Thinking of Becoming a day trader- HELP

hi all, i was very successful at my previous job as a financial specialist for a major bank in the us.i was laid off just over two months ago and have been racking my brains what to go into. i really dont want to go back into corporate america's "rat race" again and would like to get started in a life of trading online. i, however, am a complete novice and know NOTHING as of yet. what can you suggest to me where to start. a book,a softwhere program, an online seminar, a live seminar, etc. whatever you suggest would be the best way to learn good and fast. i would really like to get ramped up as fast as possible. looking forward to your responses.
thanks!!

1. Read at least 10 good books on trading.


2. Pick a symbol (e.g. S&P500 E-minis) that you believe that you would be best at trading. (i.e. what is most accessible to you - are the liquid trading hours during your normal day time.)


3. Study the symbol over the years. What other symbols and economic events influence it.


4. Pick a time frame that you think will suit your style. Day trading, swing trading, or investing.


5. Select a method of trading. Are you going to ride trends or go against them? This will influence the type of tools and indicators that you will use.


6. Find the right software to use during your paper trading phase.


7. Paper trade until you're consistently profitable. Be realistic paper trading. Use the same size contracts that you will use when you trade for real.


8. Don't trade a single contract until you're shown yourself that you can be profitable with a simulated account.


9. Make a ton of money...!

You said that you want to learn good and fast. You need to put the hours in. The more hours you put in each day the faster it will happen. If you consider that the average trader only becomes profitable after 4 years then you need to cram 4 years into 1 year if you want to become profitable in that time period.

Remember that you can do simulated trading outside of market hours by using software that will playback the market for you.

I have 6000 hours plus of screen time and am not consistent, and the crux of that biscuit is I was sure I would have it figured out after the first 1000 hours. It is really hard, the CA bar exam was a cake walk compared to winning this one.

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Originally posted by shmoshus

hi all, i was very successful at my previous job as a financial specialist for a major bank in the us.i was laid off just over two months ago and have been racking my brains what to go into. i really dont want to go back into corporate america's "rat race" again and would like to get started in a life of trading online. i, however, am a complete novice and know NOTHING as of yet. what can you suggest to me where to start. a book,a softwhere program, an online seminar, a live seminar, etc. whatever you suggest would be the best way to learn good and fast. i would really like to get ramped up as fast as possible. looking forward to your responses.
thanks!!

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It seems easy, especially for very smart people who are successful in other jobs, but don't kid yourself; this is as difficult a profession to master as anything you could imagine and perhaps more frustrating. Unless you're extremely lucky, be prepared to lose a lot of money until you get it, if ever.

quote:

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Originally posted by shmoshus

hi all, i was very successful at my previous job as a financial specialist for a major bank in the us.i was laid off just over two months ago and have been racking my brains what to go into. i really dont want to go back into corporate america's "rat race" again and would like to get started in a life of trading online. i, however, am a complete novice and know NOTHING as of yet. what can you suggest to me where to start. a book,a softwhere program, an online seminar, a live seminar, etc. whatever you suggest would be the best way to learn good and fast. i would really like to get ramped up as fast as possible. looking forward to your responses.
thanks!!

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Check this link In all Forums: Does anyone really make money trading futures?

quote:

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Originally posted by shmoshus

hi all, i was very successful at my previous job as a financial specialist for a major bank in the us.i was laid off just over two months ago and have been racking my brains what to go into. i really dont want to go back into corporate america's "rat race" again and would like to get started in a life of trading online. i, however, am a complete novice and know NOTHING as of yet. what can you suggest to me where to start. a book,a softwhere program, an online seminar, a live seminar, etc. whatever you suggest would be the best way to learn good and fast. i would really like to get ramped up as fast as possible. looking forward to your responses.
thanks!!

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I suggest you get a job with a futures prop firm. You can learn from experienced traders, make mistakes with other peoples money (and yes you will make mistakes in the beginning) and develop your style.

Once you become profitable leave the trading firm and trade on your own.

Good luck!