I see that there are already a few kinds of NT work-spaces in use by different experienced members. I like Mike's video and I liked his setup.
The forum is full of indicators and strategies and Mike and others said more is not good because is hard to focus, misleading, etc
My question is can a beginner start by emulating what a more advanced member is doing and use for example that user's setup (workspace, indicators, ATM, etc.) and later on come up with his own if he can?
I have been working with NT (6.5) every day for about 9 months now. I have worked with many other systems in the past so I had a solid knowleged basis to work from. I am also very computer literate so for me, my first few days (hours) was simply playing with the NT interface, learning how to save workspaces, how to save templates, how to build ATM strategies, how to work with indicators, and code them as well as learning how to operate the DOM and chart trader. My thoughts are you really need to know your tools before you actually use them - if you use a saw upside down you cut your hand off, if you use a limit buy instead of a limit sell you drain your account. I have learned a lot about NT using their online help system and videos. I also spend time on utube - there is a lot of good insights to be gleemed there as well.
Once I had the knowhow, creating or duplicating a workspace is/was simple.
But, trading sucessfully has not so much to do with the workspace, indicators, or the like. It's about you, what you see, how you follow rules, how you manage money, how you feel, what you have confidence in, how you react under stress - you either learn this or you burn through you account and find something else to do.
The following 2 users say Thank You to tulanch for this post:
Can you please explain a little more on limit buy vs limit sell and drain the account? What instruments and what timeframe and indicators you use to trade.
I am learning to trade ES for ES personality fits me compared to other instruments YM, NQ, TF, CL. I use Ninjatrader but for some reason I dislike the Ninja DOM as I cannot resize the DOM on the screen. I like the DOM/Ladder from OptionsXpress, Dorman Direct and TOS compared to Ninjatrader. I think if I can resize Ninja DOM, I can visualize the Price Action better and trade better. Any thoughts on resizing DOM ?
By the way, I use NinjaPriceAction, LBR 3/10 Osc, D3Spotter, Scalper, futures.io (formerly BMT)CollectiveMA and fib.
Ninja lets you chart trade. If you use the mouse to initiate the orders, you need to pay close attention to what type of order you place. Again and again I find myself placing a buy order when I wanted a sell order, due to the way the Ninja's user interface switches the location of the order types in the mouse menu. It does this based upon the location of where the mouse was relative to a placed entry order. If you’re in a trade and you inadvertently have a buy where you wanted a sell, it can devastate your account which is what I was referring to with my statement about drain the account. I always double check my orders to alleviate this from being an issue.
I have come to learn to use minimal indicators. The simpler the better. The less I have to think about when trading the better. Some of my first plans had over 20 thing to consider - my current plan just 6. I find I can best read the 5 min chart with just the EMA20 and candles. I do not claim to be an expert at this by any means, but as of resent I have greatly improved my consistency which I belive is a requirement for great success in this as a career choice. This is one of the most simplest things I have ever studied, but it is absolutley the most difficult to do in real time.
The following user says Thank You to tulanch for this post: