NexusFi: Find Your Edge


Home Menu

 





Is it Worth It!!!


Discussion in Traders Hideout

Updated
      Top Posters
    1. looks_one navionpilot with 27 posts (26 thanks)
    2. looks_two Rrrracer with 16 posts (41 thanks)
    3. looks_3 kevinkdog with 9 posts (44 thanks)
    4. looks_4 rintin2x with 6 posts (5 thanks)
      Best Posters
    1. looks_one Blash with 6.3 thanks per post
    2. looks_two kevinkdog with 4.9 thanks per post
    3. looks_3 Rrrracer with 2.6 thanks per post
    4. looks_4 navionpilot with 1 thanks per post
    1. trending_up 34,344 views
    2. thumb_up 263 thanks given
    3. group 25 followers
    1. forum 104 posts
    2. attach_file 7 attachments




 
Search this Thread

Is it Worth It!!!

  #91 (permalink)
 mrphr 
London
 
Experience: None
Platform: .
Trading: .
Posts: 255 since Apr 2011
Thanks Given: 65
Thanks Received: 182


navionpilot View Post
I know this might be another loaded question. Which platform should I start looking at using? I don’t like using or purchasing things that is limited. So would there be a platform that you could trade all markets on that would be great on all of them?


Sent using the NexusFi mobile app

If I knew what I know today since I started I would choose Sierra Charts as my platform and data feed as well and Interactive Brokers as my broker, end of history.

But already told you that before you open a broker account if you want to be a day trader, I would join One Up Trader or Top Step Trader and try to build some equity with one of them first, then afterwards put your own money on the line... By doing this your loses will be very limited while you learn.

Reply With Quote
Thanked by:

Can you help answer these questions
from other members on NexusFi?
Better Renko Gaps
The Elite Circle
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
ZombieSqueeze
Platforms and Indicators
Deepmoney LLM
Elite Quantitative GenAI/LLM
My NT8 Volume Profile Split by Asian/Euro/Open
NinjaTrader
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
59 thanks
Funded Trader platforms
37 thanks
NexusFi site changelog and issues/problem reporting
23 thanks
GFIs1 1 DAX trade per day journal
22 thanks
The Program
19 thanks
  #92 (permalink)
 Opstar 
Wherever I want to be
 
Experience: Intermediate
Platform: NinjaTrader
Trading: ES
Posts: 95 since Jun 2015
Thanks Given: 180
Thanks Received: 86

Wasn't sure if I should post this or not but I'm going to anyway.

First, I'm going to go against some of the crowd about psychology being the most important and hard to master. It could be for some but as long as you don't over trade (trading outside of your plan and setups) and take risky trades for your account size, it should be fine. I think everyone has experience doing a lot of stupid stuff at some point out of anger and fear. I know I've made revenge trades one after another soon ending the day with 200 trades that sucked out a month of work. I know I've closed my trades too early out of fear or held losing trades longer than I should have. I know I traded outside of my plan due to fomo (fear of missing out). I know I felt invincible one day and took too much risk. If you have these issues, one of those prop firms such as TopStepTrader and OneStep is highly recommended because it will automatically call you out on those at some point (by loss limits) and kick you out of the program to start all over again. I guess with some brokers you can ask them to have a daily loss limit on your account as well.

The hard part for me in the beginning was actually doing the work to find an edge and confirming that you do have an edge. So many different ways of going about it and how the hell do you know which method will click with you? Market profiles and orderflow stuff based on dom never did click with me. In fact, they confused me even more. For me, charts all the way. Which means I end up focusing on price action.

Al Brooks stuff is alright but it takes a lot of effort to digest that stuff. Like someone else mentioned, not sure how much it will help as a total beginner. Learning how to identify support and resistance area, drawing trend lines, how price behaves around them, what is the context (this to me just means current volatility, direction of the trend and/or trending vs ranging in my time-frame) all sounds simple but takes a fair amount of screen time to recognize the patterns properly. Al Brooks books do explain them but it won't hit you until you have much screen time after reading the book then going them over again. At least that was the case for me.


I think in the beginning, simply taking one market and maybe one or two time frames to measure each wave vs pull-backs go a long way if you are looking to trade off charts. Maybe take a year of data and analyze them. I wish I had done that and focused on price action first instead of dicking around with indicators. I find indicators are only helpful (somewhat) once you understand price behavior.


Even though I wrote what I wrote, it's just really hard to lay out a definite guide to learning. I feel like most gather their knowledge and experience piece by piece to solve the puzzle.

Reply With Quote
  #93 (permalink)
 
casey44's Avatar
 casey44 
Louisville KY
 
Experience: Beginner
Platform: NT8
Trading: micros
Frequency: Daily
Duration: Minutes
Posts: 247 since Jan 2010
Thanks Given: 4,040
Thanks Received: 311


@navionpilot, some very helpful posts already here by others more experienced than me, you may already be overloaded with info, if so, read no further... but might also look at some of the webinars on futures.io, a couple this week that may be of interest, at least you can then hear someone.

Click on ''Trading Webinars'' in the menu bar at the top, will see one on Jan. 9, Peter Davies, and one on Jan. 11, Morad Asker/FT71. Both are experienced traders, are active here, answer questions, have given other webinars, and are obviously respected by BigMike.

Just a thought that maybe if you find the person(s) you resonate with, their person will be the door that will lead you to the what/the concrete details of your methodology....

Your initial inquiry reminds me of some parable I once came across that I'm ever more appreciative of the older I get.
Q: Should I do/be _____?
A: Not if you don't have to.

Best regards and good luck!

Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #94 (permalink)
 
bobwest's Avatar
 bobwest 
Western Florida
Site Moderator
 
Experience: Advanced
Platform: Sierra Chart
Trading: ES, YM
Frequency: Several times daily
Duration: Minutes
Posts: 8,162 since Jan 2013
Thanks Given: 57,343
Thanks Received: 26,267


casey44 View Post
@navionpilot, some very helpful posts already here by others more experienced than me, you may already be overloaded with info, if so, read no further... but might also look at some of the webinars on futures.io, a couple this week that may be of interest, at least you can then hear someone.

Click on ''Trading Webinars'' in the menu bar at the top, will see one on Jan. 9, Peter Davies, and one on Jan. 11, Morad Asker/FT71. Both are experienced traders, are active here, answer questions, have given other webinars, and are obviously respected by BigMike.

Just a thought that maybe if you find the person(s) you resonate with, their person will be the door that will lead you to the what/the concrete details of your methodology....

Agree about both. Each of these guys will give you a good (and different) way to look at the forces driving the markets. Not entirely different, actually, but differently expressed and using different tools. They are both clear presenters and have something to say. They will also complement the price action material that you have already gotten some introduction to.

And the video webinars are always recorded and will be available later at any time. They each have a number of earlier webinars in the library if you want to look into their material further.

Good recommendations.

Bob.

Reply With Quote
  #95 (permalink)
 
Rrrracer's Avatar
 Rrrracer 
On the road
Webinar Host
Trading Nomad
 
Experience: Intermediate
Platform: TradingView
Broker: Oanda
Trading: FX
Posts: 2,512 since Feb 2017
Thanks Given: 17,582
Thanks Received: 9,752


bobwest View Post
Agree about both. Each of these guys will give you a good (and different) way to look at the forces driving the markets. Not entirely different, actually, but differently expressed and using different tools. They are both clear presenters and have something to say. They will also complement the price action material that you have already gotten some introduction to.

And the video webinars are always recorded and will be available later at any time. They each have a number of earlier webinars in the library if you want to look into their material further.

Good recommendations.

Bob.

Isn't that one of the most amazing aspects of it...? What's the old saying, six ways to Sunday? In trading it may as well be a billion... as many different approaches to it as there are people doing it. Ya gotta find your own LOL

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #96 (permalink)
 
Rrrracer's Avatar
 Rrrracer 
On the road
Webinar Host
Trading Nomad
 
Experience: Intermediate
Platform: TradingView
Broker: Oanda
Trading: FX
Posts: 2,512 since Feb 2017
Thanks Given: 17,582
Thanks Received: 9,752

@navionpilot, how's it going man?

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #97 (permalink)
 planetmoto 
freasno, ca usa
 
Experience: Advanced
Platform: ninja trader
Trading: forex
Posts: 104 since Apr 2013
Thanks Given: 51
Thanks Received: 85


Grantx View Post
Im quite interested to hear more of your story planetmoto.
Did these traders (you?) have fear/anxiety/uncertainty issues at all? If so how did they deal with that?
What markets were traded and how did they scale into and out of trades with such large size...I mean how much 'influence' did their activity have on the market, were they sneaking around trying not to be noticed or were they rampaging bullies kicking sand in everyone eyes?
How often were they trading, was it mechanical, discretionary, team, fundamental, research based?
If there was a technical component to their trading then what was the reaction to exhausted looking markets such as when wyckoff accumulation and distribution patterns are unfolding? Did they even care?
You have been exposed to this institutional environment and also seen the retail side of trading so what would you say are the top 3 mistakes you see small traders making?

Cheers.

Hello Grant, I haven't forgot about your post. Dealing with the process of losing a relative to liver cancer at the moment, which we were not expecting as we were told the earlier treatment was effective until Doctor's realized it actually wasn't(there are so many lousy physicians out there scares me to think what has happened to our medical school and specialization standards) So it's been a rough start to 2018. I'll give you a detailed reply shortly when I have a free moment to go into it.

Sent using the https://nexusfi.com/NexusFi mobile app

Reply With Quote
Thanked by:
  #98 (permalink)
 navionpilot 
MERIDIAN MS/USA
 
Experience: Beginner
Platform: NinjaTrader
Trading: Emini ES
Posts: 29 since Jan 2018
Thanks Given: 50
Thanks Received: 26


Rrrracer View Post
@navionpilot, how's it going man?

Well its going i guess. I think i have a direction to go in now. I had a dream about candle sticks the other night. Is that noraml?

Started this thread Reply With Quote
Thanked by:
  #99 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
Posts: 564 since Jan 2013
Thanks Given: 33
Thanks Received: 379


kevinkdog View Post
Trading is like any other occupation.

Trading is nothing like most occupations. You are never guaranteed a pay off. The closest would be a pro poker or black jack player or a pro sportsman without endorsements, whose only salary is his wins.

But I get what you are saying, that it should be treated as other occupations and not as a hobby.

Reply With Quote
  #100 (permalink)
 kevinkdog   is a Vendor
 
Posts: 3,647 since Jul 2012
Thanks Given: 1,890
Thanks Received: 7,338



Pedro40 View Post
Trading is nothing like most occupations. You are never guaranteed a pay off. The closest would be a pro poker or black jack player or a pro sportsman without endorsements, whose only salary is his wins.

If you are going to quote me, please quote me completely. Don't quote part of my comment so you can make a point by "disagreeing" with me.

Here is the rest of my original paragraph from page 1: "Trading is like any other occupation. You have to work and study at it for a while before you see the rewards. Even then the rewards may never come."

Me: "even then the rewards may never come"

You: "you are never guaranteed a payoff"

Same thing.

Follow me on Twitter Reply With Quote




Last Updated on January 12, 2018


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts