You need to focus on learning how to incorporate all styles of trading...there is no "winning style". period. You will have to learn a bit about all forms of trading to stand even a fighting chance of making a nickel. "Props" that care about their traders will be sure that you are educated before you start down some "nowhere" path. You can come to my office, free of charge, and talk to serious traders about how they make money....that might be a start. PS...don't fall for the nonsense about "no money prop shops" - when you do the math, you'll be way, way behind....as in any business, you need a minimal amount of money to start. At BT, we cater to the "successful minority" of traders.... Don
know all strategies. know everything you can. learn everyday. some months or years are good for certain strategies.. some bad for whole cycle. some come back like the living dead when least expected. be contrarian, overnights.. daytrading, etc.. ie if dow hits 12000, hope you all made money
ElectricSavant, Thanks for the reply. Your comments are appreciated. From what I am hearing it sounds like alot of people are in the "trend" and longer term boot camp which was my first inclination and probably a trading style that fits with me most. The real problem I have is deciding amongst some of these prop and quasi-prop shops and not knowing if I am going to be taken or not all the while sitting on a not so pretty deal (or perhaps the deals are just fine- I just don't know). I will PM you some more specifics and would love to hear your response as to what you would do. In any case thanks again.
Peter, Thanks for the input. It is appreciated. As you may see from a previous post, I agree with what you are saying. Thanks again.
Peerless, I am answering your PM publically, of course by respecting your privacy. I am not a prop shop trader. Actually, I really do not understand what a prop shop can offer a futures trader. You are an equities trader and you say you are a newbie. I think that you need to find a helpful prop-shop....AT ANY RATE. If you can get both a good deal and training well....great. I am not an authority on this, but it seems to me Mr. Bright seems to be set up for this and he has contributed to your thread. I really do not know his rate....but when you get "up to speed" I am sure you can re-negoitiate it. I know I am not much help..but I choose to post only what I know...and trying not to be a hypocrit. Michael B. P.S. OK, I am dabbling in equities, because I work full-time during the day....and having great fun in a journal here with a virtual fund... P.S.S. as far as style, there was a poster in your thread that actually hit it' He said learn all styles.....that is correct...i just am still trying to do that, and can't say that I am there...
As a few others have said your going to have to figure out what style works for you. This is probably the wrong place to ask for advice since this place is full of "futures" traders. I refer to them as the day traders who got rich in the late '90's and blew up in the early 2000's. There are some prop shops that will help you get started but they will milk you for everything they can, so go in prepared. If you are looking for a trading style it might be more beneficial to learn the basics of more than one. Forget pairs, you'll need to much capital, unless your Bill Gates or one of the Waltons. Good Luck.
Thanks for all the comments gang. It looks like I have a lot of learning and I am just going to have to realize that I AM going to get milked as much as possible by any prop firm until I have a history. And frankly it seems like anyone firm is as good as another and I just have to decide where to start. You all have been very helpful. Thanks again. -peerless