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Indicators reliability (Day Trading)
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Indicators reliability (Day Trading)

  #1 (permalink)
Trading for Fun
Portugal
 
Futures Experience: Beginner
Platform: IGMarkets
Broker/Data: IGMarkets
Favorite Futures: Dow Jones Index, Light Crude
 
Lord Sidious's Avatar
 
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Indicators reliability (Day Trading)

Hi, guys!


Iīm starting to think that indicators (or at least those I use) arenīt reliable enough for my day trading. I trade with a 5 min chart. I use 3 sma (5, 8 and 20), Stochastics, MACDHist and MACD lines. I realize that maybe my trading style has more to do with momentum and price action, trying to take advantage of rallies and pullbacks, that is, more to do with price action. The question is, that trading price action to expect rallies or pullbacks as a counter-trend is risky.

From what I realize, my trading setup is not working as I would like, although I have just 18 months as a trader. I think that my setup is:

1 - Too risky;

2 - Badly conceived;

3 - Maybe both 1 and 2.


I try to go by the rules I create. Whenever I ignore them, tendency is to a losing trade. From the analysis I make (just seeing market behaviour), 6 of 10 situations, my trading entry strategy is right. Many times I do not enter because of insecurity. And some of the times I do enter, is on those 4 Iīm wrong.

The good news is that there are times/months I am profitable, so not everything is bad. What should I think? Am I missing something in my trading setup/style, or itīs plain luck the profits I have?

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  #2 (permalink)
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  #3 (permalink)
Live Your Bliss
Canary Islands, Spain
 
Futures Experience: Advanced
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Lord Sidious View Post
Hi, guys!


Iīm starting to think that indicators (or at least those I use) arenīt reliable enough for my day trading. I trade with a 5 min chart. I use 3 sma (5, 8 and 20), Stochastics, MACDHist and MACD lines. I realize that maybe my trading style has more to do with momentum and price action, trying to take advantage of rallies and pullbacks, that is, more to do with price action. The question is, that trading price action to expect rallies or pullbacks as a counter-trend is risky.

From what I realize, my trading setup is not working as I would like, although I have just 18 months as a trader. I think that my setup is:

1 - Too risky;

2 - Badly conceived;

3 - Maybe both 1 and 2.


I try to go by the rules I create. Whenever I ignore them, tendency is to a losing trade. From the analysis I make (just seeing market behaviour), 6 of 10 situations, my trading entry strategy is right. Many times I do not enter because of insecurity. And some of the times I do enter, is on those 4 Iīm wrong.

The good news is that there are times/months I am profitable, so not everything is bad. What should I think? Am I missing something in my trading setup/style, or itīs plain luck the profits I have?

1) Trading's hard.

2) Take every good setup despite fear, and manage it properly.

3) If you can't do #2, work on yourself (psychology).

4) If you're still not profitable after steps 2 and 3, then your methodology is wrong.

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
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  #4 (permalink)
Market Wizard
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Lord Sidious View Post
Hi, guys!

..

The good news is that there are times/months I am profitable, so not everything is bad. What should I think? Am I missing something in my trading setup/style, or itīs plain luck the profits I have?

just beginner luck then law of average starts creeping in.

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  #5 (permalink)
Trading for Fun
Portugal
 
Futures Experience: Beginner
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Broker/Data: IGMarkets
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Anagami View Post
1) Trading's hard.

2) Take every good setup despite fear, and manage it properly.

3) If you can't do #2, work on yourself (psychology).

4) If you're still not profitable after steps 2 and 3, then your methodology is wrong.



cory View Post
just beginner luck then law of average starts creeping in.



So do you guys thing my setup is wrong?

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  #6 (permalink)
Live Your Bliss
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Futures Experience: Advanced
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Posts: 701 since Dec 2010
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Lord Sidious View Post
So do you guys thing my setup is wrong?

It's not they're 'wrong'. It's more that you don't need them.

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
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  #7 (permalink)
Trading for Fun
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Anagami View Post
It's not they're 'wrong'. It's more that you don't need them.


Do you use indicators?

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  #8 (permalink)
Live Your Bliss
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Futures Experience: Advanced
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Posts: 701 since Dec 2010
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Lord Sidious View Post
Do you use indicators?

Indicators are the porn of trading. All show, but no real action.

I generally follow price action trading a la Al Brooks. After years of searching, programming, changing, and trading, I find his approach to be the best. Simple charts and robust thinking.

For an intro to his approach, you could check out the Nine Transitions blog... maybe one of the best educational blogs around.

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
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  #9 (permalink)
Trading for Fun
Portugal
 
Futures Experience: Beginner
Platform: IGMarkets
Broker/Data: IGMarkets
Favorite Futures: Dow Jones Index, Light Crude
 
Lord Sidious's Avatar
 
Posts: 91 since Apr 2012
Thanks: 8 given, 15 received


Anagami View Post
Indicators are the porn of trading. All show, but no real action.

I generally follow price action trading a la Al Brooks. After years of searching, programming, changing, and trading, I find his approach to be the best. Simple charts and robust thinking.

For an intro to his approach, you could check out the Nine Transitions blog... maybe one of the best educational blogs around.


Thanks a lot!

I suppose you follow candlesticks patterns/psichology and chart patterns also, right?

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  #10 (permalink)
Live Your Bliss
Canary Islands, Spain
 
Futures Experience: Advanced
Platform: OA
Favorite Futures: What Moves
 
Anagami's Avatar
 
Posts: 701 since Dec 2010
Thanks: 474 given, 1,398 received



Lord Sidious View Post
Thanks a lot!

I suppose you follow candlesticks patterns/psichology and chart patterns also, right?

You're very welcome, Lord Sidious.

Here are my strategic secrets:
Is the market trending or range?

If trending, trade pullbacks (1 leg pullbacks in fast moving trends, 2 leg pullbacks in slow moving trends).
If range, buy low sell high on the edges of the range.

That's it!


"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
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