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)
Just delete all the indicators, forget everything you have ever read, and watch the price. Scalp with max contracts you can afford, and get modest targets. Stop reading or following any gurus or been-through-all bees.
That's called ballstrading.com, you can register the domain. It's available at this time - https://prntscr.com/ok0o5r
Then start teaching people to trade price not imaginations.
Don't get back working!
Cheers!
Can you help answer these questions from other members on NexusFi?
Unfortunately, I can answer question one as the tradestation graph/report for my account is not accurate and I do not keep a separate trading journal.
But minimum risk to reward per trade is 2/1 but I have a trailing stop after the profit so it could be higher if the profit target gets hit and continues to trend.
After you get a job and have some consistent income, if you are still interested in trading, you might want to consider a significant departure from what you've probably been doing up until now. Have you considered algorithmic or semi-algorithmic trading? I have utilized a program that creates strategies for automation using genetic programming techniques. An advantage is that you can create a system that works both on
in-sample (data seen by the computer when creating the strategy) and on out-of-sample (unseen) data, and which will use your custom indicator(s) if and only if - it/they- actually show up as representing an improvement in the created strategies. Otherwise, you will still get many strategies for consideration, but they may not use your particular indicator(s). Using such a tool, it is possible to systematically develop strategies. If the strategy begins to fail (and nearly all strategies do fail at some point) you can relatively easily create a new strategy that works better for the current market environment. However, it should still be based on a long period of price history (I usually use about 10 years). There is at least one program available on the market that gives you a two week trial and then is reasonably priced. If you have some programming ability or can learn, it is possible to modify the code produced by the program, and you can use any custom indicator or just the indicators included with the basic program. If you think the exit technique the program comes up with is not to your liking, you can change/edit it - but it preferably ought to be based on testing (including out-of-sample) you have done in advance. If the entries prove sub-optimal, you can either revise the code yourself (making sure you have tested on out-of-sample data) or you can create a whole new strategy. This way the algorithmic strategy gets you into your trades instantaneously when the correct conditions are met. You can choose to use a neural net as part of the entry condition, which helps to prevent over-trading. You preferably should use a good desk-top computer with a lot of memory for creating strategies using a tool like this.
Barabas.......I don’t post a lot here either, but as some have mentioned it “called”
I’ve read ever response and every one of them are wrapped in good nuggets.
All of them are written by people who share a very common thread…Human Behavior…the difference between the responses is how they responded to the exact same situation as you are in now.
They found something to bring change into their PLAN
Do you have a plan? A True plan…. not in your head but written to the exact point of every move you make. If not do so...you write it… you own it…the brain can make changes in the middle of a stressful moment an screw you every time. Trust in that!!
Human behavior is the code. The man with a wife psychologist has an “edge” in living with her. His entire response was based in how he has solved or is trying to solve his human behavior of over trading, which is wrapped in the human emotion of how we deal with greed………..been there myself….my own daughter is a complex trauma phycologist and its paid dividends in understanding human behavior
You wrote: I have traded the markets for years. Good years and some bad years.
Go back and see if your process has changed……….if it worked : what happened?
you wrote: In the last 3 years during my working hours I was able to make some good money.
I am not a proponent of trying to work an learn to trade, for me it was to difficult or I should say I felt in my mind it would take me to long, that’s me. The best advice was given to you in other responses.
you wrote: I had a system making me $300 a day avg for 5 months. So I decided to quit my job, taking a pay cut, to follow my dream as a trader. For the past 3 months I have been living from just the markets. Yes I had some good trades but the bad ones were there too.
To short of a time frame to go live with a limited account. You may not have had enough statistical history to adapt rules to. (profit in an account is not statically driven information) I once made 25k doing pork bellies…just sheer rookie luck!! And this was back before the industry of day trading is what it is now.
you wrote: I was trading just futures and lost $8,000 in two weeks. (One contract each usually ES,CL,NQ,ZB) I had taken a break for two weeks came back and still felt like I can't master it. I am thankful that I bought some options and trade those daily to make some income.
Do one or the other, options or futures but both at this moment could be splitting focus, and both require a different set of rules.
you wrote: I think my biggest problem is to find an indicator or system to follow my rules.
Not sure I got that .Write your rules……know them………if your writing rules to follow a lagging indicator, your adjusting to that. You write below about having an indicator….but you say above about finding something else?
you wrote: I think my biggest problem is to find an indicator or system to follow my rules.
