View Full Version : Newbie Infopool: Trading PC, Platform, Books
I am looking at purchasing a PC desktop ( I currently have a Macbook), I am also looking at purchasing trading software or at least a few demos for now. I am just wondering if anyone had any recommendations as to what I should purchase? I am currently looking at a Dell T5500 ( I would have posted a link but I don't have enough posts yet ) and the current version of NinjaTrader. Any objections or suggestions? Is the base model of this computer good enough to run NinjaTrader?
Also, I am wanting to begin to trade CL but from what I've read it is one of the most difficult things to trade. Should I begin with something like E-mini? If I learn to trade on something besides CL will the experience and system that I develop sort of transfer over into trading CL? Or should I just begin to trade CL with a sim? Sorry for so many questions! Thanks in advance!
Trading-PC
I use a Dell Precision Workstation 690 (3 years old) with two graphic adapters (four monitors) and it works well. The Dell T5500 is price worthy and should be perfectly suitable for trading under the condition that you
- choose a strong CPU
- choose a configuration with two dual graphic adapters allowing you to connect up to four monitors (larger monitors are now relatively cheap, so four should do)
- sign up for their onsite service (which is very good)
You should contact Dell via phone for the graphics adapters, as this may not be available in their online shop. Dell uses a bridge to put two graphics adapters into one slot.
Further information on trading PCs can be found in these threads
https://futures.io/off-topic/2643-desktop-specs.html
https://futures.io/vendors-commercial-products/3691-best-computer-vendor.html
Trading Platform
You can download NinjaTrader 7, which is a free trading platform. You should practice with a simulation account until you become consistently profitable. If you put money on the line earlier, the chances are greater than 90% that you will lose it.
Instrument to Trade
E-mini is a place, where predators feed on newbies. It is not the place to go. The same applies to CL. You do not want to fly a jumbo jet, before you have some experience with smaller planes. I would not even think about trading futures as a beginner, as the leverage will kill you sooner or later.
Do yourself a favour: If you want to trade real money, start with exchange traded funds or stocks. This already allows you to experience the highs and lows of trading without losing your shirt. Once you are consistently profitable, you could switch to futures and increase leverage.
427Rat View Post
I am looking at purchasing a PC desktop ( I currently have a Macbook), I am also looking at purchasing trading software or at least a few demos for now. I am just wondering if anyone had any recommendations as to what I should purchase? I am currently looking at a Dell T5500 ( I would have posted a link but I don't have enough posts yet ) and the current version of NinjaTrader. Any objections or suggestions? Is the base model of this computer good enough to run NinjaTrader?
Also, I am wanting to begin to trade CL but from what I've read it is one of the most difficult things to trade. Should I begin with something like E-mini? If I learn to trade on something besides CL will the experience and system that I develop sort of transfer over into trading CL? Or should I just begin to trade CL with a sim? Sorry for so many questions! Thanks in advance!
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Alright, Well I have done some reading on the forum and everything might as well be greek. I am finance student, so I have a basic working knowledge of the stock market, of how futures work, options...etc. I can read financial statements well and I can calculate financial ratios with ease. But everything on this forum (the lingo, charts...etc.) might as well be in a different language. I'm just wondering, where should I start? I purchased a book called "Getting started in chart patterns" by Thomas N. Bulkowski. (I am taking summer university classes right now other wise I would be reading it), is this a good place to start learning about the charts and some of the things discussed on here on the forum? Does anyone have some other book, website, article...etc. recommendations? I was thinking about possibly printing off old charts and try to identify the patterns (after I read the mentioned book), do you think that will help me? Sorry for so many questions!
I don't like giving advice, especially when it comes to trading, but you can take this post into consideration if you'd like.
I think studying the following books can help a newbie build a foundation of knowledge.
Reminisces of a Stock Operator by Edwin Lefevre
Trade Your Way to Financial Freedom by Van K. Tharp
Mind Over Markets by James F. Dalton (and then visit futurestrader71's website - Simplicity in Trading)
The Daily Trading Coach by Brett N. Steenbarger
Beyond the recommended list I personally wouldn't pay for any educational tools right away, especially related to technical analysis. When it comes to trading my experience is that valuable information is almost always free. And this is from someone that's spent WAY too much money on trading education. Reading the threads and watching the webinars here at futures.io (formerly BMT) will definitely get you going in the right direction. There's a ton of excellent information on this site supported by many generous and knowledgeable traders. And as you continue to dig you'll find references to free resources elsewhere as well.
Most importantly, I think that asking questions, thinking for yourself, setting goals, documenting and tracking your experiences (charts/journal/analysis), and making and correcting lots of mistakes are the best bets to get you where you want to go if you're passionate about it.
Best wishes.
It will help, but watching the price move in real time is considerably more valuable than watching a static chart for the simple reason that everything is obvious after the fact. So once you know what a double top is, for example, then you want to take the next step of being able to identify the pattern as it unfolds and practice trading it at the same time. If you are planning to day trade, then you will have to spend hundreds of hours watching live or replayed price action. I still do both. I trade and then later in the day I run a replay from 6 months ago. Concentrate on how the price moves in relation to various support and resistance including trend lines, swings, pivots, highs and lows, chart patterns, candlestick patterns, etc. I would spend time on this even if you don't plan to day trade. For swing trading, spend hundreds of hours stepping through charts one bar at a time and set up a worksheet to log your trades.
I don't know if you have your computer and software set up or not, but I would recommend ninja for charting because it is free and get a demo with MB Trading or some other broker that offers everything. For currencies and futures you can download replay data for prior days. For stocks, you will need to leave the charts open during the day so you can replay them later. Pick some that you are interested in and leave the computer running all week.
Here's couple sites that I think have some good information:
http://www.youtube.com/user/InformedTrades#p/u - scroll down the list at the right to the bottom and start at the beginning.
Your Trading Coach | Home
Nial Fuller | Learn To Trade 'Forex Price Action' Trading Strategies - they do try to sell you some crap, just mooch the free info.
Also, don't get suckered into paying hundreds or thousands of dollars for any system, subscription, "secret confidential information" or whatever. Everything worthwhile can usually be found for free on the internet or in a reasonably priced book.
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