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

  #1 (permalink)
Former Ass. to the Reg. M
Long Island, New York
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
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Learning the right way to trade

Hello everyone,

I'm a beginnner trader. I change indicators all the time. I'm lost in all this information on this forum.

If you had to start trading from the very beginning, how would you teach yourself to trade? Would you use any indicators, price action?

If you're wondering what indicators I use right now, I use
  • stochastic fast
  • MACD
  • VWAP with SD at 1,2 and 3
  • Pivot Points

I trade the NQ on a 1600tk chart

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  #2 (permalink)
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  #3 (permalink)
Elite Member
Erie,Pa
 
Futures Experience: Beginner
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TennisOrDie View Post
Hello everyone,

I'm a beginnner trader. I change indicators all the time. I'm lost in all this information on this forum.

If you had to start trading from the very beginning, how would you teach yourself to trade? Would you use any indicators, price action?

If you're wondering what indicators I use right now, I use
  • stochastic fast
  • MACD
  • VWAP with SD at 1,2 and 3
  • Pivot Points

I trade the NQ on a 1600tk chart



Hey Tennis:

Welcome to the beginners confusion. It is overwhelming to watch price go up and down and always chasing it. I was there last April when I began my journey on market replay. Tried indicators and moving averages that came with the platform...they really didn't help improve my batting average. And the candlesticks and their movements made no sense whatsoever. I really was lost and confused as you sound to be. I put the toy down and researched.

What I did was search the web for HOW and WHY price does what it does. Researched how the markets work and why price is sometimes stuck and other times just takes off. There had to be sense hiding somewhere as I know this is not just chaotic randomness as some will have you believe. If it were, there wouldn't be any Lynch's or Schwab's.

Buyers and sellers, supply and demand. This core strategy is what I have adopted as it puts a story to any chart, in any market, on any time frame. Some instruments display this better than others. I have chosen to take the relaxed scenic route instead of the freeway. Tried sitting and scalping and just hate it. My personality is way too animated for that style of trade. I wait for price to approach supply (resistance), or demand (support). Then I weigh in on the economic calendar reports, latest trend of the instrument and how many times, if any, has the price been at that level before. There is also the time factor which allows me to become familiar with the instruments I am following...to get "that feel" for it's personality. It really does work. I have been at it for 11 months now and another 3 or so and I believe I will be mentally ready for the challenge. Quite the cool feeling.

Do your research, take your time, learn money management, harness the feeling and start small. Don't believe everything you read...there are angry and frustrated traders in any forum you read. If you have any smarts, you'll dismiss these people. Learn for yourself and ask when you don't understand. This is the reason we are here. And there is nothing wrong in using indicators... as long as they are used WITH your core strategy setup.

Adding a chart attachment with a supply and demand level. It's a rather old time frame, but illustrates how it is just day to day trading that takes place between support and resistance. Give me a holler with any questions. You will discover who the good guys are. Just don't get lost in here. Plenty of excellent education on the web, youtube and webinar recordings.

Best of a journey,
Tim


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  #4 (permalink)
Elite Member
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I think all of Tims' points are stellar would would agree with every single one of them.

Some additional points of feed back:

If you are going to use MACD and Stochastics, you really need to understand what those indicators are calculating and WHEN to use the and WHEN not to use them. E.g. trying to use Stochastics in a strong trending market will simply get you run over.

I think a big gap that is currently being over looked in what you are considering learning is risk management. At a very, very basic level. You could probably take a trade that only has a 33% change of being right, but as long as you get paid 4:1, you could probably be break even to profitable over the medium/long term. Regardless of the entry method you end up deciding, do not neglect to have risk management as a priority learning objective.

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  #5 (permalink)
Elite Member
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Yes, MacroNinja stresses an important point...4-1 payouts will allow for 3 losses in a row, gives a trader that cushion to absorb that losing streak.

Forgot to add in prior post, click on new posts and look for threads dealing with psychology and money management. I just started one entitled "what was your biggest misconception?" Good read from good traders.

One last item, if your searching for a particular subject, use the search engine...second letter typed in and it begins to spit out possible matches...pretty cool.

Tim

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  #6 (permalink)
Trading for Fun
Kalispell montana
 
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saber86 View Post
All those indicators are just lagging. No benefit in using them in day trading.

What indicators would you use?

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  #7 (permalink)
Elite Member
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Hello!

I spent alot of times on indicators like MACD / Stochastics / different kinds of bands etc. I wish I had read this thread:
https://futures.io/traders-hideout/7364-random-line-theory.html

and been able to watch this webinar:
https://futures.io/traders-hideout/35189-webinar-quantitative-discretionary-trader-art-science-w-adam-grimes.html

a year and a half ago.

I think the VWAP std deviations are the best I have found for putting the most of the price action in context. But I think that most of the movement inside that is mostly just abunch of random noise. But those two links should give you a great start at finding something that might work for you and short circuit the learning curve.

Goodluck!

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  #8 (permalink)
Trading Apprentice
Rotterdam Netherlands
 
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I am reading the book japanese candle sticks. I know for sure doesn't matter what you trade you will learn from this book.

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  #9 (permalink)
Elite Member
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Adam Grimes Book

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.

Take your Pips, go out and Live.
Luke.

Last edited by LukeGeniol; April 1st, 2015 at 01:44 PM.
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  #10 (permalink)
Former Ass. to the Reg. M
Long Island, New York
 
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TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
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For all that read this thread from here on out...

I'm not longer a desperate, whiny little wuss. I have found a method of trading that works for my personality. I use PATS price action trading with a 21 TMA and stochastic fast.

Good luck to all!

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