Hi - Newbie from Cairns

ChrisCairns · 17 March 2014

Hi all, very professional site and I hope to learn much from experienced members.

Found myself at 52 unemployed for more than a year, despite being an economist with an MBA. That's Cairns for you though and I am not inclined to move out of the tropics just so can get a job. Instead, I mow lawns and do garden tidy ups for people - pays the rent and more too. I have a reasonable govt pension coming, but it's still 5 years away and not sure I have the stamina at my age to keep going, so looking for a 'job' I can do at home.

I have written two novels which are to be published first in the States over the next 12 months, but I am realistic enough to know that my chances of being the next Lee Childs are low - but you never know. Even so, I am looking at around 12 months to get that first royalty cheque.

Have a small windfall coming and want to spend the large amount of time I have learning how to trade futures using a stop loss to minimise risk. I worked briefly in the capital markets in the 90s, so I know what a futures contract is their role in hedging and for speculation. But, I wouldn't profess for a moment to think I know how to go into this sort of venture with any degree of confidence. Need to do a lot of research first and I know how a good forum can assist people to learn and I'm willing to share my experiences with you all.

Can anyone recommend a good broker firm and platform to start?

Is $10k enough to get me started?

Thanks in advance

Trembling Hand · 17 March 2014

ChrisCairns said:
Hi all, very professional site and I hope to learn much from experienced members.

Found myself at 52 unemployed for more than a year, despite being an economist with an MBA. That's Cairns for you though and I am not inclined to move out of the tropics just so can get a job. Instead, I mow lawns and do garden tidy ups for people - pays the rent and more too. I have a reasonable govt pension coming, but it's still 5 years away and not sure I have the stamina at my age to keep going, so looking for a 'job' I can do at home.

I have written two novels which are to be published first in the States over the next 12 months, but I am realistic enough to know that my chances of being the next Lee Childs are low - but you never know. Even so, I am looking at around 12 months to get that first royalty cheque.

Have a small windfall coming and want to spend the large amount of time I have learning how to trade futures using a stop loss to minimise risk. I worked briefly in the capital markets in the 90s, so I know what a futures contract is their role in hedging and for speculation. But, I wouldn't profess for a moment to think I know how to go into this sort of venture with any degree of confidence. Need to do a lot of research first and I know how a good forum can assist people to learn and I'm willing to share my experiences with you all.

Can anyone recommend a good broker firm and platform to start?

Is $10k enough to get me started?

Thanks in advance

For futures trading 10k is enough to 'play' on a very short time frame but if you are going to hold longer than a day you will find it hard to position size as the contracts are too large.

Most here find Interactive Brokers that way to go.

Wysiwyg · 17 March 2014

Have a small windfall coming and want to spend the large amount of time I have learning how to trade futures using a stop loss to minimise risk.

Stop losses don't automatically equate to profitable strategies. Can be death by a thousand cuts. Stop location and relative position size are eternal friends. Accepting profit is an acquired skill. The skill of how and when.

Need to do a lot of research first and I know how a good forum can assist people to learn and I'm willing to share my experiences with you all.

Oh yes a lot of research but practical experience is where the learning will come.

Is $10k enough to get me started?

Enough to get started but you'll need another 10k recurring until you "get it" (the market).

VSntchr · 17 March 2014

ChrisCairns said:
Hi all, very professional site and I hope to learn much from experienced members.

Found myself at 52 unemployed for more than a year, despite being an economist with an MBA. That's Cairns for you though and I am not inclined to move out of the tropics just so can get a job. Instead, I mow lawns and do garden tidy ups for people - pays the rent and more too. I have a reasonable govt pension coming, but it's still 5 years away and not sure I have the stamina at my age to keep going, so looking for a 'job' I can do at home.

I have written two novels which are to be published first in the States over the next 12 months, but I am realistic enough to know that my chances of being the next Lee Childs are low - but you never know. Even so, I am looking at around 12 months to get that first royalty cheque.

Have a small windfall coming and want to spend the large amount of time I have learning how to trade futures using a stop loss to minimise risk. I worked briefly in the capital markets in the 90s, so I know what a futures contract is their role in hedging and for speculation. But, I wouldn't profess for a moment to think I know how to go into this sort of venture with any degree of confidence. Need to do a lot of research first and I know how a good forum can assist people to learn and I'm willing to share my experiences with you all.

Can anyone recommend a good broker firm and platform to start?

Is $10k enough to get me started?

Thanks in advance

Welcome to the site Chris, you've certainly come to place that offers a wealth of information over a variety of topics and specific fields.

You sound like you have had some pretty interesting experiences that I look forward to hearing about if you choose to post regularly here at ASF, we can all benefit from more high calibre posters!

ChrisCairns · 17 March 2014

Thank you all for the welcome and advice.

I suspect I will get some answers to my questions by a lot of reading here and elsewhere.

I am pretty sure that I will practice without money before making a deposit with a company.

Can anyone point me to a platform that will allow me to place trades on index futures without using my own funds, ie a sandpit??

Regards to all who read this post and recall their own first go at being a day trader...

Lone Wolf · 18 March 2014

ChrisCairns said:
Thank you all for the welcome and advice.

I suspect I will get some answers to my questions by a lot of reading here and elsewhere.

I am pretty sure that I will practice without money before making a deposit with a company.

Can anyone point me to a platform that will allow me to place trades on index futures without using my own funds, ie a sandpit??

Regards to all who read this post and recall their own first go at being a day trader...

Hi Chris,

Take a look at NinjaTrader. It's free unless you want to use it to submit trades to a broker. You can download market replay files (real intraday historical data), play the data back (at various speeds) and practice trading on a simulated account.

For brokers, most here use Interactive Brokers. 10,000 USD minimum required to open an account, but once open you can demo trade with them on real data (see the website for data fees).

AMP Futures is another broker recommended by some around here. I haven't signed up, but I believe it's only $500 or so to open the account and most of the data is free (according to the website). You could sign up with them and practice trading in real time with NinjaTrader set to a sim account.

As always, read the fine print of each broker carefully before you sign up.

Ariyahn2011 · 16 March 2015

ChrisCairns said:
Thank you all for the welcome and advice.

I suspect I will get some answers to my questions by a lot of reading here and elsewhere.

I am pretty sure that I will practice without money before making a deposit with a company.

Can anyone point me to a platform that will allow me to place trades on index futures without using my own funds, ie a sandpit??

Regards to all who read this post and recall their own first go at being a day trader...

Hey Chris, bit off topic but I am moving to Cairns in August. Looking forward to it. Bit worried about the job scene myself though!

g-topa-g · 17 March 2015

Newbie from Melbourne here.

As someone around your age and as one who was badly burnt in my initial foray into stock market trading I would suggest "try before you buy". Find a backtesting program that enables you to try different strategies and see where that takes you.

All the best!

Hi - Newbie from Cairns

ChrisCairns

Trembling Hand

Can be found on the bid

Wysiwyg

Everyone wants money

VSntchr

ChrisCairns

Lone Wolf

Ariyahn2011

g-topa-g

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Hi - Newbie from Cairns

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