Are you a new trader looking to get into futures or maybe an existing trader looking to expand your skill set into futures? You came to the right place, get started is half of the battle. This is due to the immense amount of resources traders have at there hands, some extremely good and others not worth your time. In this weeks blog we are going to cover the steps to take if you are planning on becoming a futures trader.
Learn the Basic's
With any decision it is smart to first start off with the basic. Learn what futures are and how they move. Whats a tick, how many ticks are in 1 ES contract? These are only two of the many questions you need to have answers to. Take advantage of free resources, either here on the Gorilla Futures website or on our YouTube channel where we cover all these topics.
Once you know the basics of futures, you then need to move onto the basics of trading. Learn the different time frames, how to setup a chart, whats the bid/ask, what type of trading do you prefer(scalping or swing trading). Again these are just a few of the questions you need to be able to have answers to.
You wouldn't start a new business without knowing all the ins and outs of that business, trading is no different. Learn the basics first and then if you like everything you have learned so far, then take the next step into becoming a trader.
"Why so serious !?"(name that move in the comments) Trading is a serious business but just because it is serious doesn't mean it cant also be enjoyable.
That brings us to our next step and that is getting the education you need. When looking for education look to find a system that actually makes since to you. Copying a system just to get results is not the answer, you need to first find a system that actually clicks with you and is something you really understand.
Obliviously we hope everyone reading this becomes a Gorilla Futures member!
Once you find that system that makes sense to you, you then need to learn every single part of it. Too many times new traders skim through a course or a video series and jump right into trading, because they are excited to get the ball rolling.
Its awesome to see this type of enthusiasm but that is the wrong approach and 99% of the time it ends up not working.
Trading is a marathon and you need to take your time. Back test and re test your system for a few months. This isn't the "sexy" part of trading but it is required if you want a chance at becoming a successful trader.
Once you have successfully back tested your system in all market conditions , it is then and only then time for you to SIM test your strategy.
When SIM trading your strategy it is important that you follow your rules to a T, no exceptions. The best way to do this is have a systematic approach to trading. If XYZ all line up then and only then can you place trades. SIM trading should last a minimum of a few weeks.
Once you SIM results come back positive and you followed all your rules, then you can start to trade live.
It is strongly suggested that all new traders start on the Micros, these are get for new traders and experienced traders. At Gorilla Futures we are a HUGE fan of the micros and trade them more then the minis on most days.
This is a simple road map on how to get started, each step will be a little different depending on your knowledge and where you are in your trading career. It may take a little time and you won't be able to rake in the dough on day one but if you put them time in you might able able to in the near future.