No it is not.
you wrote: “I have one indicator I always use on a 5 min chart and it has made me some good money but then there is that one trade that takes out my stop loss right away and shoot me back down. my profit target is trailing stop, go for $100 profit then move stop to break even and move stop ever $100 profit. Now I love crude..... 10 cent move is nothing in crude so I usually put my initail stop loss at $200. This worked out great at times. Walked away with $200, $300, and max $1,000 trades. But then loss, loss, and loss.”
You are over leveraged in your account, you should switch to micro minis now….you should write a trading plan down to the second and have all the scenarios worked out in advance.
ie..I work my trade execution in advance….not in just looking for profit but in understanding how much am I risking, what is my loss. I have a fixed non-negotiable loss limit never changes ever!!!!
Can a trade go against you...yes...question is: are your prepared and have a plan???
A 60 % win rate still losses 40 % of the time. It is part of trading; it is how you respond!!!
Yes I move my stop up…but never down...never!!!! Never chase money, never!!!!
Understand how you behave in the loss; can u accept it?…. You seem comfortable taking a 8k loss…and that in itself is a human behavior that should bother you!! It bothered me when I read it and I have a 2500 per trade loss limit…………..Find the bottom of your stomach pit!!!
Know a “loss amount” that does not evoke fear!!! Fear changes your mindset instantly and makes you do what you should Not be doing!!!!
Yes of course traders have exit targets for profit but that’s not on the FEAR side of human behavior that is in the Greed side of human behavior. Different set of rules!!!! Completely.
you wrote: It might just be so stressed out from trying to learning every indicator out there that has me lost but then again the two week break would of help me with that... nope.
Stop with the indicators, you have 3 years of fundamental experience, go back to basics, stop presuming in your mind your intuitiveness will keep working, it will not. You need statistical knowledge. Must be able to replicate the same thing every single time you take a position, it should never change.
You wrote:“Over the years of trading I have foung out there is no holy grain indicator or system. There will be losing trades and just avoid the big ones. Don't over trade.”
You may have found that tid bit……but you did not learn that lesson!!!
(Human Behavior), find out what you are good at and ask yourself WHY??
What do I do in that moment of learning and experience that propels me to become good?
Find your human behavior triggers…look at Steph Curry for an example…his process!!!
Before every game, never changes a second.
Your human behavior is your code…as it is for all traders, it is not an indicator, as one man wrote, “it’s how you use them”…… Rule based …… how do you respond in the moment!!!
I wrote this for you an for me.....as I do know exactly where you are in your search to be profitable consistently.
first of all .......kudos 4 accepting ur situation...... been trading for 12 yrs ..was not profitable for 8...super CPT for past 4...... it comes down to how much u know......and u dont know much...sorry 4 being blunt....i trade crude nickel .nifty futures and equities ..from INDIA
essentially u lack a plan & that stems from lack of confidence..been there too........so get down to trading mini or micro lots if necessary..try to get say 3 or 4 points on smaller size ..even say 5 or 10 shares.. consistency is key and note down ur thinking...collect singles as opposed to $100$200...so on....or u can go to the dreaded job
here is what u need to go through to fill the gap...first go and watch some free videos at MY INVESTING CLUB....their death line concept is amazing......those r two amazing traders and a wonderful mission...essentially supply demand zone.
second learn about market & volume profile......concept..see TRADER DALE on youtube..then see what u dont know....
.
read these two books by mike bellafiore....playbook & one good trade....
for any instrument try this combo on one chart any TF........ MACD adx & OBV indicator and see the profits unfold....
lastly once again have some part time job......and have a method to unload ur frustration...either gym or sex....or both
Hope it helps........do check out both the reccomendo.....i m not affiliated to them in any way..just sheer respect for what they do....and take ur time......see this twitter guy @tradingfish
You wrote "There is at least one program available on the market that gives you a two week trial and then is reasonably priced. If you have some programming ability or can learn, it is possible to modify the code produced by the program, and you can use any custom indicator or just the indicators included with the basic program."
What is the name of the program? Also, where do you suggest I start learning about Algorithmic programming? Thanks for you help.
Do a search for Raghee Horner Grab candles (free), I use that in conjunction with another indicator and it's worked well for me. PM me if you want a little more detail on that.
I would suggest looking at different markets. This might sound out-of-comfort zone for now, but during the summer liquidity in markets tend to decrease because of the holidays. This causes markets to move differently. I use to trade the ES, but during summer I trade treasuries. Usually treasuries would be way to slow for me, but because of the reduction in liquidity I prefer it over the ES.
?
