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Looking for a Mentor/Guidance and General Advice
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Looking for a Mentor/Guidance and General Advice

  #31 (permalink)
Virginia Beach, VA
 
Trading Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: YM, NQ, ES
 
Brandenton's Avatar
 
Posts: 467 since Sep 2016
Thanks: 377 given, 874 received

This game is real tough, mentally and emotionally in the beginning, in the middle and in the end. The only thing that changes is learning how to manage it all.

Question, do you have an edge? Do you have a system or method that you have proven to be successful? If not, start there and define your edge. What has worked best for me, is a mechanical system. Meaning, if the market does this, then I must do that. No subjectivity or thinking about it, only execute! However, what suits me, might not suit you. If you do not have an edge, that should be your next step.

Second question. Do you have a journal? Documentation is an absolute must and the biggest difference about maintaining or documenting your trades in a forum, is feedback! By posting your trades and documenting your thoughts and trades not only will help you, but can help others as well. Best part about it is when you look back and see your own progression.

Best of luck in your trading en-devours.

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  #32 (permalink)
San Francisco,CA
 
Trading Experience: Intermediate
Platform: Think or Sweam
Favorite Futures: ES
 
lamass's Avatar
 
Posts: 4 since Nov 2011
Thanks: 0 given, 4 received

Iíll help you (to a degree) - no strings attached!

Yes, you read that well.
Simply because I believe in the Universal Law:
you can only advance if you bring someone
at your level.
So, letís Skype or Viber or whatever and see
if I can be of use to you. Letís not have much
expectation and see what transpires.
If you wish, send me your viber or contact
and letís talk.

reactorconsulting@gmail.com

Best, Anthony

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  #33 (permalink)
Sydney, Australia
 
Trading Experience: None
Platform: NinjaTrader
Favorite Futures: European Minis
 
Posts: 10 since Sep 2018
Thanks: 1 given, 14 received



raulinhox25 View Post
Orderflow simply doesnt work.

wat

order flow is basically essential for spotting momentum / exhaustion / absorption.

look at any futures daytrading floor. what do they have on their screens? DOMs & tape. and hardly any charts.

the pros use order flow almost exclusively for execution. they only use charts for context & levels.

edit: yes it's hard to learn. it takes lots of screen time, watching one market consistently to learn its behaviour, to spot signs that momentum is about to shift. but to say "it doesn't work" when clearly the entire industry relies on it so heavily is just misinformation. it's not beginner stuff, but I believe every daytrader should have the DOM on-screen anyway to get as much exposure to it as they can from day 1.


Last edited by 3lliot; June 11th, 2019 at 06:20 PM. Reason: added clarification
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  #34 (permalink)
Legendary Market Wizard
Columbus OHIO
 
Trading Experience: Intermediate
Platform: NinjaTrader
Broker/Data: NinjaTrader Brokerage
Favorite Futures: ES,
 
MiniP's Avatar
 
Posts: 930 since May 2017
Thanks: 910 given, 2,178 received

what no one seems to address is the fact that order flow might not be what he needs/could be good at.
At this point he doesn't know what works for him and what doesn't and he needs to put some time in trying to figure out him self and how he really needs to trade. I say need because some of us want to trade a certain way but thats not how we function and we need our trading method to be another function of our body. EX: I personally would like to trade a set and forget daily/4h/2h TF BUT that is not how I honestly function. I am more of a in and out type of person I want my cake and I want it now not in a day and after being honest with myself I found that out, and that is what everyone needs to do.

the market is just numbers you personally need to understand how you are going to interpret those numbers and make them work FOR you.


-P

"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi

Last edited by MiniP; June 11th, 2019 at 08:21 PM.
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  #35 (permalink)
Site Administrator
Manta, Ecuador
 
Trading Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 47,554 since Jun 2009
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cmac View Post
I've been watching the forex market for about 10 years now. I haven't really been focused on trading all those years though, it was mostly just as a background hobby. I recently joined a forex group with a teacher who claimed to be a world class trader and would teach us all these amazing trading techniques, blah blah blah. Long story short he was a scammer. I didn't lose any money but my confidence is now at an all time low and my frustration levels are at an all time high. I've been aware of futures for about a year and a half now and I figure maybe now is the time to jump in.

I've got a demo account with Ninjatrader right now just trying to figure out how futures work and how they compare with forex. I've watched some videos on order flow and footprint charts and every vendor makes their software look like the best. And it's seeming very hard to get any actual education through the free info. I don't really want to buy a bunch of different software just to find out they are not worth it. I got the auction dashboard software a long time ago since it was cheap but it's just confusing and there is no support or anything. Now I'm just confused about what my next steps should be.

I was thinking of maybe opening an account with sierra charts since the monthly cost isn't that much and trying to trade the new micros. Maybe I can try to learn some order flow trading while watching live. But I have no experience with that so it feels like it would be an expensive waste of time.

Sorry the long post I guess I'm just feeling down and lost and looking for someone to help me out. Hopefully this long rambling has made some sort of sense and thanks for the help.

@cmac,

Step 1: Start a journal thread here on the site.

Step 2: Start keeping track and accounting for the actions you take, via that journal. Use it. Write in it. Whether it's an activity log, a book you write chapter by chapter, a report mechanism --- make use of it as you wish --- but it will serve to help you be accountable and to help you analyze your actions to date.

Step 3: Read the other journals on the site. Watch the webinars (hundreds) and identify your weaknesses and your strengths. It's very important to start to learn what you don't know, and likely a lot of what you think you know is wrong, and you need to be open minded and evidence based to prove it one way or another (again, journal will help).

