Thank you! Nice to be here and be a part of this comunity. You've done an amazing job!I did traded stock and this last yeat I try to trade futures itraday.
Not so muct time for trading but I'm lerning a lot from the forum.
My name is Nacho. I started trading about 6 months ago, and as usual it was not a very beginning . After some time I started to control my reactions also and now I'm making some money but still wanting to learn more all the time.
I'm trading now in Metatrader and with some programs but looking forward to migrate to Ninja to add to strategies Volume.
Welcome I too started with TI and it did not help me to trade as much as I would have liked. They have few what i call universal set ups that can be used only if you learn to use Price action. Do not give up trading go back to sim every thing learned at TI will become clearer. [lol that took me way too long] I suggest to start with the price action and volume threads. A careful study of these will provide the keys to the kingdom. A good mentor will show you how to use them quicker. Ask the people here before you check something out. The nice thing about TI is now you know what you do not need any more of. My guess is that just about every method/ course has been taken by some one in this forum.
Thanks for your best wishes. Yours will be a Healthy & Successful one too!
Let me share a little bit on what I am currently doing (after months of learning and research):
1. Trading Plan
I have specific instruments that I will trade with the maximum exposure + profit targets, stop loss and timeline. For example,
i) Credit Spreads/Iron Condors, eg SPX, CME and RUT - maximum exposure $5,000, expected profit target $250-$500, stop loss (when the delta exceeds 0.25) .. ..
ii) Naked Put, eg UNG, AZONE and MFA (Important that I am prepared to own the stocks if assigned.)
iii) Equity Stocks - maximum exposure $2,000, expected profit target 5-10%, stop loss 5-10%, timeline max 1 month
iv) Futures, eg ES and YM - maximum 3 trades per day, expected profit target $100-$150/day, maximum weekly loss $200 (if hit, sim trade only)
2. Daily Game Plan
i) Monitor the current position and consider new trades for items i)-iii) above
ii) Daytrade Futures based on the main trading system (currently I sim trade only)
Note: I have written notes/tips on my Futures trading systems (I have more than one as I am testing them before deciding on the most appropriate one).
To trade successfully on a consistent basis, there're lots to learn. Increasing your SL constantly is not the answer because risk-reward ratio is one of the important factors to justify a trade. For example, I am using an intial 6-tick SL for a 4-tick target of ES (1.5:1). Once I am in a trade and it's not working within 3 minutes or I get a warning, I will try to get out breakeven or give 1-2 ticks to the market. I will do my best not to have my SL get hit. In other words, my risk-reward ratio is very low and within my comfort zone.
After reading your response, I am not sure if you have a trading system that is proven to be 70-75% profitable most of the time? For example, based on what rules or signals will you enter into a trade (when, what, who, why and how). If the market you pick is too volatile for you, you may reconsider a different market. Fear is detrimental to one's psyche when trading.
I remember there're threads in the Big Mike Trading Forum that will fill the gaps. Please go through them.
Happy & Successful Trading!
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