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I have traded stocks for several years with OK results but it's a slow grind, mostly in my retirement accounts.
In personal investment accounts I have mostly been selling options and collecting premiums ("theta gang") and just recently have been studying market and volume profiles and slowly dabbling into futures (ES, NQ) with mixed success.
I've read a few good books and believe I get the analysis part, finding the key levels, etc... but still struggling with execution. When to buy/sell when we get close or cross a key level? etc...
Hoping to collaborate and learn from the community here!
The last few months living in Rona World have totally changed my perspective of what's important in life. I've been lucky enough to keep my day job working from home and found I had a lot of time to fill that wasn't spent commuting back and forth to work. My main interest these days is F.I.R.E. (Financial Independence, Retire Early). I'm learning how to develop multiple income streams and finding ways to self sustain to not 100% rely on the corporate rat race.
With that said, 2 months ago I stumbled upon a Youtube video of Michael Chin scalping the ES. I really like the idea of trading the opening bell to 8:30am, shutting it down and going to a day job without worrying about open trades. This combined with the system of looking for 3-4 "95%" winning trades only lasting a few seconds to a couple minutes feels like the ultimate side hustle. I thought I was going to jump right in and start making that $$$ and add an extra paycheck to the books within the month. Boy was I wrong.
The more I learned and paper traded, the harder I felt it was getting. My struggle with this strategy is around the 2:1 R/R with scalping. Al Brooks said you need 1:1, or 1:2 based on his 60/40 rule, but I really liking the 1 point target with a runner and haven't yet found another SL/Target strategy that fits. Can you set a 2 tick SL on 1 point target and expect to survive? I'm not yet able to maintain 95% win rate with a 2/1 RR, making the losses add quicker than the gains. If live trading the ES, a 2 contract 2 point SL for -$200 seems like a lot of risk for a new trader that doesn't yet feel confident enough to drop $10k+ in an account. So, I'm continuing to learn and searching for something I can get comfortable with.
Now I've paper traded the ES and NQ on NT8 for 2 months, exploring Mack's PATs, Al Brooks free content, Gorilla Futures, Live Traders, Zip Trader, etc. and began learning different types of trading vehicles like Forex, Options, Stocks, and ETFs. Every time I type a question into google I feel like I end up reading this forum and really enjoy diving down the rabbit holes here. It has helped me find and learn concepts that I wouldn't have considered on my own so I decided to join and hope to contribute in a positive way.
Hi,
I am very interested in trading with Ace Traders. I watched his live trading room video and was impressed. However I have been excited before, with other systems, and just have lost money in a system stacked to benefit the platform I was using. Now I am wishing to see what others have to say about the trading opportunity; in particular those who have not been successful, and why. Would someone kindly provide me with the "skinny" on trading with Ace Traders. Is he as good as he appears, or am I being gullibly in thinking he is the real deal. It costs approx. $2000 to sign up. This is a minimal amount if Ace is as good as he claims, or a lot of money to lose if he is not legitimate.
Many thanks. K
I'm Karlon from Hong Kong. I'm currently an assistant portfolio manager at a financial firm. my goal is to become an independent trader. nice to meet you all.
Hello to everyone . I am Kevin and I am from Argentina. I started trading stocks in the local market about a year ago. Then opened a account in td ameritrade to trade in the US. I am always looking to learn more about trading because for me is a game that the main reason is to stay alive the most time possible to continue playing. Somehow I reached this forum looking for a elliot oscillator for NT8 but I see that this is a active forum so I want to participate too. Hope everyone is doing good.
Welcome to you!
I'm quite new here myself - I would be interested in knowing what books you would recommend. I myself have a futures and options account and am most interested in those. I would myself recommend Carley Garner's "A Traders first book on commodities" and "Higher probability Commodities Trading" if you are interested in Futures and Options. Good Luck to you!
Greta
I did not read any books too specific to futures but then again, understanding how futures work is not too hard, especially if trading /ES or /NQ (nothing with physical deliverables). As long as one understands the leverage and margin implications, the idea is loosely somewhat in between stocks and options, contracts, etc.
I did find some books focused on market profile (and volume profiles) - in order of preference, imho:
1- Profit with the market profile - John Keppler
2- Mind over markets - James Dalton
3- Markets In Profile: Profiting from the Auction Process - James Dalton
Using volume profiles to find key levels is fantastic, you can almost predict at what levels futures will trade and/or bounce.
As for options, I have just learned mostly from online websites and really, trial and error. Like I said I tend to sell puts for premiums and usually use the "wheel strategy".
I haven't read her books, but Carley Garner has a monthly column in TASC magazine (Technical Analysis of Stocks & Commodities), entitled 'Futures for You". I find her writing to be clear and easy to understand for beginning and experienced traders alike. I recommend checking it out.
. I am Kevin and I am from Argentina. I started trading stocks in the local market about a year ago. Then opened a account in td ameritrade to trade in the US. I am always looking to learn more about trading because for me is a game that the main reason is to stay alive the most time possible to continue playing. Somehow I reached this forum looking for a elliot oscillator for NT8 but I see that this is a active forum so I want to participate too. Hope everyone is doing good.
