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Good strategies for beginners?


Hi everyone!

I read in another thread that it's a good idea for a beginning futures day trader to choose one simple strategy and learn it inside out. Does anyone have a straightforward system they could recommend to learn and practice?

Or could someone point me to a good source or website to start reading? There is quite a bit of information out there and a big challenge will be just trying to make heads or tails of it. I think the best approach for my learning at this stage is to find a basic starting point from which I can slowly plow forward.

Thanks!

Marcus

I have to admit this 80% came from the top of my head, and I don't have the time to research what this figure is at this time.

For those still trading stocks, it is not only HFT and its fraudulent practices which is the problem, but also (and may-be mostly) sub-pennying / dark-pools / and sold order-flow.

Talking about sold order-flow, I opened last week an account at Robbins Trading (clearing: Dorman) for the 2013 World-Cup. Even though this is a futures account, I had to sign a waiver specific to that selling of order-flow practice ... how can this be even legal, is beyond me - but the fact is, those who profit from it, do so through computers.

Bruce, I do not criticize successful discretionary traders ... what I am just saying is, a retail trader starting in this industry has far less chances at becoming a successful discretionary trader than he would have to become a renowned artist. Of course, with enough talent, patience, time, money & effort, a minority succeeds at it.
I think you are correct about wanting to start basic and go from there. Do you know what market you want to trade? What time frame do you have to trade? Personally if I were starting again.. I would focus on the emini SP and only trade the first 1.5 hours of the day session. This is from 9:30 ET - 11:00 ET. Really you will focus on the 10-11 time frame. There are some good basic strategies that will give you a good foundation to start from. there is a 30 min range that you can trade breakouts of that range or reversals and a 60 min range that you can trade breakouts and reversals. that gives you one basic setup with three outcomes. Trade the breakout, Trade the reversal, do not trade. Pretty simple, but it is effective.
You can search about 30 minute opening range and 60 minute opening range trades. I also go here to look at chart commentary on the strategy.
http://trade-emini-simple-as-123.blogspot.com/
I think you are right in terms of starting and mastering with one and then moving forward. I have seen some of experienced traders are successful because they apply different strategies based on the market and other condition. They can do it, because they have mastered more than one single strategy. So I think yes if you want to make a living out of trading in the long run you gotta master few different strategies and know when to apply them.

As for me I am still learning like you.
Originally posted by marcush

Hi everyone!

I read in another thread that it's a good idea for a beginning futures day trader to choose one simple strategy and learn it inside out. Does anyone have a straightforward system they could recommend to learn and practice?

Or could someone point me to a good source or website to start reading? There is quite a bit of information out there and a big challenge will be just trying to make heads or tails of it. I think the best approach for my learning at this stage is to find a basic starting point from which I can slowly plow forward.

Thanks!

Marcus


Marcus, one of the best sources to learn about day trading is to learn pattern recognition. This is best and true price action. check this out: http://www.surinotes.com/