Thank you for your reply! That helps! Someone recommended a price action trading product and it goes in-depth on understanding the market as a whole. I'm diving into that so I can learn more about what I need to do to be successful.
Thank you again for your help!
The following 2 users say Thank You to powerthin for this post:
As a beginner, I have the same feeling as yours. But rather than seeking other methods / tutors / indicators..etc, I really agree with what Big Mike poitned out.
I read 2 of Al Brooks' price action books, beginning the third one, also bought his trading course video. But frankly speaking, I begin to lose rather than be profitable after learning all these stuff. Of course, it is not that price action trading is wrong, the problem is from myself.
After learning all new skills and tech to analyse the market and take trades, I have not digest them yet, but reading them makes me feel better. Like you have watched swimming books and videos, you seem to know how to swim, but actually not. When you jump into the water, you still drink some.
I'm not consitent profitable now, but I can manager to be even, and developing my own trading style~
Hope this would help!
The following 2 users say Thank You to tshunhu for this post:
You will see your mistakes when reading everyone elses, and you'll see the suggestions to avoid them.
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. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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The following 4 users say Thank You to Big Mike for this post:
ES can be traded successfully. It's biggest issue is intraday range is not that great. So must use a strat that does not need much range at least intraday.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
The following 2 users say Thank You to liquidcci for this post:
That makes sense, but for the same token, if you had not made money yet trading ES, then maybe try something else completely. I personally think ES has changed a lot over the past 3-5 years and definitely more challenging to trade.
The notion that your results can become worse as a result of spreading out your focus would only be true if your focus, or lack of, is the thing that is adversely effecting your trading. If that is the case, then you pretty much answered your own question.
Learning how to trade is not easy because very few if any out there actually teach how to trade. Lots of methods, concepts, systems, analysis, etc. , but not much on how to actually put it all together and do it. Like Big Mike said, this is all you and something you will have to essentially learn and put together on your own............unless the rare event that a profitable vet is willing to take you under his wing and teach you it all, top to bottom.
If you can keep your wits about you while all others are losing theirs, and blaming you....The world will be yours and everything in it, what's more, you'll be a man, my son. - Kipling
Last edited by BTR411; September 11th, 2014 at 08:09 PM.
The following 3 users say Thank You to BTR411 for this post:
I think what I'm about to say can sound too much simplistic but that is the first thing and I guess the only thing I have been teached and it has been useful to me so I share.
First, trading is a job, I could say it takes more hours then any other job to make it right, and it doesn't matter if you make 1 trade a day or 100 you still have to dedicate full time at it. My day usually starts at 8 am and end at 6.pm. And still I dedicate another hour to analyze the market around 9 and 10 pm.
If you can't afford to do it, don't do.
Second give value to the money and start with little goals, 50$(average)/day are 10000$/year, try to do this at first and set a compatible daily stop loss(usually 3 days of a day profit). If the instrument you are trading is too volatile or too big to manage very little goals even with the lowest size possible then change instrument.
I just found these two advices has been useful to me and I still keep them well in mind. Nobody instead can tell you how and what to trade, it's totally up to you.
The following 4 users say Thank You to montanajtt for this post:
One thing I think can be helpful to you OP. If you haven't already, learn to do trade management with whatever
method you are trading , even if it's just 50% coin flipping. Just learning and practicing trade management can help with whatever method you're using as you're learning to preserve profits and cut losers short. As always, trading is "losers' game". It's actually about losing the least that one gets into the competitive leagues.
Even though some have said no more methods. If you haven't learned price action, I suggest trying out Brook's PA videos. why? because even if you don't use any pa concepts later on in your trading, it's a good "101" background info to know about markets. it's like science 101 learning about "properties" and "elements" of the market. Most markets don't just look like a soundwave or an EKG for instance. Another good background info book is "Markets in Profile" by Dalton. so maybe something to look into if you're "taking a break from trading" and "regrouping".
The following user says Thank You to Cloudy for this post:
Well put points. I used to to think CL and TF were supposed to be harder than the ES. Yet ES seems to be the hardest of them all. CNBC did report occasionally over the last 5 years that HFT and algo trading had started making their biggest inroads in the futures markets mainly on the ES over the other instruments. But one who can trade the ES well can also take advantage of the best liquidity.
There are a few threads/journals on futures.io (formerly BMT) that purport to be trading the ES "well". Whatever the controversy of sim or non-provable results.
re: "the rare event" "a mentor teaching it all" . agreed it happens, like lottery chances or being in the "family".
The following user says Thank You to Cloudy for this post: