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I've started to get a handle on day trading. Thus far I got the free version of NinjaTrader with the CQG NinjaTrader Continuum live data feed. I use it to trade with a simulated account. My primary products are micro FOREX futures specifically M6A, M6B, and M6E. (thats Australian Dollar, British Pound, and Euro)
Are there any experienced traders out there with some help and support, especially good resources to hone trading technique?
Are there any experienced traders out there with some help and support, especially good resources to hone trading technique?
Finance
Investing
Posted 10 y ago
Responses: 5
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I previously had my FINRA (NASD) licenses and I have family members who make more than any military officer. That being said, I am qualified to make the following statements. Take all of your money and go to the casino. Your luck will be just as good as attempting to day trade. I would not attempt my own heart surgery nor would I attempt to break down and rebuild my car from scratch. That being said, let the professionals do the right thing for you. They (most but not all of them) have the proper KSAs and experience. Your time and your life savings are worth more than the 1 to 2 points a Good FA might charge...not to mention risk and the gains you will probably miss out on.
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MAJ (Join to see) I guess the first thing to ask is your experience in the FOREX market, percentage of FOREX in terms of your portfolio, expected rate of return, and level of risk your willing to take on. Attached are three links that should help you in FOREX trading.
http://www.investopedia.com/articles/forex/07/forex_leverage.asp
http://www.investopedia.com/articles/forex/08/forex-trading-schedule-trading-times.asp
http://www.investopedia.com/articles/forex/08/mini-lot.asp
http://www.investopedia.com/articles/forex/07/forex_leverage.asp
http://www.investopedia.com/articles/forex/08/forex-trading-schedule-trading-times.asp
http://www.investopedia.com/articles/forex/08/mini-lot.asp
Forex Leverage: A Double-Edged Sword
Find out how this flexible and customizable tool magnifies both gains and losses.
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MAJ (Join to see)
I have no experience trading FOREX but I have read the articles on investopedia while studying a multitude of products prior to settling on micro options trading. My investment capital is very small so I looked for the products with the lowest margin requirements yet those that provide some solid daily movement to allow day trades and scalps. I Characterise my self as an agressive investor so I tipically trade with a 3% risk calculation. (Based on my reading most sources say 3-5% risk is considered aggressive.) I am not planning to use a significant leverage ratio as I start out, but want to wait until I am more confident in my ability.
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SPC David S.
Hey MAJ yes FOREX offers a lot in good volatility, low entrance cost, and descent rewards. It sounds like you know what your doing, yes build leverage but also don't put all your eggs in one basket. Balance portfolio - FOREX is a way to get some capital but square some of it away in safer markets. FOREX will definitely keep you busy.
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MAJ (Join to see)
Agreed. FOREX is definitely a way to enter the trading system and build capital for use on other products.
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Tried it a few years ago... Late 1990s. Almost everyone in the office was doing it. On paper we all made a "Ton" of money. However, one day I noticed that I was "Down" around $80,000! I finally realized that while I had all the knowledge and tools to do the job, I did not have the time to dedicate to being successful. I had work to do that did not include watching the market all day long! My Day Trading ended shortely after that epyphany!
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