Thank you, that makes a lot of common sense..good work is rewarded with more work.
Because of global time zone differences, and i am in Australia, i am wondering which instrument easiest to trade, which is impervious to what time of the day it is. i am partial to using bollinger bands/trends, to day trade/scalp in a very liquid market, as a starting point; so do you think that a good a place to start as any or is there a type of trading that you think is better for a new person. I am thinking 95% of people lose money but also i am thinking risk management and tested rigid trading rules should be the get out of jail card, unless there is some sort of anomaly in a trading session. Also whatever trading method i am involved with can't be subject to market manipulation, like share prices.
Mate I am in Austraia too. The time of day is very important as this will ultimately bear on liquidity and the price action. If you want to be a profitable day trader you need to learn the character of your market during certain times of the day.
What works for me (Brisbane time.)
SPI- 10am-12pm, ES approx 4-7pm (during European session) and ZN 10pm-1:30am (End of European in to US session.)
Some people will choose the Bund/ Bobl or DAX/ EuroStoxx50 in the afternoon (European session.) I just find that given my experience I can read the ES better and it slows down a bit (less erratic) during the European session.
I am a classical order flow trader/ scalper and use a Jigsaw DOM. It took a long time staring at the screens to smooth out my equity curve (profit.) Trading for profit is a long journey. THe previous post is right in that you must develop your own style. This is when you know you have put in ample time on the screens and understand what you are doing. You are not just blindly following some mechanical system.
I am not going to say that BB/ Trend following does not have benerfit, but I recommend you start looking at exchange data too (Market Footprint/ Order Flow.) That is my tip to an Australian brother...
Anyway, hope this helps.
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