Step 4: Be very careful with "mentors" and such that offer to help you, especially if they want you to contact them away from FIO. I'm sorry to be skeptical, but after 10 years of doing this, there are simply way too many scammers out there that pretend to care but in the end they just take advantage of those who don't know better.

There are plenty of true mentors right here on the site, writing replies/making posts every day, offering their guidance and sharing their wisdom, all out in the open. Don't believe anyone that tells you something like "my method cannot be shared in a public space, I can only share it privately". Huge red flag.

Don't pay a mentor. Mentors don't need your money. If they ask for it, they aren't a mentor -- they are a vendor, selling something. If they make recommendations for what you need to buy in the way of trading platforms or trading tools (indicators, etc) then do your due diligence here on the site and make certain they have a good reputation prior to shelling out any money.

Read my signature. And start watching webinars. Plenty of them that are worth their weight(time) in gold.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
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6)
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  #36 (permalink)
chicago, illinois
 
 
Posts: 21 since Oct 2010
Thanks: 54 given, 28 received


Big Mike View Post
@cmac,

Don't pay a mentor. Mentors don't need your money. If they ask for it, they aren't a mentor -- they are a vendor, selling something. If they make recommendations for what you need to buy in the way of trading platforms or trading tools (indicators, etc) then do your due diligence here on the site and make certain they have a good reputation prior to shelling out any money.

Read my signature. And start watching webinars. Plenty of them that are worth their weight(time) in gold.

Mike

Thanks Big Mike and everyone else who replied, I'm going to try and reply to everyone who had any questions or comments I feel like they are expecting a reply to. The amount of replies is honestly a lot more than I expected and I just want to genuinely thank everyone who replied.

As far as your quote above about not paying mentors, I agree. That's what led to me leaving my most recent group. The "mentor" mentioned at least 20 times in the beginning he'd be teaching for free and he had some solid looking charts and results. Then all of a sudden he said people aren't progressing fast enough and it's a waste of his time and now we'd have to pay. I immediately left and am glad I did and am glad I started this thread here and hope to be more active.

I guess the replies in this thread have helped reiterate the point that nothing is certain in the markets or trading. Some people say use this, others say no that doesn't work use this instead. It's just funny how there are so many different ways to trade and how one thing works for one person but doesn't for someone else. Secretly I was hoping 80% of people would say yea trade this way it's awesome and I'd start learning that method. I know that's not going to happen but a man can dream. Sorry for rambling again, I just don't post often on forums and once I start typing it's hard to stop. Thanks again everyone and looks like I have lots more work to do.

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  #37 (permalink)
chicago, illinois
 
 
Posts: 21 since Oct 2010
Thanks: 54 given, 28 received


MiniP View Post
If you would like help I would gladly help with any trading needs you have as long as they fall within my realm of trading

on a few conditions though

everything must stay public
I won't be giving you any signals
if you end up becoming some what successful you need to return the favor to someone else someday

@cmac

-P

Thanks MiniP for the reply. I have no problem with those conditions, definitely not looking for a signal service. I don't really have any specific questions for you right now, maybe I will after I do some more research. What type of trading do you do though? I'm not sure what falls under your realm of trading and what doesn't. Thanks again.

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  #38 (permalink)
chicago, illinois
 
 
Posts: 21 since Oct 2010
Thanks: 54 given, 28 received


djmclean View Post
You can also try Market Geometry where they teach you how to trade instead of selling software. See YouTube video to get an example.

https://www.youtube.com/watch?v=qkcHtb8kkFE

All The Best

Darren

Do you personally use Market Geometry? I've looked at it briefly because a forex trader talked about it in his journal and I was a fan of his trading. I didn't really look into too much because I kept reading that Tim Morge had no actual track record, not sure if that's true or not. I guess I'll have to look into it some more, just curious if you've had success with that style of trading. Thanks.

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  #39 (permalink)
chicago, illinois
 
 
Posts: 21 since Oct 2010
Thanks: 54 given, 28 received


Kiks View Post
This video from John Grady explains orderflow in simple terms.
I specially like the part about the effect of giving up the bid/ask spread to your P&L.

https://youtu.be/iWwxMokC0F8

Yea this was the first video I saw about orderflow and using the DOM. I've watched some of his other videos on youtube as well and it seems pretty good. I'll have to do some more research and see if trading off the DOM is really what I want to do. I don't think I'd give up on charts completely but using the DOM alongside charts seems like a solid setup, at least to someone like me who knows nothing about trading like that

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  #40 (permalink)
Singapore
 
Trading Experience: None
Platform: MetaTrader 4
Favorite Futures: Spot Forex
 
Posts: 62 since Dec 2018
Thanks: 2 given, 48 received


Order flow has its data compressed into a candle stick and displayed on the charts.

Order flow is what's flowing in the market now and the candle sticks are your reference for what and how price flowed.

I think your main goal now, is to first decide what type of trader you want to be, system trader or discretionary trader, then decide if you want to be exclusively momentum or mean reversion or hybrid, and it has to fit your personality. So first of you have to tell me what you feel most natural to you.

Then after that, define your plan as to what you have to learn to pick out what fits your trading strategy and style. Then you decide your own direction in which you should go in in terms of your training. For example, if you want to be a momentum trader, you need to figure when it's good to enter momentum trades and when it's good to avoid trading as the chances are you may get chopped up. So that's the initial start. Then you would branch into other strategies after getting good and consistent at 1 of it.

Btw if you want to learn orderflow trading, learn to read turning points on the 5min charts, then check that with the Dom.

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