Quote from lexcorp: So is the ES impossible to make money from on a consistent basis? Obviously Traderzones and Zentrickster think so. Traderzones, would you say all trading is impossible or just the ES? I said that the emini indexes (like ES) are very difficult Also, what brings you to a trading forum if you dont think it can be done? do you trade? I gave comments on the post above regarding things other than eminis/ES. Please reread. Regarding trading, I think about the only 2 who do not trade on ET (just starting, real money, paper/sim trading, newbie, oldster or whatever), are the 60 alias guy (cold/c-kid/jasonn/etc.) and possibly Jack Hershey Otherwise, what is the point of being here? It would be like hanging out on a roofer's forum, where you yourself were not involved in roofing...
I had absolutely no life outside of learning to trade. I sacrificed some friendships. I spent nearly every weekend studying charts (in addition to every weekday), linking relationships of this to that, filtering out what didnt work, adding what did. After 1000's of hrs, you can eventually piece together a working system.
Did you make it big eventually, or do you still "trade for a living" like so many others?. Would you do it again if you had a choice?.
What is your definition of "big"? I don't make 10's of millions a year but I do very well and get to work from the comfort of my home. Yes, I would do it again if I could or had to.
pastalady, Tell you what, load up on pasta, a lot of pasta, and prepare to live only on pasta as you will probably absorb a lot of losses in your early trading career. As for mentors, I say, wrong mindset. There is no mentor that will teach you what hours of sitting and watching the screen will, and it doesn't charge you by the hour, unless you're impulsive. I am a beginner ES trader myself (and simply trader too), and to give you straight up, no BS advice on trading ES: - watch the NEWS before the open, ESP on economic data release days (http://biz.yahoo.com/c/e.html) - take into account the general tone of the news - take into account the general sentiment / mood of the market by watching the price action of the ES in the days prior (is it going up on negative news / down on positive news) - go over the past several weeks and see how the market had reacted to news This is my advice. I'm not saying it's right or wrong, so don't take my word for it. I'm simply advising you based on my experience. FYI, I made, so far, more than I lost, and most of it I made on the market open by watching the news and the ES's reaction to it.