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I find myself where I need to generate 3-5000$ a month in income and I've been doing some futures trading on the sim totally disorganized . But I want to get serious about trading futures and need some recommendations on pre market preparation, indicators etc. from some successful traders.
Does anyone get Morning futures reports to help decide what to trade or do you stick with just a few that you like ?
I like check lists as I have ADD. However that being said I had a successful career as a Physician Assistant because I learned how to hyper focus when I need to. There are also schematic algos that are in medicine also I would like to come up with one for beginners using experienced traders input and share here.
Can you help answer these questions from other members on NexusFi?
ADD here as well.... Recognizing hyper focus.... What works for me is sticking to a max of 3 futures (es, nq, rty). I rather watch a few futures really close and learn their specific moves than to watch 10 futures all a little bit....
you could earn that much and more even when trading only 1 instrument.
All you need is screentime...and be not completely without talent.
Nevertheless, if you watching orderflow that is better observed in interest rate futures than in index futures.
However, markets with more volatility could provide more potential as they are less efficient.
On the other side, spread-cost in 10-years or Eurostoxx etc. weight heavy and competitions is strong.
at $3000 - $5000 a month you'd be looking at around $200 day. Seems reasonable. I'd look into Al Brooks' "how to daytrade the e mini" youtube video. It's a two part series that focuses on buying bull flags in uptrends and selling bear flags in downtrends. It's a bit cumbersome to digest. With your focus I think you have a good shot.
He recommends the main thing for beginner traders is to focus on buying H2's and selling L2's in addition to playing one or both sides of trading ranges. I've grown to be pretty successful implementing this strat in conjunction with hourly candles.
Goes like: use 2/5 min chart to identify entry via H2/L2. Enter when it lines up with the hourly chart's trend.
I've been thinking about how to program an algo around this as well. I bet we could throw an EMA on there, perhaps a 20 or 200, on a higher time frame and if the program could identify when the H2 / L2's drop an alert and entry seems easy enough from there. Identify trend -> when candle makes new high during consolidation -> enter
As far what markets I prefer the dow / YM from the indices. The math is simple and I find it has less noise than the ES.
CL crude oil, GC gold, and ZB the 30 year bonds are also my preferred markets. CL and ZB generally also having less noise than others. Let's talk see what you think about the video and algo program. Maybe we can figure it out
ADD here as well.... Recognizing hyper focus.... What works for me is sticking to a max of 3 futures (es, nq, rty). I rather watch a few futures really close and learn their specific moves than to watch 10 futures all a little bit....