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Where should I start my journey?

  #31 (permalink)
 
Anagami's Avatar
 Anagami 
Cancun, Mexico
Legendary Market Hustler
 
Experience: Advanced
Trading: MES
Posts: 978 since Dec 2010
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Lavrans View Post
Hello everybody!

I am a completely beginner but really want to learn how to trade efficiently over time.

About 1 year ago I read a few books about forex and tried some daytrading.
But eventually threw in the towel as I thought everything I read in the books and watched on youtube was complete and utterly nonsense, made up by people who didnít knew how to trade profitably themself and where basically just scamming people.

Now I want to give trading another try, as I am very tired of my job and it would be fantastic to be able to work from home and be my own boss.

I am completely aware that one not becomes a successful trader over night, and that it probably will take years and thousands of hours practicing, but I am willing to make the sacrifice for the long term gain.

And I also think it will be a fun and interesting experience as long as I know that Iím on the right course, and learning from a professional.

My first step is therefore to find someone who actually knows how to trade
and try to learn from him.

I just recently read marked wizards by Jack D Schwager and got interested in commodities.

Thatís how I found this forum btw.

What Iím wondering is if someone could be so kind as to help me a little on my way and answer a few questions?

1.
What do you think my first steps should be to learn how to be a profitable commodity trader?

2. I have found some books that looks good, do you recommend me to read these:
A traders first book on commodities.
Hot commodities.
Commodities for dummies.
The little book that still beats the markets?

3. What broker and software do you recommend?

4. Can you please explain a little bit about your methodologies? Like a little step for step guide about what you generally do before each trade?

Thank you very much in advance my friends!

A simple suggestion: start by exploring different trading approaches by watching webinars here on FIO.

You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
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  #32 (permalink)
 bopwillie 
Nashville Tennessee/United States
 
Experience: Advanced
Platform: Ninja Trader
Trading: CL, ES, NQ, GC
Posts: 33 since May 2012
Thanks Given: 8
Thanks Received: 55

If I may try to help you: I'd recommend a trial run with Ninja 8, and it is a free download to allow you to get used to a platform for your trades. I believe that Ninja Trader offers "THE BEST PLATFORM SERVICE" when you have questions or need some help with software. Secondly, if you are interested in a trading course, my personal like is Al Brooks Price Action. It is not for everybody. Al's voice has been said to be boring monotone sometimes. IMHO, Al's teaching is right on for a price action trader. Al will even allow you a couple of free days inside his trading room, but I do not recommend that at first. There are several "you tube" presentations by Al for you to freely watch at your leisure. Al is not big on indicators so as not to clutter a screen, complicating your decisions with too many x's and o's if you will.

Most importantly, take it slow and easy. There are too many sharks in the trading world looking to take money from your account and put it into there's.

Best always.


Lavrans View Post
Hello everybody!

I am a completely beginner but really want to learn how to trade efficiently over time.

About 1 year ago I read a few books about forex and tried some daytrading.
But eventually threw in the towel as I thought everything I read in the books and watched on youtube was complete and utterly nonsense, made up by people who didnít knew how to trade profitably themself and where basically just scamming people.

Now I want to give trading another try, as I am very tired of my job and it would be fantastic to be able to work from home and be my own boss.

I am completely aware that one not becomes a successful trader over night, and that it probably will take years and thousands of hours practicing, but I am willing to make the sacrifice for the long term gain.

And I also think it will be a fun and interesting experience as long as I know that Iím on the right course, and learning from a professional.

My first step is therefore to find someone who actually knows how to trade
and try to learn from him.

I just recently read marked wizards by Jack D Schwager and got interested in commodities.

Thatís how I found this forum btw.

What Iím wondering is if someone could be so kind as to help me a little on my way and answer a few questions?

1.
What do you think my first steps should be to learn how to be a profitable commodity trader?

2. I have found some books that looks good, do you recommend me to read these:
A traders first book on commodities.
Hot commodities.
Commodities for dummies.
The little book that still beats the markets?

3. What broker and software do you recommend?

4. Can you please explain a little bit about your methodologies? Like a little step for step guide about what you generally do before each trade?

Thank you very much in advance my friends!


