Did you know last year almost 50% of adults in the US participated in some form of speculation? Whether that be in futures, crypto, stocks, options or any of the other numerous markets out there.
With all these new traders entering the markets there are bound to be numerous questions on how one should get started. In this weeks blog that is exactly what we are going to cover, how to get started day trading futures.
First off traders need to understand what futures really are. We offer a great intro to futures course for FREE, that all traders should use as a starting point. Day trading is just like building a house, if you start off with a weak foundation everything you build on top of that will eventually crumble. That is why we suggests all new day traders learn the basics before risking any money and that brings us to our next point.
Once you know what futures are its time to learn the basics. Such as what is the S&P 500 how does it work and why do so many traders like to trade the S&P 500 or ES/MES. This is where you as a trader will start to get an idea on what products you would like to trade or what products peak your interest.
When you are learning about all the futures products be sure to get an idea on how they move and how much volume there is on average. This is where you as a trader will start to figure out what product is the best match for you. Are you a trader who likes fast volatile markets such as the Nasdaq products or do you like a slightly slower move such as the ES/MES products. There is no right answer but finding the right product for you is one of the keys many new traders miss out on.
Next up is getting a quality education that covers all aspects of trading. Including but not limited to the following : entries, exits, trends, when and where to enter, how to deal with the emotions of trading and many other important topics that we cover in our HUGE price action course.
Once you have a quality education it is time to implement what you have learned, but don't be in a rush. Even though it might seem like you're missing out on moves and trades your really not. The markets aren't going any where any time soon. The more time your spend preparing for a proper start the better off you should be.
Day trading is just like any other business, you need to know what to do before getting started if you want the best chance of success.
As always if you ever have any questions or just need a little help feel free to reach out.