Hi Beth, first off you need to sim trade some more at least six month so you can understand the in and out of the market that you are trading. Then you need a good business plan that you can live with and to know your risk tolerance in any trade that you will be taken once you got these things down then you are ready to take a dip into a sea full of shark, but your rules will guide you if you stick to them.
The following user says Thank You to Lalo for this post:
Thanks Lalo for your kind suggestion and tips. I started sim-trading Futures (ES/YM) last summer with occasional real ones (last one on 5 Feb that prompted me to study and sim-trade more). I have my Trading Plan with specific rules in good order.
After months of intensive practice and learning, I finally fixed (I believe) my worst trading flaw. As a newbie (or even when I get more advanced), I should always have a predetermined SL without which I may lose a ranch (though I don't have one). Now I'm ready to dip my baby toe in esp mentally .. smile ..
Price currently trades around 1079.50 (outside yesterday's Value Area 1095.75-1103.25). If it stays below 1084.50, the two VPOCs will be Top @1084.50 and Low @1054.50. I will also pay attention to overnight High and Low which as at 9:10 am are:
Thanks to Big Mike's forecast! Today is a nice end to a nice week .. smile .. Yes, another Green morning LOL!
1. A- .. Minus because I was a little late in adjusting the second PT so that I might get out with 6-7 ticks and not getting SL at 3 ticks profit.
2. Preserve Precious Capital is an A again. As long as I have a predetermined SL (with or without BE/Trail) for my trade, I will always be an A trader. Agree? Sooo, I will have one goal starting next, ie rating the quality of the trades.
Initial Balance (IB): 1079.75 - 1088.00 (8.25 points) Value Area (VA) as at 10:40 am: 1081.50 - 1084.00 - 1086.50 (5 points)
Price opened @1081.00
Today's High and Low as at 10:40 am: 1088.00 and 1079.75
My Expectation: Consider its rotation behaviour in the past, I won't be surprised of its up or down rotation to extend the trading range to a 2-digit one .. smile ..
Remember I still have quota for an additional indicator to my chart?! I am glad to trip over a MP Value indicator that will plot the previous day's Value Area with which I will not need to manually plot a rectangular box .. haha ..
I may try to add a "Draw text" feature to the indicator so that HH/HL/LL/LH will be plotted in addition to the dots. If successful, I will be able to validate my text labels or simply use it to trade. I market replayed the indicators (incl the Relation one) last night. Seemed the dots (incl audio alerts) were quite prompt and no substantial lag.
Note: I will not add the indicator(s) or other(s) to my trading charts until 14 Jun since my 2 change quotas are filled (one last Mon and the second one this coming Mon).
The following user says Thank You to wgreenie for this post: