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Learning the right way to trade
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Learning the right way to trade

  #11 (permalink)
Trading Apprentice
Malang, Indonesia
Futures Experience: Intermediate
Platform: metatrader
Favorite Futures: EURUSD, GPUSD, Gold
sensei's Avatar
Posts: 11 since Dec 2014
Thanks: 0 given, 1 received

Steamon View Post
I am reading the book japanese candle sticks. I know for sure doesn't matter what you trade you will learn from this book.

steve nison book would be a good start for candlestick study. perhaps there's many other resource around, but I do read his book as my first learning material.

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  #12 (permalink)
Membership Temporarily Revoked
Chicago IL, USA
Futures Experience: Master
Platform: Firetip
Broker/Data: Ironbeam/DMA
Favorite Futures: Oil/ES
TradeAnonymous's Avatar
Posts: 8 since Jun 2015
Thanks: 1 given, 1 received

Better to learn the actual markets and what moves them vs a bunch of indicators that just give you readings of prior data. You see an extremely small percentage of traders that are profitable at the end of the year that purely trade off of indicators. The guys making real money either run arb algos, or know the market fundamentals extremely well.

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  #13 (permalink)
Elite Member
Los Angeles California United States
Futures Experience: Beginner
Platform: NT, TS, MC
Favorite Futures: ES
Posts: 54 since Jun 2015
Thanks: 146 given, 7 received

LukeGeniol View Post
I think the Adam Grimes "The Art & Science of Technical Analysis: Market Structure, Price Action & Trading Strategies" can be a good book,
after seeing his webinar, I read the contents, at amazon, and it looks like as a comprehensive book about all aspect of trading.

Thanks for this recommendation, I plan on reading it soon.

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  #14 (permalink)
Trading Apprentice
Charlottesville, VA
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: Futures
Posts: 21 since Apr 2014
Thanks: 0 given, 13 received

Trade with the trend. You aren't going to make it trading reversals. You will get skinned alive. Look for long positions when a 20 period moving average is above a 50 and short positions when it's below.

Keep it simple. Don't use 5 or 6 indicators because you feel it "validates" your strategy. You only need to understand supply and demand to find an edge. There's no magic sauce to trading. Just like weight loss. It's just calories in vs calories out. There's no special diet or magic program you need to spend hundreds of dollars on to lose weight. Not saying don't use any indicators, just saying they shouldn't be your go to means of evaluating the markets. Just because the crosswalk light says you can cross the street now doesn't mean you don't have to check for oncoming traffic.

Don't fail twice. If you got stopped out at a price level, don't try to trade it again. Wait for price movement to a new swing high/low before you take another trade.

Risk management comes first, strategy comes second.. People spend too much time trying to find some holy grail strategy. Trust me, I spent 2 years myself trying every possible combination of indicators. Truth is, 95% of good strategies with risk management are going to have a 40-60% success rate. What makes a person successful is their risk management. What is their minimum risk reward, what is their daily loss limit, how many trades do they limit themselves to per day, etc. I used to scalp with no stop loss. My win rate was 91%, yet my equity curve was horrible. My drawdowns were huge and for every 2 weeks of profit I made, I would easily give back in a day or 2. I switched to taking 3 trades a day (initially traded til 3 wins or losses but found 3 trades a day is much better) at 1:2 risk reward and the largest max drawdown I've had since was a little over $500 (2 0-3 days in a row).

Most importantly, be accountable for your actions. Humans are stubborn and arrogant. Be accountable for your trades. Don't excuse your losses to slippage, commissions, or the market is "rigged" delusion. Every trade you take is under your discretion. Be accountable for that and learn from your experiences.

These are my own rules I follow. Not all of them, just got tired of typing.

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  #15 (permalink)
Elite Member
Saint Petersburg, FL
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: ES
AgentSmith's Avatar
Posts: 68 since Jul 2015
Thanks: 88 given, 30 received

I'm just starting out right now and all I'm using is the regular candlestick chart, no indicators, and a DOM. I want to learn little by little and get good at each thing before adding more. I would think that would be the best way for you to start! Good luck!

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