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  #33 (permalink)
 
Mtype's Avatar
 Mtype 
Hungary
 
Experience: None
Posts: 1,323 since Oct 2012
Thanks Given: 1,434
Thanks Received: 1,763


Hi,

I would strongly suggest to start here, with imho one of the best posts around here:



Best

ďHappiness is the meaning and the purpose of life, the whole aim and end of human existence.Ē Δ

ďThere is no path, but only a fool wouldnít follow it.Ē
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  #34 (permalink)
 
Lavrans's Avatar
 Lavrans 
Oslo Norway
 
Experience: Beginner
Platform: Metatrader
Trading: Corn
Posts: 23 since Jan 2019
Thanks Given: 32
Thanks Received: 6


Mtype View Post
Hi,

I would strongly suggest to start here, with imho one of the best posts around here:



Best

Lol!

He certainly had the ironwill to become a successful trader no matter what

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  #35 (permalink)
 hhl3rd 
Mountain Home, Aransas, USA
 
Experience: Advanced
Platform: NT7 NT8 MultiCharts IB
Trading: ES , NQ, GC
Posts: 6 since Aug 2018
Thanks Given: 6
Thanks Received: 14

https://marketgeometry.com (don't buy anything right off Ö for maybe a year or more)
free resources Articles : Action Reaction Course : Median Line Construction instructions

[yt]https://www.youtube.com/User/MarketGeometryVideos[/yt]
these are examples of using median lines but some may be very focused on a sub topic
and not of immediate value. Some will present a different way of looking at a market
that doesn't appeal to you. My advice is don't get frustrated and stuck , just move on.

https://www.interactivebrokers.com/en/general/education/priorWebinars.php?ib_entity=llc
click Industry Sponsored tab , in the Speaker field hit the arrow and scroll down to Tim Morge
and watch all his videos.

"Trades About To Happen" Weis entry strategy compatible with above Market Geometry methods.

Take your time and practice on charts every day if you can. There is a lot of randomness in
the bar to bar price trajectories but the boundaries are much less random, even pre-determined.

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  #36 (permalink)
 seattle7 
Seattle, WA
 
Experience: Advanced
Platform: TradeStation
Trading: ES only
Posts: 28 since Aug 2016
Thanks Given: 15
Thanks Received: 63

I can comment only on what has worked for me, although, frankly, I would not expect anyone to believe any of it might work for anyone else, as I believe the trading process is highly individual.

1. Lots and lots (years) of psychotherapy, to come to some realization within myself of who I am, what I want, what I don't want, my fears, my joys, etc. I know this may sound phony baloney, but the more I got to know and accept and become accountable to myself, the better trader I became. I am blind to what I don't want to see and acknowledge about myself. That's what therapy is for --- recognition and acceptance of personal blind spots and becoming accountable for them.

2. My trading advanced by leaps and bounds when I abandoned all indicators and began to analyse the market directly, using only its independent variables, price and volume, and their inter-relationships. Relying on indicators cost me some twenty years of unproductive time (although with my quantitative background, SB MIT, PhD Caltech, the belief that indicators might be productive is highly addictive to me).

3. My trading also advanced leaps and bounds when I shifted my focus from "making money" to "being the best trader I could be." That meant:

a) Developing an objective, rule-based, predetermined system that consistently had shown by extensive backtesting substantial profit over a substantial period of time. And:

b) Learning how to execute the system flawlessly while keeping my emotions in check.

Thus my goal was not "to make money trading." It was to develop my trading system and then to execute it flawlessly. If I could do that, I would become a "successful trader" in my own mind. What became of that in terms of dollars was irrelevant. The money no longer mattered. What mattered was only what I could control, and I cannot control the market.

4. Lastly, trading became much more enjoyable and less stressful after I had obtained sufficient funds from other activities such that I did not have to rely on my trading for my financial security.

I wish you my best along your journey.

Richard Wills, a student of the S&P 500 futures market since 1983

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  #37 (permalink)
 teekay 
Tri State Area
 
Experience: Beginner
Platform: TOS, NT7
Trading: es cl
Posts: 29 since Mar 2018
Thanks Given: 9
Thanks Received: 4

I would also suggest reading Trading in the Zone (douglas) and doing some coin toss exercises (look up FuturesTrader71 for coin toss exercise). More than half your battle will most likely be psychological than technical.


Lavrans View Post
Hello everybody!

I am a completely beginner but really want to learn how to trade efficiently over time.

