Don't try trading w/o indicators and relying purely on watching price action.
Watching the price is a good way to scalp and to get good fills on trades. It builds discipline, cultivates patience and improves your understanding of market liquidity and short term momentum. By all means, watch the price action and learn.
Ultimately however, you need to be able to pinpoint a direction over the proposed duration of your trade. All successful traders incorporate the concepts of support and resistance. If you throw that out of the window, you're essentially a gambler. Trading is really all about identifying support & resistance and managing risk around important entry and exit levels.
I know the pain you must have encountered. We all reach that stage where we practically give up on indicators. Don't.
The following 3 users say Thank You to skyholder84 for this post:
I've decided to join forum, as I'm searching all over internet to find good people to share trading ideas with.
I've started trading last yr, and blew up 90 % of my account.... tried enormous number of strategies and stuff. As I have a daily job to support my family, cannot really be all the time in the market, so most day trading strategies don't suit me ....
Now after the pain of loosing money went, I have to reconsiliate myself and see what I'm going to do next ... how to move forward, where to begin ....
Glad to join here, hope I'll help / be helped ...
best regards from Croatia,
The following user says Thank You to kingich for this post:
I have been day trading full time since Nov 2008 but I still have much to learn.
I went to an instructor lead that lasted 2 weeks at Online Trading Academy and it was a good foundation. I started out trading stocks Intel and SLB were my favorites. In 2010 I started trading the ES, YM and I decided I like Futures. I have been looking at the CL since I joined this forum and I plan to try it out this year. I also have been trading the EURUSD and EURJPY for some time.
This site is fantastic! There is so much information and experience in one place.
I am just a beginner programmer but I did work through the "make a strategy in NJ 7 tutorial" but is there a book or site this is a good primer for Ninja Script ? I can infer why some things work but I don't understand all of it.
Thanks for putting this together Big Mike!
The following user says Thank You to Mojokix for this post: