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    10 Ways to Get Rich from Futures Trading
    10 Ways to Get Rich from Futures Trading
    10 Ways to Get Rich from Futures Trading
    Ebook120 pages1 hour

    10 Ways to Get Rich from Futures Trading

    By Giuseppe Scuti

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    About this ebook

    10 Ways to Get Rich from Futures Trading gives beginner futures traders some simple actionable easy to use investment and trading ideas for writing their own rule based trading plan which will give them an edge over the competition in the live financial markets. All of the techniques presented in this book are simple enough for total beginners with zero experience to use in order to begin making money right away.

    The market is not a big secret and all of the information you need to make a trading decision is right out in the open. If you know where to find the information and know what to look for you can and will make some money every day in the market provided you are looking at the right information and utilizing the best trading techniques.

    10 Ways to Get Rich from Futures Trading can help you keep it simple and filter the huge amount of information out there down to only what you need to know to begin making money right away from trading futures. My philosophy is to start small and build on success have limited exposure while you hone your skills, then progress as you become more competent and build up your account and the techniques in 10 Ways to Get Rich from Futures Trading can help you begin doing that. 

    All futures traders who have made it and make money consistently in the market are making it from the beginner traders who have visions of grandeur and dollar signs rolling around in their eyes like some old cartoon, don't be that trader. If you want to make it in this business, I would listen to the advice in 10 Ways to Get Rich from Futures Trading very carefully, I am going to share with you some valuable information that professional real money traders don't want you to know about.

    LanguageEnglish
    PublisherGiuseppe Scuti
    Release dateJul 8, 2018
    ISBN9781386302216
    10 Ways to Get Rich from Futures Trading

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      Book preview

      10 Ways to Get Rich from Futures Trading - Giuseppe Scuti

      Do you want to win, be right or make money?

      Mixing emotions with money-based decisions as a beginner is usually a plan for disaster! I ask people who come to me for help if they want to be a winner and be right all the time or be a money maker; you’ll need to answer that question before you continue reading. Unfortunately, too many brand new Futures traders think that being right is more important than making money, I beg to differ and you’re crazy if you look at it any other way in this business.

      Trading success is not just about winning and losing individual trades, it is about making money over time and actually keeping it; you must look at the big picture to become successful and think in long term time horizons. It is a common known fact among professional traders that money management hence risk/reward ratio, not winning percentage, is the real key to becoming profitable and sustaining a career as a trader for the long term.

      I tell brand new traders they must think in terms of probabilities, and get it ingrained into the subconscious of their trading mind. They must be able to ultimately eliminate emotions for every single trade they place. This may perhaps be the most difficult aspect of becoming a true professional futures trader, but a trait that one simply must have to stand any chance of survival—both financially, and psychologically. What seems perfectly logical to do in our minds may not work quite the same in the live market using real money.

      Most brand new futures traders think that they have to win all the time because that is what they are conditioned to think right from the start in this business. As someone once said in a movie "thaaaaaths not entirely true"! Being a professional trader means that you actually will have some unfavorable outcomes in the market and you are OK with it. I have a positive outcome maybe 60% of the time however I make a double bottom oil tanker full of money from that positive outcome, so much so that the other 40% of the time doesn’t cost me a lot because part of my plan is to know how much I will potentially lose before I take the position and all of my trading is done by my smart plan so the margin of error is quite small because everything I do is already known before any action is taken.

      Should you have a negative outcome on a position if you are using supply and demand it most likely means you saw the value area you opened your position up from wrong that’s all, nothing sinister happened. When this happens to me I just know I needed to have looked further back on the chart to see the supply and demand curve better and perhaps looked at a higher time frame, you need to always be aware of the big picture and using MTF can certainly help you do that.

      If you have followed your rule based plan everything is known before you click the mouse to place the position in the market. You know what you are risking as your stop to gain your profit target; all of that information is given to you on the chart. It is your job as the professional trader to figure out the signals that allow you to identify, quantify and execute low risk high probability and quality trading opportunities. Once the opportunity to acquire a position arises you must be decisive and act without hesitation. You should already have determined what your entry; stop loss and profit target will be before taking the position, if it does not meet your criteria then just pass and reassess. Here is a huge tip I can give you right now, sometimes the best action in trading is inaction, you don’t need to be in a position at all times and if the criteria of your rule based plan is not present in the market there is nothing for you to do until it is.

