Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Thanks Websouth! I will give anything a shot. I do like the KISS/low indicator method. What TP and SL do you find works with the EJ. When I traded it in the past it can be a volatile pair (not saying that's bad since the moves can be good rides).
Can you help answer these questions from other members on NexusFi?
Trade a market you are familiar with or if you don't have one yet only watch one market for a long time. These numbers vary on market conditions. If you put a hard number on them you are trying to force the market to adapt to you instead of the other way around. Look at the current action. Where does it look like it is going. At what point would you feel you were wrong? If you need a 50 pip stop before you "know you were wrong" then trade smaller. Money mmgt. Make up a spreadsheet - there might be one on futures.io (formerly BMT) somewhere - that shows you what size for what risk, etc. Don't bet the farm on one trade unless you don't mind losing the farm. I vary my trade size based on where my stop needs to be to be right. I don't think that CL, YM and these others that are traded heavily on this site have that option because a car is a car. Tight stops will usually kill you - that has been my experience. Because they force you to "be right" on a much smaller window of time. Nobody has crystal ball.
I am not a big fan of sim trading because no emotion involved.
If you are familiar with forex then trade @ $1 or even 10 cents a pip. Trade for your lunch money every day until you get good. If you don't make enough to buy lunch you don't eat. All of a sudden you begin to pick up some trading skills.... hmm. This is largely a mental game.
watch as price moves away and toward the averages in the template. The wave has a distinctive look when price is close and when price is extended. Don't get left holding the bag jumping late on an extended move. There is always tomorrow. Everyone learns every day. This is helpful to me to write this out. People swing in cycles too. I tell you to simplify then I go look at all the crap on my chart...hehe. I need to keep it balanced as well.
++++++++
Off the edge advice
Look at things differently instead of thinking up/down. Imagine standing on the chart. The chart is a drunkards walk veering right or left but heading in an overall direction down the road. If the 200ema is to the right of you then you are veering left. If the 200 ema is to the left of you then you are veering right. (notice how you are now the drunk in my example)
Turn off the candles and look at just the dots (close price)
Hey Diem,
Been thinking about your question on stops. Here is another way to look at things which may make the stops more logical to you. This is essentially the same thing as the wave to me but I have showed friends how to trade and sometimes this clicks more... so here goes. When price crosses center of white channel you can usually take a position in the direction of cross with your stop at the edge of the channel. Your time frame will still decide how big this will be and you need to watch overall picture but a good stop location might be more obvious this way. This has a short, medium, long term wave/channel. 20/100/500. Use the same concept as before. Just use zoom out to see longer picture. This chart should look the same on all time frames. (try 5min) It just basically shows the market cycles. I attached the hurst envelope in case you didn't have it.
Not trying to bog you down with charts. Pick one view or the other and own it. Ultimately you are just watching close price move in waves/cycles. Good luck.
All of a sudden you begin to pick up some trading skills.... hmm. This is largely a mental game.
