Registered: Nov 2013
11-19-13 02:57 PM
First, I know this isn’t the best place for this post, but I’m not sure where I should have posted this anyway…
Alright, I’m 17 (I turn 18 on July 6th) and I decided I want to trade futures (maybe stocks when I have more capital). I’m learning everything I can about it, but most videos/text explanations use jargon they don’t explain. Day trading and technical analysis seems as if it would be something I see myself doing for the next 10 years, and then I would trade something else, or not. From five minutes of research I’ve noticed that people can go full time in five years or less. I’m in 11th grade and will most likely graduate this year, then do a gap year in Russia. After that I would probably go to college there… The gap year (replacing senior year) would give me a lot of time to practice.
Right now my plan is: study, sim trade, then trade with real money… However as I’ve said the jargon is more extensive than “buying short/long” and some people say things like “don’t read books about trading, they aren’t written by people who trade in the markets everyday” and that seminars are by people who are “professional teachers” not traders (if they do a lot of seminars). I’m confused as to what material I should look into… I’m watching YouTube videos (haha I know) and reading stuff online. Where do I start?
11-19-13 06:10 PMStart figuring out what kind of style you want to trade. Do you want to scalp, Swing trade, Gap Trade, Momentum Based. I am not saying you can’t do all. But you should find what helps you perceive the market correctly most efficiently.
11-19-13 06:30 PMre:trading futures.About trading futures now and stocks when you have more capital??? umm I think you have it in reverse! Futures have much much leverage that stocks and therefore riskier and you could blow up easily holding overnight positions. I would start with stocks or something less risky and then if you do really well then maybe branch out.start with a relatively small account and make a trading plan and keep a journal. Review your errors regularily and learn discipline…cuz without it you will for sure blow up. Then hopefully you will make more mistakes with small size..then eventually become profitable–then size up.
11-19-13 06:45 PMAgreed. Trade stocks first (prop acct) with 5k up. Less risk and you’ll keep yourself in the game longer while you learn how to trade.Quote from Datradr:re:trading futures.About trading futures now and stocks when you have more capital??? umm I think you have it in reverse! Futures have much much leverage that stocks and therefore riskier and you could blow up easily
11-19-13 07:10 PMExpect a long learning curve and don’t be surprised if you lose everything you have. Also, don’t think that anyone will take you seriously when you say you want to learn to trade.Welcome to trading, it’s a brutal lonely world……that I wouldn’t trade for anything.
11-19-13 07:52 PMI started when I was 17, just turned 20 and I’m still at it. I trade FX futures. Finally saved up enough living expenses to spend 6 months trading full time, going to see where I’m at in May and either continue full time or go to university. Start by learning how markets work rather than how to ‘predict’ prices with technical analysis. A good starting point is Trading and Exchanges: Market Microstructure for Practitioners by Larry Harris. After I read this it really got my creative juices flowing in terms of strategy design.