I have basic trading experience just looking at charts and reading the patterns. I don't use indicators or any type of system. Can anyone point me in the direction of a good complete education on proper day trading? I don't want to throw money away with these online scams and don't want to be taught any bad habits.
There is a lot of good information out there, but there wont be anyone who can tell you how to trade from A to Z because without someone cracking a whip you will ALWAYS do it your way anyway. Some names to check out for a good foundation:
Once you've finished with them, I'd suggest developing a system that focuses more on risk than anything else. When I say more than anything else, I mean how you manage risk should be where 80% or more of your energy gets spent. It's only my humble opinion, but this is where new traders really fail.
If you want to skip the indicator madness and learn the important stuff only I'd lean toward market profile, cumulative delta, supply/demand studies, order flow, volatility, and volume. Everything else is pretty much garbage because there is always a higher/lower timeframe that invalidates it. Speaking of timeframes, it's not absolutely required but I highly recommend you use at least one higher timeframe to assess the bigger picture.
These are only broad recommendations and only my opinion, so take them with a grain of salt. What isn't just my opinion, however, is that you are headed for success with the attitude you are taking from the start.
The following user says Thank You to spiderbyte87 for this post:
I don't think you will find the one good complete package, because everyone has different needs, abilities etc.. In the end you probably end up with your own method that makes sense to and works for you.
Having said this in my opinion you can find more than you'll ever need here on futures.io (formerly BMT), especially when you are an Elite member. So in terms of risk/reward the membership is well worth it and it gives you a lot to study and will give you an idea what direction to explore further in case you need/want that.
Thanks, to be more specific and I apologize for not being from the start, how much should I expect to profit in a day? I've made as much as $6000 in a day. I'm thinking targeting $300 to $500 a day. Is that unrealistic. More than half of my loses have been from placing improper orders. I have picked up some of the execution learning the hard way but still can't seem to set up the software and place the more complex orders properly. Who is a good broker to use with good execution and great prices( I trade currency futures, oil, grains, and the emini). Who is the best data service? I currently use interactive brokers and use their trading platform. I'm not the happiest with them. I know this gets tiring for you guys, but there is just so much nonsense out there that a newbe doesn't stand a chance without proper guidance. My first week trading I lost $9000 just because I placed orders wrong because I couldn't figure out the software. I thought the orders were placed correctly, but was missing a check mark or something of the nature that was necessary for the execution I wanted. I know I can't just mimic a teacher, but just getting a solid foundation on setting up the computer would be a jump start to my career. Learning the hard way is expensive! LOL
The fact that you're talking about dollar amounts here tells me you have a long way to go. STOP worrying about how much money you're going to make and focus on protecting your capital (managing risk). If you do that, the money will follow.
With respect to brokers and data, IB is good but their feed is not. I'm fond of Kinetick(IQ), but do some research and get a separate feed provider. Also make sure you can pull L2 because at some point you are going to want that.
If you like daytrading, in and out and finished for the day I suggest Home | Price Action Traders Institute. It's good for beginners and seasoned traders alike, focuses on price action, no indicators. She also has pre-market analysis 3 times a week to show you what trades in what pairs she will be watching and a weekly commentary every Wed going over what worked and what didn't and to answer people's questions.
Yes Spiderbyte87 is right, risk and trade management is key in this. There is NO METHOD or SYSTEM that will work 100% of the time. If a setup works once, twice or three times does not mean the setup will work the fourth or fifth time you see it. Risk management is key so you know how to limit your losses. Trade management is key so you know how to properly exit the trade when price is stalling, or to exit partial position and let the rest run.
Don't worry about win/loss ratio. You can have a low ratio but still end up ahead as long as losses are kept small and wins are at least 2:1 or 3:1.