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Trading is the hardest thing I've ever done in my life. It's a very painfull full time activity which when traded unprofitably destroys your self-worthiness and gives you suicidal thoughts. I'm going to have grey hair before I am 30.
According to Tom Baldwin only 1% makes any significant money in markets. There is a nice analysis on forex factory somewhere showing that about 3.5% of people are profitable trading over a perioud of I believe 10 years. The rest is losers. How is that easy?
Time in Trade : I noticed a few trades that became profitable right away. Conversely, other trades were either profitable then stalled and came back to my entry (ES short 10:01) or never took off from my entry (QM 10:31). Perhaps if the trade does not work rather quickly then it's indicative of poor trade location and should be exited early, before the stop or target it hit.
it appears for the very first time, you stumbled upon the very fact that if and when you have an indicator or indicators that correctly, more often than not, could ride on the ridge of price action, north or south, as it revealed itself to you when you stated that--I noticed a few trades that became profitable right away....; then if you could tweak that indic to include sort of empirical price action sample....
that same indic would serve you and enrich you more than you can imagine.... is my one man opinion.
good luck and have fun. and wishing you the best.
a trader really does not need many fancy charts and indic to become profitable and consistent.
as everyone can see, you really need only one reliable indic to trade reliably, profitably and consistently.
will try to include more graphics demonstrations as samples in this thread next.
wish every trader would have a wonderful quality time with your significant others this weekend. cheers.
you have made a very good frist (sic) step,coming to this forum this is the real deal. i was in your shoes 4 years past.
number 1 DONT BUY ANY TRADING SOFTWARE
#2 DONT BUY TRADING COURSES. MOST OF THE PEOPLE SELL THIS MATERAL (sic) DONT REALY (sic) TRADE.
#3 KNOW THIS WILL THE THE BIGEST (sic) CHALLANGE (sic) YOU WILL HAVE HAD IN LIFE.
IT WILL TAKE 2 YEARS OF HARD WORK....
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trader goes by the name 'forgiven' really said it well in what was intended to say here in this thread.... as preliminary exposition.
it is analogical to becoming board certified physicians, you really have to know your stuff and to know everything really well.
but then, it is even much easier to become a board certified physician.... than to become a consistently profitable trader.... and that is another immutable fact in life as well.
in medicine, when you learned all the required voluminous facts and figures and then some.... you would be certified and earned your life long degree to practise.... attempting to heal all physical ailments....
however, in trading--as everyone already realizes, there is no such thing as life long certification, much less life long trading successes, as in medicine. in trading, even if you could learn everything offered herein at bmt, you are still not guaranteed--that your holygrail setups will produce similar profitability today as yesterday.
just when a trader is reasonably sure that he/she is on cloud9, whatever he/she touches has had already turned into gold in the morning.... but then in the afternoon session, for whatever reasons, the immensely successful traders in the morning, trading in the same manners as in the very successful morning session; would not be able to hold on to profits generated from the morning session. such similar examples are plentiful indeed.
the aforementioned are presented in general terms and preclude those group of traders who watch and trade exclusively on their own certain specific setups only which come across their screens only a few occasion per trading day. this highly successful group are profitable only by the very nature of their own creation--they trade very selectively and they only trade on their own proven setups and patterns. my trading friends, even as selective as they are.... they are still not completely profitable each and every trade....
the very same setups that proved profitable a few hours ago, might just prove the traders wrong in the very next succeeding attempt. and this is another immutable fact. the liquid market and traders on the other side of your trade do have their own minds and their own different masters to serve. so the over-simplified axiom--cut your loss, most definitely still prevails; if a trader wishes to trade again the next day.
am going over pix of trades taken over the last month to post here. and i beg your indulgence and thank everyone for your long sufferings and such.
perhaps, you would be able to see many of my errors and learn to delimit them in your own trading styles and fashions. wishing everyone happy and profitable trading in the coming week. cheers.
