As a beginning trader, is there a market that is best to start with?
@mikebellafiore
I was asked this question during a recent Webinar “Trading Fundamentals: Things Great Traders Do and Never Do”.
In a perfect world I like the idea of new traders trying all products and multiple time frames before choosing one. I am not sure this is realistic for most because of time, technology, and money constraints. Most pick one and start there based on their exposure to a product.
There is no best market to start with, but there is the best market for you. And there is the best time frame for you. And there is a best trading style for you. It takes time to learn which market and style and time frame will work best for you. I know very talented individuals who were not particularly good In Play intraday traders but who are quite good in other styles and time frames. I have seen traders fail miserably elsewhere and do very well with us.
As I get a little older and perhaps wiser I stop thinking of things being best. I am drawn to the quote from Les Miserables, “A river is a river.” Your life is what it is. Your trading past is what it is. Live it, learn from it, take the most you can from each moment.
Trading in the wrong style or time frame is not bad for you conclusively. Your reaction to trading in that wrong style or time frame is. Thinking constructively, it is a step along the way to you finding out the best style and product and time frame for you. You might very well learn skills as an intraday trader that help you excel as a swing futures trader. You might learn that futures trading does not offer you enough opportunities for your active trading personality. You might learn that options trading is a better fit for your trading as staring at FX screens all day doesn’t work for you.
A river is a river.
Related blog posts:
What is the Best Setup for New Traders?
How Long Before You Felt Comfortable/Competent as a Trader?
You can be better tomorrow than you are today!
Mike Bellafiore
no relevant positions