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Your best learning resource?

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  #11 (permalink)
GoodTrading
Loja, Ecuador
 
 
Posts: 36 since Jan 2022
Thanks: 21 given, 31 received


TheManWithNoPlan View Post
What resource in your time trading was most useful for learning more and putting you on the right path?

As a rookie in the futures space, any guidance would be appreciated.

I will start as I am still in the cheese maze myself. I would say the most useful for me has probably been Market Wizards, it is thrown around a lot when talking about books, but hearing successful traders talking about macro and psychological aspects really helped hammer home the importance of good risk management and best practice. Which has taken me from being a losing trader to a breakeven one, which is almost somehow more frustrating.

Was there ever an AHA learning moment for you?

For me the AHA moment was after reading Al Brooks and taking his video course. Learning about Trends, Trading ranges, reversals, etc. and calculating the probability of trades. The psychological aspects are important but a good trader makes a high probability play and lives with uncertainty of the outcome without getting emotional.

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  #12 (permalink)
 TheManWithNoPlan 
Chicago, Illinois
 
Experience: Intermediate
Platform: Tradingview, Tradestation
Broker: NinjaTrader
Trading: Futures, Options
 
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Posts: 28 since Mar 2022
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GoodTrading View Post
For me the AHA moment was after reading Al Brooks and taking his video course. Learning about Trends, Trading ranges, reversals, etc. and calculating the probability of trades. The psychological aspects are important but a good trader makes a high probability play and lives with uncertainty of the outcome without getting emotional.

Thank you, I have heard Al Brooks come up a lot, I might have to check out some of his books, I feel like I have a decent grasp on charting already having practiced it a lot for the past year at least the supply/demand, trendlines aspect etc. But the probability aspect sounds intriguing as that really is an area I think a lot of newer guys like myself probably struggle with the most. I find I lack confidence in my trades nearly all the time, leading to small profits and (thankfully now at least) small losses. Maybe my weakness is psychological or perhaps I just don't have enough confidence in the methods I have looked into. Ideally the methodology I land on would tell me likely scenarios but be simple enough to automate. Perhaps that is a lot to ask. What book would you recommend newer guys check out?

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  #13 (permalink)
GoodTrading
Loja, Ecuador
 
 
Posts: 36 since Jan 2022
Thanks: 21 given, 31 received



TheManWithNoPlan View Post
Thank you, I have heard Al Brooks come up a lot, I might have to check out some of his books, I feel like I have a decent grasp on charting already having practiced it a lot for the past year at least the supply/demand, trendlines aspect etc. But the probability aspect sounds intriguing as that really is an area I think a lot of newer guys like myself probably struggle with the most. I find I lack confidence in my trades nearly all the time, leading to small profits and (thankfully now at least) small losses. Maybe my weakness is psychological or perhaps I just don't have enough confidence in the methods I have looked into. Ideally the methodology I land on would tell me likely scenarios but be simple enough to automate. Perhaps that is a lot to ask. What book would you recommend newer guys check out?

As Al brook's likes to say, there is a positive or negative traders equation to every trade. Learning where to put your stop and when to take profits is important. Also, learning when to scale in and add to your position. No software that I'm aware of can do this. In his book Trading Price Action Trends, he said that he's spent 10,000 hours writing and testing indicators and systems and yet doesn't use them. But check out Al's three main books that have helped me immensely in futures, which are Trading Price Action Trends, Reversals and Trading ranges.

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  #14 (permalink)
 TheManWithNoPlan 
Chicago, Illinois
 
Experience: Intermediate
Platform: Tradingview, Tradestation
Broker: NinjaTrader
Trading: Futures, Options
 
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Posts: 28 since Mar 2022
Thanks: 21 given, 22 received


GoodTrading View Post
As Al brook's likes to say, there is a positive or negative traders equation to every trade. Learning where to put your stop and when to take profits is important. Also, learning when to scale in and add to your position. No software that I'm aware of can do this. In his book Trading Price Action Trends, he said that he's spent 10,000 hours writing and testing indicators and systems and yet doesn't use them. But check out Al's three main books that have helped me immensely in futures, which are Trading Price Action Trends, Reversals and Trading ranges.

Thank you I will definitely add them to my reading list, it has been quite the adjustment moving from a volatility based fundamental system in options to learning about daytrading futures lol, my previous system didn't even require directional bias so I honestly had no use for charting at all, it's a new world!

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  #15 (permalink)
GoodTrading
Loja, Ecuador
 
 
Posts: 36 since Jan 2022
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TheManWithNoPlan View Post
Thank you I will definitely add them to my reading list, it has been quite the adjustment moving from a volatility based fundamental system in options to learning about daytrading futures lol, my previous system didn't even require directional bias so I honestly had no use for charting at all, it's a new world!

I started in stock options as well and many of the concepts to trading futures successfully still apply. But when you're trading the ES and one point is $50 per contract then you have to be a bit more careful with your trades.

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  #16 (permalink)
 TheManWithNoPlan 
Chicago, Illinois
 
Experience: Intermediate
Platform: Tradingview, Tradestation
Broker: NinjaTrader
Trading: Futures, Options
 
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Posts: 28 since Mar 2022
Thanks: 21 given, 22 received


GoodTrading View Post
I started in stock options as well and many of the concepts to trading futures successfully still apply. But when you're trading the ES and one point is $50 per contract then you have to be a bit more careful with your trades.

Oh awesome, yeah I am glad there is some overlap, I plan on starting small with micros as I trade more, mostly I have just been dipping my toes in the water, as I iron out which broker I end up with (leaning towards ninjatrader now since TradeStation doesn't have a lot of the tools I plan on using such as the orderflow suite.) So much to learn lol.

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  #17 (permalink)
GoodTrading
Loja, Ecuador
 
 
Posts: 36 since Jan 2022
Thanks: 21 given, 31 received


TheManWithNoPlan View Post
Oh awesome, yeah I am glad there is some overlap, I plan on starting small with micros as I trade more, mostly I have just been dipping my toes in the water, as I iron out which broker I end up with (leaning towards ninjatrader now since TradeStation doesn't have a lot of the tools I plan on using such as the orderflow suite.) So much to learn lol.

I started with ninjatrader and Sierra Chart and went with Sierra Chart. It's the best software out there for orderflow, DOM, and chart customization in my opinion. I trade the Nasdaq micros (MNQ) rather than the S&P. Never used TradeStation before, so I can't comment but I would highly recommend giving Sierra Chart a try for a month.

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  #18 (permalink)
 TheManWithNoPlan 
Chicago, Illinois
 
Experience: Intermediate
Platform: Tradingview, Tradestation
Broker: NinjaTrader
Trading: Futures, Options
 
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Posts: 28 since Mar 2022
Thanks: 21 given, 22 received


GoodTrading View Post
I started with ninjatrader and Sierra Chart and went with Sierra Chart. It's the best software out there for orderflow, DOM, and chart customization in my opinion. I trade the Nasdaq micros (MNQ) rather than the S&P. Never used TradeStation before, so I can't comment but I would highly recommend giving Sierra Chart a try for a month.

Thank you for your guidance I will be sure to give their trial a spin as well!

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  #19 (permalink)
 Tymbeline 
Market Wizard
Leeds UK
 
Experience: Intermediate
Platform: TradingView
Broker: LCG, Oanda
Trading: ES, 6E, Cable
 
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Posts: 507 since Apr 2015
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GoodTrading View Post
For me the AHA moment was after reading Al Brooks

That's more or less true of me, as well.

I should perhaps also mention, though, that I found the good Dr. Brooks so difficult to read, the first time around, that an initial scenic detour around the published works of Bob Volman, Lance Beggs and some "older stuff" by Joe Ross, before returning to Al Brooks knowing quite a bit more, proved very helpful.

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  #20 (permalink)
GoodTrading
Loja, Ecuador
 
 
Posts: 36 since Jan 2022
Thanks: 21 given, 31 received



Tymbeline View Post
That's more or less true of me, as well.

I should perhaps also mention, though, that I found the good Dr. Brooks so difficult to read, the first time around, that an initial scenic detour around the published works of Bob Volman, Lance Beggs and some "older stuff" by Joe Ross, before returning to Al Brooks knowing quite a bit more, proved very helpful.

It was actually his online video course that helped me the most. I watched several hours of content a day and replayed old charts on Sierra Chart in 2-3x speed looking for the wedges, trends, reversals, etc. Once you understand how he speaks his books are much easier to read.

One other thing I thought I would share that I found very helpful, which Al Brooks also mentions, is to analyze the chart at the end of the day and see how you could have made better decisions. I always replay the the last few days at the end of the day.

Practice with a simulated account and put in the time trading historical charts trading off the DOM, footprint charts, 5 min, 2 min 1 min, Renko bars, TPO charts, etc. until you find what works best for you.

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