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Trading: All Eminis: Russell 2000, S&P's, Nasdaq and Dow
Posts: 15 since Sep 2018
Thanks Given: 17
Thanks Received: 12
First as a fellow veteran myself, I want to say, "thank you for your service". I think all the answers here are good ones, especially where someone mentioned to watch the markets and see how it moves. As funny and weird as it sounds, this is probably one of the best answers I've seen in awhile. As for books and other things, price action is a good place to start, but you also have to find out what type of trader you are also. Are you a swing trader or scalper. What markets you trade? Everyone has their opinions but I'd say pick out one market and watch it day after day and focus on that one market till you start to understand its movements. Then start using your demo trading platform to practice and implement what you've learned just by watching. After that, it might be a little more clearer on the types or the styles of trading in which you desire and want to learn. Otherwise, you might end up spending alot of money on things that might not match your style of trading.
From my own experience I would highly recommend ditching all oscillators and indicators and all that stuff. People use them as they are essentially outsourcing their decision making to these indicators i.e. stochastics have crossed so I must go long/short.
Instead, keep it simple and concentrate on one market e.g. the Sandp if index trading (the SandP is the big dog so don't worry about others) or one large and liquid stock e.g. google, coca cola, facebook etc. To make a living you don't need more than one market. I saw that someone else recommended having charts up of multiple large cap stocks. I would guess that you might get information overload but by all means give it a go!
Then try to understand how/why price moves.
Then (and this is a key point), understand which areas/zones are likely to get price to react. This is where you want to trade. If price hasn't reached these zones then you don't trade.
What do these zones look like? I don't know your time frame but if it is intraday then get a 10 min chart and zoom out so you can see 3 to 4 days of price movement.
Get your crosshair and move it to swing highs and lows and 1-2-3 patterns and look to see how many times price has reacted to these areas. Sometimes it will be support, sometimes it will be resistance. You'll be amazed just how often price reacts at certain areas. Once you are confident at finding them then you can trade them. Do yourself a favour, do this marking out of zones when you've finished work, draw them across into the future and see what happens the next day to see if you are correct.
Remember, if beaten resistance becomes support, and support becomes resistance. Or in more market friendly terms-price didn't want to trade there before. And when it approaches again it won't want to tradethere again and should take off.
Also, final thought. You've probably heard that most days aren't trend days (think trend days occur 15-20% of the time).
What this means in reality is that most of the time, price is pinging around the support and resistance levels until one side capitulates and price breaks. These will result in nice moves, but remember, unless some big fundamental news is in the market which means that price needs to move to reflect the new situation e.g. Trump stops Chinese yariffs, markets will go batshit to the upside. Or Trump slaps even more tariffs on-markets go batshit to the downside.
So unless there is big market making news, these nice moves where one side capitulates on a technical (not fundamental) basis, it means that price will still react to established technical levels. Which ones? Try the same zoom out trick on the 1 hour.
Have a bit more to add but it's late!
Thanks for your time to reply to my post. I practicing every day, reading a lot, I am working in my risk and trading plan, I read Trading in the Zone and I have Adam H Grimes free course. I have ninja full license and practicing market replay(I work all day) I only sleep 5 to 6 hour to have more time for practice. This week I closed 2,120 positive and last week 680 positive using EMA and pivot patterns, 2 contracts of CL. I will keep updating later when I get better. Thanks again.
Well, I been practicing a lot, every day for 2 to 3 hours. Last month I had more green than red days. Investing 2k I have 2,335 profit, so I double my money (sim account). I am using price and pivot points. I trade CL and ES only. 2 contracts.1
Thanks all for your time to help me. I hope I keep it up.
Thanks again.