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No charts? and just what? just news everyday? charts show where price has been.
You hardly have any data. Or are you basing decisions on a gut intuitive feel of all the news out there about a certain market day by day? Maybe a monthly or some kind of seasonal news chart or table would be better for your style of trading. who knows, maybe a lucky streak will last all year if you just did 2-4 trades and it'll last until it doesn't.
Who cares if you have a 90% accurate system but with 100% risk.
you could have have a 99 winning streak but on the 100th streak, you'll lose everything at one go with just a single loss trade.
Same logic with using 10% risk and 3% risk.
A person with a 3% risk would be more profitable in the long run.
R/R ratio also plays a huge part, you could be having 7 losing trades but only 1 winning trade and you can still be profitable if your RR ratio is at least 1:7
You get the point, its not the system, its the psychology and management taking place.
Nasdin, my buddy set my screen up with 89 ma, 200 ma and pivots, along with the dom to the right....he is teaching me his entry method which has finally proven to be successful after 3 years and some tough financial lessons. im going to replace the dom with the time chart you referenced earlier.
Dionysus, I am firmly behind you re: your analysis of money management. I would ask Cloudy this: if close to 90% of folks are losing money in this endeavour, all the more reason not to do what they are doing, i,e, using charts, indicators, etc. My strategy to watch price and attempt to do exactly the opposite of what the little guys are doing does indeed result in some losers, but my winners tend to be big hitters.
Im going to continue to educate myself on the various charts and determine what works best for me. Thanks for the input , murf
@kevv.....Hey kev, i am trying to incorporate the time and sales window, nothing is showing in the window. Could this have something to do with the fact i only have the "entry level" version, do i need to upgrade to the standard edition? Thanks, murf
Skinlanta and Dionysystoast. Apologies. My questioning and mood was probably too abrasive and mocking in expressing my disbelief. I've never been able to trade without a chart just using news or gut feeling. I have tried a bunch of indicator systems in the past, and have chucked most of them. Thanks for enlightening me about other non-charting methods some professional day traders may use. If you can find a way to trade without charts like reading ticker prices, tape reading, or advanced trade management, more power to you.
Nowadays, I use a combo of watching price action , some candlestick patterns, and pivot lines.
There's a thread here on futures.io (formerly BMT) on the free "better volume 3" indicator for NT7 which I suppose could be used without needing to watch a chart. (creator's website: www.emini-watch.com; also reviewed here on futures.io (formerly BMT)).
@Cloudy, no apologies required.......actually had a little tutorial from my buddy this morning and it was quite enlightening. He walked me thru the chart he had set up for me as we watched cl. The market responded exactly like he said it would and he hit 2 shorts for 70 ticks. As i type it is tanking like he said it would....He told me that days like this dont occur all the time and that there ususally only a few proper entries for him each day. Im not so sure my method would have been successful today. Anyway, keep the advice, criticism, etc coming....It helps us all get better, murf
Hiya Skilanta,
Not sure what you mean by entry level version.
I think it should be in there.
I think Ninja has a thing where you need to link chart to the T&S window.
But one of the ninja uses could help ya better.
Anyway When I use time and sales, I have price levels in mind usualy a 50%pullback watch the trades and see if its buyers or sellers.
I also use one with a filter set at 25 to see large lots goin off and another one unfiltered.
Sometimes it flys the filter slows it down some,
Anyway what a day today aye?
woah .
oh and one more neat thing I like is the TICK
on my platform the symbol is $TICK.
basicaly when using the TICK,
I sell in a high tick at least plus400 or buy in a low TICK at least minus400
watch the TICk and when you have a Low Tick off support it OR a Hi TICk under resistance
