Hello all. I'm glad to have joined this forum and look forward to learning from others.
I'm currently sim trading with Ninja + Zen-Fire during market hours.
I know it's not the same thing but at least it puts structure into my day (I live in the Pacific Time zone) and gives me an idea of what markets I like to trade and how they move.
I currently like trading the YM. My performance is decent but not anything stellar. Luckily I've been smart enough to read up on a few things before I even started. I find particularly helpful money management - cutting losses short and honoring stops. I currently use a 1:2 risk to reward ratio with 8/21 ema crossover strategy on a 4 range bar.
Any pointers on setups that have been found to be profitable? optimal risk-reward ratios? Ideal times in the market to trade?
I also feel I need a coach. I've been reading a lot of good things about the EOT Pro Live trading room and how they make good calls and education. If you have any insight into these services can you please refer me to a couple good ones?
Thanks a bunch and I look forward to the learning.
The following user says Thank You to tradeguy24 for this post:
I am a beginner and still in SIM. The one thing I've discovered is that I needed to find out what type if trader I am and then find the information (indicators) that support that type of trading. I've only been doing this since March but recently have removed all indicators and I have started reading the 5, 15, and 60 minute charts looking for support / resistance, trend lines, and measured moves. The market has a tendency to return to the same areas and/or move in similar chunks and similar patterns. My SIM performance has gone up dramatically since that point.
I now believe I must understand price movement in the market I want to trade prior to adding indicators. I believe I will add some indicators back to support my style later. I have found that many of the great people on this board that share their knowledge are doing so to help your on your journey but to not give you the keys. Their templates and indicator development was due to a goal they had to fit their style.
I have learned so much from Big Mike's Forum and the wonderful people here. So I would suggest going to the General Forum section and sorting the threads by rating. Read through (and it will take a lot of time) the highly ranked threads and you will see what I'm talking about related to the various styles just on this board.
I am currently an EOT subscriber and I have learned a tremendous amount from Bill and Glen. With that said, I will not be renewing my account. Bill's trading style does not fit mine. Bill is always trying to make his indicators better but those indicators fit his style. Do they fit yours? Watch them in the free room before you give a trial. You may love them. I appreciate what they do and believe they are good at what they do. It just doesn't fit me.
PS I'm in San Diego also.
The following user says Thank You to AR01 for this post:
I still use sim, not all the time, but usually after I meet my daily goal. Sim is great. Just don't take trades you wouldn't take with real money, thinking "ah it's just sim". The repetition of a bad habit can make it stick.
As for a trading method, I personally am using the "All You Need" method. I've tried lots of things and I find this works and most importantly it's very simple. No indicators needed, I trade it on a naked chart. If you're curious, take a look:
I've heard good things about EOT. My personal opinion is that if you sign up for a month or two you're bound to learn some things, even if you ultimately learn that their style is not for you. Most "systems", indicators, & chatrooms are not productive but I think EOT is above the rest.
But then again, the All You Need method is so simple and the guy running the thread Jeff is a great trader and nice enough to help everyone. For free.
The following 2 users say Thank You to cunparis for this post: