To HOBBIT 33 and anyone else interested interested,
In a private conversation, I mentioned some things that work for me and may help other new traders.
That post is listed below:
First of all, your trading screen has to work for you. If it works for you, don't pay any attention to me or anyone else, you must have confidence in and trust your indicators.
Find something that you like and paper trade it, until you trust it or not, once confident in it move to very small amounts of contracts 1-2 until you are profitable then increase the number of contracts remember risk & money management are everything.
For me your screens are a little to much information to process on such short time frames. Al Brooks MD wrote a book on Reading Price Action Bar by Bar and he says that the 5 minute chart with candles and a 20 EMA is all the information he needs, what he is talking about is that candles, support & resistance, higher highs/lower lows-etc. give him as much information as he needs to make a decision.
I will send you several things that either I have written or found that have helped me along the way, including my screen shot with comments. One of the lists that I created has the most important things for me to remember while I am trading.
The following 7 users say Thank You to GarryM for this post:
The master is Eric at Thinkscripter.com, he is the creator of all my indicators, I just tell him what I am trying to achieve. His website is full of great indicators. Be sure to donate, he is incredible.
I can tell you that I actually went through all those steps and now standing on #22: We start to take responsibility for our trading results, as we understand that our success is in us, not the methodology.
My steps, summarized.
1. I was excited to trade because it look easy. -$3000
2. I bought indicators hoping for that holygrail signals. -$2000 (PBF)
3. I start understanding how simple indicators are calculated. -$1000
(Almost gave up)
4. I start searching around for knowledge and methodology. -$500
5. I defined a couple of methodologies and keep breaking my own rules. -$500
6. I started with 6 indicators down to 3 using free, forum posted ones. -$100
7. Right entries are made. $700
8. Overconfident by trading over 3 contracts and breaking my own rules. -$2000
9. Feeling really close by learning to accept losses using the risk/reward ratio.
Gary, your list are inspiring.
I've spent months learning to trade and feel like I can't give up, I love it too much
The following user says Thank You to frostbyte for this post: