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Hey Anagami, I’m not sure what I should start off trading? I was looking into trading the futures because I was lead to believe that’s where beginners like me need to start of learning? Is this not true? If not where or what should a new beginner start off learning?
You gotta understand there is no beginner market, no easy market to trade. If there were, then everyone would be trading it... and then it wouldn't be easy anymore.
There are, however, markets suited to particular strategies. So perhaps a better question to explore is how you want to trade... and then looking for a market suitable for that style of trading.
As you are interested in day trading, the futures are pretty good. Good leverage, reasonable commissions, daily trading opportunities, and good tax situation.
And of course, within the futures family, most contracts greatly differ from each other how they behave. Specifically for order flow trading, ZN, ZB, and ES are fine. They move slow enough so you can read them.
For Brooks style price action, any contract is fine... if you can make his method work. As another poster noted, I have never known anyone who has long term (i.e. years, not a few weeks or months). "Just take 2-legged pullbacks to moving average." Yah, if only. (You can code that strategy in NinjaTrade and see for yourself how it performs.)
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
What makes you such a special snowflake that you expect responses from experienced traders only? If you are new to this then how do you even know what information you need to hear? Think of this like a spec ops selection course, you first have to get through hell week before you will even be noticed by other traders.
Ill give you a starting point. Firstly, you will learn a lot quicker if you spend some time reading through the various forums.
Follow a few of the journals and get to know the various personalities.
When you ask for advice, try not to be vague (I am new at this where do I start – only advice from experienced traders please) but be specific and one question at a time. Try and provide encouragement to other traders and in return, they will encourage and help you.
Is it worth it? You have to start the journey to find that answer.
Well, i don't consider myself as a special snowflake. I consider myself as a beginner looks for advice and the way I was raised, is if someone is in need of help and you think you can help, then you should help. I believe there is a really old book out there that talks about that! It shouldn't matter what kind of person they are! Sorry if I made you mad asking for advice.
You have Al Brooks course and he even said it took about 12 years to make money. Don`t have his video course but have his first book and use tradingview.com for demo charts to practice. And I still do even though i have a Broker. Because they have all the bells and whistles if you want all that stuff. And it is free but the data is only slightly delayed.
Would not trade with real money until you have a good understanding. Al Brooks has a very good understanding and has shared it with us. Do not be fooled into going the indicator and the log rhythm or the AI robots route,or learning a few candle stick patterns.
You will do much better learning it by reading and watching others trade. So that when you start trading and losing you will understand what happen. You will learn and you will make money. Connect with TradingwithRayner have never bought anything from him but he gives away so much free and useful advice.you must have Al Brooks weekly FREE newsletter. Listen to CFRN on Youtube every trading day. It is a hour long but worth it.i mostly listen to the recorded version so can scroll though it.I just like DeWayne personality could trust him holding my wallet.
Hope this helps
Just for the record I’m calling it, are you edward40 reincarnated?
Jokes aside, my advice. In no particular order.
1. What personality type are you
2. What time do you have available
3. What funds do you have
4. What is your current skill set
5. What are your economic beliefs
Answering the above will get you to the starting line. From there you can tailor your learning to suit the race your going to run. No point training to be a sprinter if you want to run a marathon.
If you are totally committed I would recommend working at a prop firm or getting finding a mentor who is either ex prop or ex institution.
Ultimately this will shorten the curve but you will need to pay your dues in screen time and sweat.