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For my 2 cents....I still consider myself new at this; it's been about 10 months now since I started day trading futures. I had started out trading option spreads before that and learned a lot about the market during that period. Day trading is intense, and I'll give my little bit of advice assuming the thread isn't a joke.
Like brown said...these markets are serious professionals who are out there to take your money...and they don't even send you a "thank you" card!! On the first day of learning how to play the violin, do you think you could go and play with the Boston Pops? Nope. I'm still in the "high school" orchestra with my trading....maybe moving up to the collegiate level soon.
10 months later and I'm now just getting the hang of things. I've been trading 1 contract for almost this entire time, and really just this week have started trading 2 since I feel MUCH more comfortable with how I'm trading. So, my first bit of advice...trade as little size as possible. Even maybe start day trading something like a few shares of SPY or DIA or something where your account can't get hit hard while you learn. You'll be learning forever...seriously.
Use a hard stop. There's very few people who are consistently disciplined enough to use a mental stop and use it each and every time without fail. I know I'll never do that. Hard stops are the way to go IMO.
Definitely get a mentor. I wish I had done it sooner. Someone who can guide you through the learning process. |
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Excellent advice Tin. Thank you very much.