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Re: Some Questions Please
Since your acct does not have the minimum 25k for pattern daytrading requirements you might look to the futures markets. that said, you need to get on a sim and learn, learn, learn and develop you own style of trading. The excellent information on this site will provide much guidance and tips on what works for other traders, you should experiment with different styles and see what makes you comfortable be it scalping, swing or longer term trading. As you didnt specify your account size, for me, i believe you should only trade 1 contract per 10k of your account, this is less than required but margin is a rope that you can hang yourself with so be very very conservative and you'll find you can eliminate some of the emotional baggage that trading lends itself to. The need to make money will result in judgement errors and you'll lose for sure. Rather, make up a trading plan and stick to it. Trade it over and over and right or wrong, follow the set ups and plan. If it is the right plan for you, you'll increase your odds of being successful. dont get overly hung up on all the indicators out there and dont waste your time looking for the "one setup", as markets change (and they do frequently) the "one setup" must change also, simple is better. Learn price action and tape reading. It'll take a while and years to learn it well but its imperative you learn whos in control of the markets at any point in time. If you decide to learn to trade the index futures markets, they all have their own personalities as you'll see from reading the posts on this forum. Experiment to see which you're the most comfortable with. I have played them all and for me, i like the YM first, followed by the ES, ER and NQ, but thats just my preference. Its a long road to success but along the way, you'll interact with some excellent traders, very bright dedicated people and get lots of ideas. Have fun, take your time, get on a SIM and keep posting your progress. We're all here to help.
Tony
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