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Include me on the list as well. There was a time when I thought it was that easy. Seriously, there are very many good setups, but that is just not enough. Just following that one setup with discipline takes years of experience, at least for me.
You should make this answer a sticky in the Elite section and then link to it when people ask this question.... That advice alone is worth the $100 fee.
Also dude, trading is not just about the right setup. It's about money management, trade management, anger management, greed, fear and what have you. Say set ups are 25% of the deal. If not less.
this is not a day trading set up but if you are new to trading you could put floor pivots on your chart. if prices is trading above the center pivot ...you do not want to be short ...below it you do not want to be long... this will keep you from fighting the trend..you are using the pivot to ID the trend. that is the hardest thing for a new trader to do..ID THE TREND. a set up would be in a uptrend market take longs on all pull backs to the center pivot ..stops under S1 in down trend short pull back to center pivot stops above R1. that is a swing trading set up ..in a strong trend price will tend to stay on one side of the pivot...hope it helps
My standard question is, "what is your edge ?"
one guy (who became a friend of my) answered : i'm not Einstein, i'm still searching/learning
but that and that says everything..
If you don't have an edge,
if you are still trying to figure out what the market will do
then keep searching, keep paper trading...
no harm, no blame, ...
you didn't come to the point yet to be trading real money...
protect yourself...
without an edge,
just enjoy the show,
look, sim trade, do a TST combine...
and risk a few hundred bucks...
I have an edge,
i wrote 39.000 lines of code, several models, complicated stuff...
i didn't invent it myself
i found a person who had the edge but who could not automate it.
i automated it...
there is no free lunch, nobody will give you the magic formula
Best protection is to reduce your leverage. It is much easier to predict direction with a larger stop loss. Stop losses that are rather large or rather small seem to work better than "comfortably sized stop losses". Also, learning to read the tape would be highly advised. Learning to identify day structure is critical for day trading.
As for discipline, this is easy. If you make a "discipline mistake" then cut yourself off from trading for 2 days first time and for second time for a week. Third time make it week+1 day. You will either stop making discipline mistakes or stop trading. A daily loss limit will reduce the risk/damage when you are just plain wrong. Limiting your number of contracts to two (2) would be useful. Two (2) contracts allows you to add one (1) additional contract when very confident.