About 1 year ago I read a few books about forex and tried some daytrading.
But eventually threw in the towel as I thought everything I read in the books and watched on youtube was complete and utterly nonsense, made up by people who didnít knew how to trade profitably themself and where basically just scamming people.

Now I want to give trading another try, as I am very tired of my job and it would be fantastic to be able to work from home and be my own boss.

I am completely aware that one not becomes a successful trader over night, and that it probably will take years and thousands of hours practicing, but I am willing to make the sacrifice for the long term gain.

And I also think it will be a fun and interesting experience as long as I know that Iím on the right course, and learning from a professional.

My first step is therefore to find someone who actually knows how to trade
and try to learn from him.

I just recently read marked wizards by Jack D Schwager and got interested in commodities.

Thatís how I found this forum btw.

What Iím wondering is if someone could be so kind as to help me a little on my way and answer a few questions?

1.
What do you think my first steps should be to learn how to be a profitable commodity trader?

2. I have found some books that looks good, do you recommend me to read these:
A traders first book on commodities.
Hot commodities.
Commodities for dummies.
The little book that still beats the markets?

3. What broker and software do you recommend?

4. Can you please explain a little bit about your methodologies? Like a little step for step guide about what you generally do before each trade?

Thank you very much in advance my friends!


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  #38 (permalink)
 
makusan's Avatar
 makusan 
Long Beach, CA
 
Experience: Advanced
Platform: Sierra Chart
Trading: Futures
Posts: 43 since Jun 2010
Thanks Given: 10
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I once heard stated prior to the start of a trading seminar I attended online. "90% of retail traders loose due to spending 90% of their time on the 10% of trading (charts, strategies, etc), and only 10% of their time on 90% of trading which is your personal psychology! I highly suggest that you start on this path with a journal, and record everyday these three areas (PTR).
P=Physical wellbeing (We shoot ourselves in the foot, when we show up sick, under the influence, upset.)
T=Thoughts. Where is your attention/focus. Are you attending to the market auction, or your opinion of it?
R=Responses/emotional state: Nervous, fear, anger, annoyed, irritated, worried, etc.
I suggest you seek out a psych coach/therapist, and a mentor (Peter Davies, FutureTrader71, Tom Grady).

namaskar

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  #39 (permalink)
 centaurer 
south africa
 
Posts: 169 since Dec 2018

To me the best quote is
"The first $100k is a real bitch"
--Charlie Munger


If I started over I wouldn't start trading until I had $100k of capital, I would just dollar cost average into the index. Once you have a $100k then when you compound out another $10k start using that to trade in a separate account.

Without a $100k your profit is just too much a % of life expenses that there is too big an opportunity cost to learn to trade with that money.

If you blow up the $10k account , wait to compound out another one from your capital. Worst case scenario then is you quit trading and just let your $100k compound.

It probably also keeps you from trading much in your 20s. I had such delusional ideas about trading in my 20s.

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  #40 (permalink)
 
bobwest's Avatar
 bobwest 
Western Florida
Site Moderator
 
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Trading: ES, YM
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centaurer View Post
To me the best quote is
"The first $100k is a real bitch"
--Charlie Munger


If I started over I wouldn't start trading until I had $100k of capital, I would just dollar cost average into the index. Once you have a $100k then when you compound out another $10k start using that to trade in a separate account.

Without a $100k your profit is just too much a % of life expenses that there is too big an opportunity cost to learn to trade with that money.

If you blow up the $10k account , wait to compound out another one from your capital. Worst case scenario then is you quit trading and just let your $100k compound.

It probably also keeps you from trading much in your 20s. I had such delusional ideas about trading in my 20s.

This is probably not what @Lavrans wanted to hear, and these may not be the literal numbers he should be using -- risk is an individual matter. But the message is something that's important to learn, and learn well.

And, by the way, it's very, very (very) likely that, if you start out with a $10k account, you will also blow your $10k acoount. Or $5k. Or whatever k you have. Sorry, don't shoot the messenger.

How a person deals with this risk, which is definitely part of the learning process, is up to them, but be aware of it. Also, don't be too scared of it. There's a balance there that has to be found. Come down on the side of the balance that makes sense to you, realizing that you will not likely get it right the first time. Also, never trade with money you can't afford to just kiss goodbye. This may happen a few times....

Good luck.

Bob.

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