? Thanks!
You have a long road ahead. If you want a true shortcut, that "may" improve your odds, get mentored by a live trader. Trade small and I mean so small it doesnt matter for a long time. Read threads at this site for new traders, Books is the last thing you need, Live trading and mentoring shoull be what you focus on. Oh, yes, read Trading in the Zone before you pull the trigger, you wont get a lot of it, but as the years go by it will mean more. Good luck and trade small. Ef
Trading In The Zone... by Mark Douglas... http://www.amazon.com/Trading-Zone-Confidence-Discipline-Attitude/dp/0735201447 HAVE STOP <img src="http://www.enflow.com/p.gif"> WILL TRADE
Thanks a lot folks. I should mention that I have traded stocks based on fundamentals and options for some time already. So I am not a pure new trader... Now I want to expand into futures trading and learn from you! Thank you!
be careful how you ask this. Almost everyone who responds to such a request has no idea what they are doing, and will happily lift money from you without helping you much. Good mentors are very hard to find.
I am only warning you about would-be "mentors." Most of the claimed profitable traders on this forum are paper traders. I have even seen people here who after 6 weeks of "success", claim they have arrived. I kid you not.