Sounds as if you are trading live where as I am not. Started market replay using indicators and did not improve my positions much. I have opted for supply and demand as my core strategy. Longer term trading without the anxiousness of scalping for a few. Can I say it is more forgiving? Plenty of info on the net about it and the only indicator I use from time to time is a horizontal line. Thing about Bollinger bands, it can give me a heads up, but it won't whisper in my ear when that next candle is going to turn. Only price can do that.
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Finding a legit mentor can be tough....there are several recognized traders that provide coaching and instructional services but those can be very limited AND quite pricey....Micheal Martin comes to mind.....I think he's in the $3000 range...can't quite remember to be fair but I know its up there.
The other option is to follow a known successful trader here on the forum. There are a couple that trade regularly and post their results and thought processes. Some of those require reading mountains of superficial nonsense to get to the meat but could be worth it for you.
Another idea is to ask someone if you can trade with them via skype or something like that to get a feel for how they approach the market. This is hit and miss depending on the person and how good they are.
Or you can simply get in front of the charts and just observe price action for several months until you are comfortable with how your instrument moves and then start trading small and build up.
If you are in fact break even most months, you are ahead of the pack. I suspect one of the main things you probably need to do is learn money management AND learn to let your winners run a bit more.
These two things will most likely improve your results tremendously.
Cheers and good luck.
Note: If you are willing to relocate, SMB in NYC could be a great place to go and learn. A buddy recently went there and is doing great so far.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Last edited by PandaWarrior; March 15th, 2015 at 07:11 PM.
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I'd totally agree with number 1
Number 2 is debatable - Gold has high volume, but awful slippage (I was slipped 5 points on a 2 lot market order a few weeks ago)
Number 3 is debatable - Silver, Cattle, Hogs, Nat Gas - just to name a few - have been manipulated over the years
I'd agree with number 4, although many people don't realize that leverage is a double edged sword. Leverage can be really, really dangerous
I'd add number 5: Easier record keeping for taxes
For futures taxation, the overall tax rate is much lower than for stocks (point #1), and record keeping (point #5) is a breeze - I only have to enter 2 numbers on Form 6781 every year. I don't have to worry about holding periods, wash sales, etc.
If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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