      It is very important to develop discipline and have a mindset that is psychologically strong and unwavering for working in the live futures market. Retail investors and traders do not take the needed time to develop such a mentality and can also get too comfortable trading demo and they also get themselves into a lot of trouble because they are trying to see things that just aren’t there, don’t be that trader.

      Demo trading is not some video game. Demo trading is only good for learning your chosen platform for live trading and I highly suggest learning your platform trying out your trading plan to make sure it works and then going right into the live market to try it out with real money. You should do this with a very small amount of money to start off. You can start trading micro futures for around $500 if you find the right broker.

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      Table of Contents

      Do you want to win, be right or make money?

      Know "why" you’re doing it before taking any take action

      To be a money maker you need to be an expert money manager

      Always follow the smart money they take the path of least resistance

      Only trade from a rule based plan – that’s what will make you rich

      Markets only work on supply and demand - shouldn’t that be your trading method?

      The easiest fastest strategy a beginner can learn to make money right away trading futures

      3 things that will help you win more trades – large PM, correlation, confluence in signals

      Higher time frames equal higher probability

      Only use advanced price action analysis and probability boosters

      Develop a "smart plan" then implement it

      Front running the smart money

      Bonus chapters

      3 things that will help you win more trades – large PM, correlation, confluence in signals

      How to overcome over trading as a beginner

      Your slap in the face reality check

      Extra links

      Glossary

      Disclaimer

      Know why you’re doing it before taking any take action

      Begin with the end in mind I always say. There are a lot of things to consider when thinking about becoming a professional market investor and futures trader especially if you are doing it as a self-directed trader. You are the one who is making the decision to get into the trading and investing business, no one is making you do it. It is a big step for someone to take the plunge into the world of making money with money, one has to look inside one’s self and ask some very hard questions before they start driving their own money train down the tracks to riches in the live markets.

      It is very important to have figured out what your ultimate goals are before you step foot into the markets with your hard earned real money. Questions I ask new people are: are you trading for short term income or long term wealth building? Are you trying to build up your account balance to be able to take on more risk and trade larger size? I ask them why they want to do this business. I ask them if they know what their goals for the long term are and if they are thinking with a long term perspective.

      If a new investor or trader especially a new one cannot answer these questions right away I just encourage them to stay out of the live markets until they can answer them and be honest. I also will ask them how much capital they plan to enter the live markets to work with; there is no point in trying to enter the live markets with scared money.

      New people coming into this business make a lot of mistakes, one being that they don’t know what type of investor or trader they want to be. So when starting out ask yourself, what kind of investor or trader do you desire to be? You should know this before beginning this business.

      Here are some of the main things you need to ask yourself and have made a decision on before you get going. Are you trading for short term income? Are you trading to build up an account balance so you can start trading multiple shares, lots or contracts? Are you trading for long term wealth goals and/or retirement and wish to be a buy and hold type of investor?

      Figure out what style of investing or trading suits your personality the best. Do you want to day trade, swing trade, or position trade? What kind of time are you looking to put in on a daily basis? What kind of returns are you looking at monetarily? Are you the type of person who has a lot of time to devote to looking at charts in the live market to be a day trader? While I do not recommend day trading, it is possible; however, it requires a lot of time, preparation and a large amount capital. I know very few successful day traders, but if you are going to try it, this book will tell you how you can do it with as little as $500 to start off.

      There are only a few different ways to be a market speculator - which way is best for you? You would either become an intraday trader, a swing trader or position trader. Do you like action? Maybe you want to be a scalper and get in and out of trades very quickly and take many trades in one day, you need a speedy internet connection for this type of trading.

      I am sorry to inform you that there is no such thing as scalping unless you are an algorithm. Are you an algorithm? I think not! Even if you could scalp you would need to be using an account size of five hundred thousand dollars or more to make it worth the costs that you would incur doing that type of trading. Don’t be a kook and try it because as a retail trader you will lose all of your freakin money. ALLLLL OOOOOF ITTTTTT!

      The next thing you need to make a decision on before doing

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