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Thank you! I appreciate your feedback.
I have Brooks PA trading program and I just bought PATS Price Action Trading and doing some SIM trades on that method. So far, so good. Of course, as I'm sure you know, there's much more to trading than just a method. Risk management is one and emotional management as well. Just trying to put it all together to stay on the positive side of my P&L! Thanks again for your help!
I feel like you are me
Unfortunately, I can't say I'm profitable, I wiped out a couple of accounts, but I started to lose less. That's a start, I guess.. Anyway, hope my opinion helps:
I came up on this forum with the same problem as you, actually I wanted to find someone profitable. Many forumers said that I have to find the missing link in myself, instead of listening on somebody else. That is undoubtedly true, because everybody has to find his own unique style, which suits for him.
I paid for a trading system, started the testing with paper account. It went so well, I switched to my real account - and lost a great amount of money - thousands. On the same position - he records his positions for training purposes, so it's documented - my tutor made a few hundred bucks. He had the balls, I didn't. It vas the very same position!
I told the forumers I don't need anybody to say what should I do, but many didn't believe me. I am responsible for my trading decision, but I needed a PROOF. Aren't you looking for the proof that it can be done? This helped me: https://www.topstep.com//
There are actual traders, who gets funded, for making 3.000 in 10 days from a 50k account. SO IT CAN BE DONE.
If they are doing it, I can! And so are you..
1. What is your philosophy markets... how they operate, what causes moves, what can you know about them, etc?
2. What is your preferred hold time for a trade?
3. Tell me about your current best way you know how to trade. Do you have any "structure" to the market? Price action, orderflow, momentum, breakouts, mean reversion, etc, etc. What's the best way to trade that you currently know.
4. Please post your trade plan, as well as your risk management plan.
5. What have you been doing in terms of journaling? Are keeping stats on your trades?
6. What are your goals in trading? What do you want trading to be for you? Why?
Please write as detailed as you can for all of this, and then I will help you as best I can.
I'd agree that the items Indextrader has posted are key to getting somewhere with all this.
I had been playing around for many years with certain methods, but crucially not actually trying to trade 'live' very often (and by live I also include SIM trading). This was basically because I didn't want to be proven 'wrong' by the market, so would rather stare at a historical chart looking for patterns - it made me feel good.
I think the main point is to come up with (or be guided) as to what you think the main method of the market is. In my opinion the only thing that exists is areas of liquidity or illiquidity and you have to play those areas as best you can. For me that is using a Volume Ladder and a Market Profile chart for context and of course the DOM for current pressure. For me that's it. The rest is just getting in there putting on trades and being proven right or wrong over and over again - whereby you'll develop risk management etc. I think there has been a good bit of momentum behind the 'truth' of market workings lately, especially on this forum. (sorry I don't believe in most technical analysis).
My main problem with all that is coming to terms with the fact there is no 'safe' way to trade that will guarantee in X years I'll be a Millionaire. In fact I don't know if the methods I'm using will be successful in a month. Hopefully the longer I do this the more confidence I can create.
I have been trading for over 20 years (part-time) swing trading stocks. I starting trading full-time 12 months ago and lost thousands before I got to the state of not losing money and now I am making money. I have made every mistake possible and until I conquered my emotions, I simply could not make money on a consistent basis. There is an evolution you must go through and it will be costly. However, you can reduce your stress by following the advice in this forum. As others have said, you will need to develop your own style that you have complete confidence in. My style is a mixture of Top Dog, Trade the Markets, Al Brooks, and various others. It works for me but it may not work for you.
One more thing, once you learn the basics of day trading futures, I would suggest you find participate in free chat rooms. The purpose is to observe "what not to do." These rooms are full of rookies losing money. I learned a lot from them.
im a full time trader - started a journal to visually highlight the concepts i use - im in a diff time zone so i don't just trade the ES, however the way i approach the markets is the same across all instruments i trade, bar options
I couldn't agree more on this. ES is the best instrument for its liquidity. I like it so much just on that factor. I used to get funded, manage to get great days like $1k a day on just a cap of 5 lots and losing days of about $300. The only reason I get kicked out is that intraday trading is a MUST for them while for ES, it's just an instrument that you should jump in about once every 4-6 days. Now, I'm trading with my own money, and it's so much easier to trade.
Now, my winning to losing days ratio is so much better. Just trade some other instruments while monitoring ES, you'll know when is the time to enter the trade for ES.
Just trade some other instruments while monitoring ES, you'll know when is the time to enter the trade for ES.