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I am a relative novice trader, and have been doing a lot of studying over the past year concerning trading, then the past six months studying, simulating, then trading the ES and CL. I understand that "real money" trading is governed by an emotional precedence which you won't find in simulation or study, but I tend to be on the wrong side of trades here lately. I developed an "edge" that I thought I had and tried to accurately simulate (concerning number of contracts, limits, stop length, etc). I have tried to read every piece of literature i can buy/find, and stay glued to the constant stream of information that my trading platform provides. If someone can at least point me in a general direction of where I can digest some more information to find where the fault in my trading lies, or express any experience that a novice like myself can use i would be forever grateful. Here are some of the tools i use for my deductions:
- Market internals: $VOLD, $ADVN/Q-$DECN/Q, $ADVN-$DECN, $TICK, $TICK/Q, $TRIN, $TRIN/Q
- Market Profile: both TPO and the "Monkey Bars" as used on TOS.
- Preferred indicators: MACD, Psar, MOBO Advanced, SMA
- Tape Reading
I trade the ES and have a journal on here where I put out some of my observations and research. Some of this may be helpful, other parts may just seem like rambling nonsense, but feel free to take a look and if anything jumps out at you maybe I can share some more information.
First let me say that I am not a day trader, I am a programmer, statistician and mathematician by trade. I started analyzing the futures markets about 10 years ago as more of a hobby / gag just to bust on a friend that though he could predict the market …
One thing just to throw out there is that the ES is really specific to algorithmic traders who play off the spread and kill most typical retail traders. I am one of those evil algo- traders and getting an edge in the ES is very challenging considering how easy it is to get on the wrong side of the spread. Have you considered the YM, or NQ yet? I find these more favorable for typical discretionary chart trading because if you lose the spread on these you don't pay as much for it.
Get way from CL. It is not something for chart readers do to the constant barrage of news, much of it carefully orchestrated by OPEC/NOPEC.
If you are quick and aren't doing large positions the RTY is the place to be. The depth isn't there for the algos. I run it and the ES on two screens side by side, try it and see.
I traded the ES / SP500 for a decade , i gave up about a year ago . Its terrible now , pathetic range , non mean reverting . My advice is go find something else to trade .
