Hello out there 1 month old newbie on the ES looking for rec on indicators to recognize set ups for daily trading. I can't sit back any more after losing a decade of retirement from my 403b ! My goal is to get a few hundred a week to build a roth that will eventually be able to trade 2 or 3 contracts at a time . Then I might be able to semi retire ,help kids ,grandkids etc.
Correction: there are many indicators that work but that's usually our interpretation that fails
P.S. market profile tool is a great indicator used by many professional traders just as the footprint is another tool that can help you very much. I personnaly use classic indicators like the MACD, Triggerlines, Keltner channel and they all work great together.
The following 2 users say Thank You to trendisyourfriend for this post:
whatever you come up with make sure you fully understand it and can paper trade/demo it successfully before putting money on the line. I heard it said somewhere that it takes about 10,000 hours of screen time to be sucessful...and it seems like it took me about that much. When the point comes when you do trade real money, start out small and work your way up. TRUST me on this.
The following user says Thank You to kbit for this post:
Listen, the best advice I can give you is to study and learn the market dynamic's. This will take a lot of screen time, that will depend on you how long that will take. IMO, indicators are useless simply because they are lagging and they don't help you learn and understand price action. Secondly, 95% of trading is emotional control ie; Psychologically!!! You can understand the market dynamics very well and if you can't control your emotions you will never ever succeed. This can be accomplished by starting a trade journal that includes your reason for entering and exiting a trade and your thoughts and feelings. Then often go back and read your journal. This process will help you understand your strengths and weaknesses. All this will not happen overnight, it will take some work, dedication, patience and sacrifice.
The following user says Thank You to itrade2win for this post:
2. I donít need to know what is going to happen next in order to make money.
3. There is a random distribution between wins and losses for any given set of variables that define an edge.
4. An edge is nothing more than an indication of a higher probability of one thing happening over another.
5. Every moment in the market is unique.
Keep in mind that my potential to experience emotionalpain comes from the way I define and interpret the information I am exposed to. When I adopt these five truths, my expectations will always be in line with the psychological realities of the market environment.
and the point i am making is
my potential to experience emotional pain comes from the way I define and interpret the information I am exposed to
The following user says Thank You to sharmas for this post: