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Author: dbphoenix Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 794  
Subject: Re: 050202 Date: 5/2/2002 3:41 PM
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I go for a walk and see what happens?

As far as learning about index futures, there are some links at Teresa's site, most of which are to the CME. There's loads of stuff there, all of it good. Other than that, go through Teresa's Road to Profits, her free manual.

As to other books, I suggest Elder's Trading for a Living, Livermore's book, Nison's first book, Velez' Tools and Tactics for the Master Day Trader, Douglas' Trading in the Zone, Sperandeo's first book, Mamis' The Nature of Risk. As for indicators, don't read anything about them, use them, think about them. Just ignore them. You'll most likely waste months of development screwing around with them.

Beyond all that, though, you'll need at least $10K to open a trading account, and you'll have to be willing to piss away at least half of it without a moment's regret. If you don't have that or can't do that, stop here.

If you do and you can, review your trading history. Many people believe that if you haven't been successful trading stocks, you won't be successful trading futures. That may or may not be true depending on the reasons why you weren't successful trading stocks. If your lack of success had anything to do with psychological issues, you'll have to work those out. Otherwise, you'll go bankrupt very quickly. If your lack of success had to do with something else, you may find futures easier than stocks since fundamentals are not an issue, i.e., futures are entirely technical: no float, no earnings, no press releases, no fundamentals of any kind. If that appeals to you, fine. If you're fundamentally oriented, you could be in big trouble.

In any case, look forward to at least six months' of paper trading, then six months or more of trading one contract. Maybe more. Being honest on paper can be difficult. Most people aren't, usually unintentionally. If you are, you should show profits for at least three months before trading for real. But even if you do, making the transition to real-time trading is not easy. There is no avoiding that adrenaline rush, at least for a while. And that rush can affect your judgement.

That's about it.

--Db
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