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Psychology and Money Management

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New to Futures, but Hitting the Wall

  #45 (permalink)

Frankfurt, Germany
Trading Experience: Advanced
Platform: TT, ProRealTime
Broker/Data: Advantage, Dorman
Favorite Futures: Futures
Malvolio's Avatar
Posts: 145 since Nov 2010
Thanks: 93 given, 84 received

n7ekg View Post
BRAVO!!! FINALLY, after 4 pages of posts, something actionable!

I am stunned that almost EVERY SINGLE post on this thread has offered well-meaning, but ultimately useless advice without a strategy.

It is by far not that easy. And a simple strategy wonīt work.

I suggest to choose a method first. In my opinion I know only two of them. The first is the well known Market Profile or Volume Profile. If you like you can follow FT71 for example and there are plenty of books out there about this method.
The second one, I use, is based on Charles Dow and the fact that markets move in trends. I havenīt found any useful books in English about it and there is only one teacher I know who could help.

Then you need to build a trading plan that is useful to YOU around it!
Here you can build then some strategies. But the one thing you need to understand that even when you rely on a strategy is that you mainly trade your assumptions.

Therefore money management is really important and has to be integrated in your trading plan as well.

In addition when it come to execution I suggest to get familiar with tools like the DOM from TT, Jigsaw or Bookmap.

So in conclusion:

1. method
2. trading plan
3. money and risk management
4. execution tools

Try to stick to a sim account for quite some time and start trading contracts with a small tick size like the micros first.

All this will take some time (some years). Donīt be greedy! Take your time!

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