Hello everyone! My name is Chronos24(Long story) or call me Matt and I have been trading the Forex market for two years. Live and Demo
I am not yet profitable I have good months and bad months.
I would describe myself as a Jack of all trades and a master of none.
I have had great mentors in the field that all trade differently. Professional Binary option traders, Forex Scalpers, and Fundamental swing traders. I have learned very much from them, I have yet to find my own niche or style that is overall profitable.
That is why I joined the forums here, I am looking to trade futures and see how I can do with it.
I've been currently sim trading the ES NQ and TF, I also like the correlations between the Dollar index and Bonds.
I am a big fan of Price action, and my first love is Ichimoku.
Trading in the Zone is one of my favorite books.
Any information you guys want to give me I am looking forward to.
Is there ONE trade that you know how to do well?
Do you trade it consistently every time? (Did not say make money with it consistently)
Do you journal the results of that trade every time you take it?
Have you had a day or week where you traded nothing but that one trade?
That's how you master something-
Are you using a setup that you learned or do you understand what moves the market well enough to recognize a trading opportunity?
Don't waste precious screen time trying different things.
1. Have you found ONE thing that works?
2. Can you trade it consistently?
3. You can't answer number 1 or 2 if you're not recording and reviewing your results.
If you're trading because it's fun and cool and gives you significance - You'll never be disciplined enough.
Are you here to make money?
Then trade what you know works!
If you don't know what works - then don't put another dime in the market because Big Mike will take it from you!
If I had to do it all over again-
I would not put 1 dollar at risk UNTIL I knew the expectancy of a trade.
My best advice is screen time.
Just like poker players who can play 20 tournaments at one time online - they see thousands - MILLIONS of hands.
Watch the market-
Watch it live Watch it SIM Watch it live Watch it SIM Watch it live Watch it SIM Watch it live Watch it SIM Watch it live Watch it SIM Watch it live Watch it SIM Watch it live Watch it SIM Watch it live Watch it SIM Watch it live Watch it SIM
Why did it stop there?
Why did it race from there?
Why is just trading in that range?
The key word for today is INVENTORY
The following 2 users say Thank You to Barnacle Bill for this post:
Thank you so much for the reply, you make some very good points. They made me think out what I'm doing.
My strategy for this month and next is to trade Break out Pull backs with the trend on the 5 minute or 1000 volume time frame. Taking profit at Swing points or deviation of the VWAP. I ideally want a 1 to 1 trade or better but that is up to what the market is willing to give me. I also plan to factor in correlated pairs with my trading decisions. Stop loss's will be behind the wicks or swing points.
I am willing to lose $200 a day to make $200 a day. I will be concentrated on good trades and not the $ amount.
The type of trading I described is what I'm best at. I'm going to add in a 15 minute or 60 minute chart to see the bigger picture to confirm what I'm seeing on the lower time frame, I'll have to experiment with it a bit.
In forex you can follow the 8 central banks for releases and what not, When it comes to earning reports on Futures I am lost. I use FINVIZ.com - Stock Screener to see groups of futures and see real time earnings reports but it's not as clear as Forex for me.
I use Financial Juice with their free squawk so I don't trade when something crazy is happening.
The hardest part for me is sticking to one strategy. That is my biggest problem. I'll start a trading journal on sim in the next few weeks and then hopefully a live journal.
I liked the article on expectancy of a trade as well, good information.
I'm sure I'm missing some points I wanted to talk about but it's late, Thank you .
The Bloomberg/Econoday Calendar is good for knowing what to be aware of during the day. Be careful around the red star events and when important Fed people are speaking, such as 'Janet Yellen Speaks'. If you look at the Depth of Market (DOM) you will see the majority of Bids and Offers get pulled out of the book shortly before an important release. Economic Calendar - Bloomberg
The following user says Thank You to matthew28 for this post: