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Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
Thanks Given: 7,341
Thanks Received: 4,518
This is great!
Name me one business that makes money from the very start...from the first transaction. They don't exist ,... there are none. Start any business including trading and up-front costs and expenses are unavoidable. This game is no different, but, this game has an all encompassing illusion that plagues us.
Ron
...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
Agreed, I remember back in the day how easy it appeared from the outside looking in. Not so much these days LOL.
There's a lot of misconceptions surrounding this business. Couple that with the fact that it's really the wild west, no formal training... a virtually unlimited number of perspectives, approaches, methods... capitalization issues... psychological issues... the task of becoming consistent is beyond formidable.
like how you are reading al brooks and know how difficult it is to understand. Have read his first book about 4 times and have applied his info with success. It is just a waiting and patient game. having the setups come to you is awesome.
It does not matter what instrument you use in my opinion. Just stay with the 5 minute chart to trade and look at the one hour , daily , weekly to get a sense of direction or bias. ES,CL,HE,ZB, and then there are the currency pairs. Go to BabyPips.com to get a good education of the basic.
Tradingwithrayner.com is another good educator in my opinion because he keeps it simple. Mostly trades in longer term swings. But in many instruments. He has been broadcasting for a couple years now.
CFRN has a daily broadcast every day for one hour. they are selling their products of course, but they have been around over twenty years and DeWayne Reeves is easy to listen to. Also has( people on) that talk about the fundamentals of the markets and also technical Analysis. If you miss the live show they are on YouTube. I like youtube because can scroll around and do not have to sit for the full show.
Trading Station Mobile is a great platform to learn how to hold for a longer term. It is taking a bias in the market and trading it. they let you renew monthly if your doing the free demo. have been using their demo on the smartphone a Motorola play2 large screen and have yet been ask to renew and it has been 6 months. it is just a tool.
Tradingview.com is a great platform to learn. just about everything you need in indicators is there .and can live trade by going through your brokerage account.( I do trade using their DOM live.) Using CGQ as the data package., like the most is their split screen so you can have different time frames of the same instrument.
take your time and be comfortable. Place trades and have a target limit placed when your trade is activated. stay out of consolidation areas you will just get ripshawed and lose. Walk away from the computer when the trade is made and do something else. exercise,take a walk,talk to the family,read a book. do it for 20 to thirty minutes at a time it will help to control your breathing. you may not trade that day.
Thanks for posting about some trading ideas and vendors. I checked a couple of them out. It seems Raynor has a program to sell, but I am unsure as I am careful about giving my email to find out more info. He does make some good points about capitalization, hard work, and doing what fits you. Maybe you can shed light on his program.
And, Trading View indicators may be helpful. It does offer a lot of indicators, but I couldn't find anything on order flow. But, what really got me thinking about Trading View is that as an indicator site it is difficult to take from it and add it to a system or create a system since one is only getting pieces of the puzzle. That is one of my favorite things about No BS - it is complete approach.
I agree what you wrote about Brooks. Patience is key for trading, period. For me, I determined that waiting in trades for 30-60 or more minutes was gut wrenching. Knowing if right or wrong about my plan in just a few minutes is a great way for me to not get so anxious and test my discipline and patience. For me, that is really good since that testing can easily throw me off plan. It seems like all trading systems, and both Brooks and No BS stress this, are about waiting for the set up. Also, with Brooks, I was unable to arrive to a point where I am confident about a scaling system which seems key for longer term trading - this is just a gut feeling and/or thought that I think has something to do with managing risk and reward in an environment where large losses can occur, ie like exiting on prior swing low like Brook teaches. Your point about consolidation I like. Also, walking away from the computer when in a trade just freaks me out - to each their own - because I like the idea of being about to tighten (I have never loosened a stop, yet) stops.
One last thought about systems and finding systems is that one has got to enjoy their method. And I enjoyed Brooks, but I enjoy No BS a little more. Both have a unique knowledge/approach to trading that piques my interest and is fun to learn. With Brooks whether in or trade or not watching the chart was like watching paint dry. Granted, the objective for most traders is to make money and not have fun time. But, I do think if one is to talk about having a system fit them that the system has to appeal to their feelings - as that is part of being human - after all, so many successful people say do what you love, and doing it in a way you love could be an ancillary to the fact.
imho that is the best that could happen. that way you stay on earth focusing. i saw ppl that won their first 8 trades and they went crazy losing all they made (overconfidence).
