Hello all. Have been reading through various threads and posts over the last several weeks. So much to absorb. Am fairly new to the markets, so very thankful so many out there are willing to share. Hope to be able to give back as well once I start seeing some success myself.
first i have to say sorry about my english,- it´s not the best i know. my native language is german. I found this forum when was searching for informations for Ninjatrader. Usually i am working with dealbook, so i am a newby with NT. Hope can change informations about trading and programming.
It's great to find a community of traders at all different levels of development with diverse approaches and methodologies.
I use Market/Volume Profile to analyze volume nodes and also good old standard charting for daytradng primarily ES..
I trade interday swings vs. scalping. I overtrade if I try to scalp so I conscentrate on getting good trade location and also identifying where the other guy is wrong so the market will (hopefully) go for the paper (stops) to facilitate trade - where is the other guy wrong..those are my targets along wth the nodes...
I have done a lot of trading system design and backtesting over the years. I started in 1980 and have many war stories..I have been a casualty also..
For me it is difficult to have a rigid rule based system.. I am a discretionary trader and I identify "areas of interest" and wait for the market to go to them and then decide whether to do business when it gets there...
I initially worked with market profile in 1984ish with Pete Stedilmier and couldn't make it work for me and abandoned it..this was when it was just timebased TPO's..Now that there is volume it has functional value for me...
Years I ago I traded SnP 2-3 day swings..had to back then in the mid 80's a 30pt move in the Dow was a big day..
Also, I am typically late on entries.. I am shy when it comes to standing in front of the train so I can be 1pt late and that really messes up my risk mgmt and ability to scale...seems I can't slice the onion fine enough...
Thanks for giving us this forum. I am a trader and business owner. Started trading so I could diversify my income. Didn't realize that meant I would lose so much money before I figured out how to make money. Seems for me the key has been understanding emotion and the fundamental role it plays in trade decisions. That will probably be a theme in many of my posts. Also have been in many rooms and finally now putting it together now that I am in JPJ trading room, or is it JP trading room? The guys name is JP and he is a hoot.
I recommend coaching. Think about it. Any sport, we have coaches. Trading is no different. I found much help with Denise Shull and also with Andrew Menaker. My trading has started to become profitable. I still have blow ups and lose, as is the case this week, 4 days of positive trading and one day of really bad trading, but that is the start of a turn around. Finally. It is due to coaching. I have traded for 1.5 years and have been in a few rooms and taken lots of "expert" seminars. The one thing that is making the biggest difference is the coaching. I recommend before have another losing day, go to Denise or Andrew's site and request a coaching quote. Think about it. If you can spend a few hundred bucks on coaching and as a result have a one profitable day, it would be worth it for that day, but really, what I think you will gain is the ability to understand something that no indicator or "expert" can give you. You have to learn to read yourself.
The following user says Thank You to rwhitt for this post:
Hi Mike and all.
Really glad to join this forum and i can tell this place is amazing(kudos to you Mike!). I focus on currency, future trading and i use VSA to trade. Interested in learning more about market profile and volume. I look forward to exchanging knowledge with other traders!