I haven't had time to check out all the journals, but do you know of other traders who are consistently profitable on either sim or real money? Ones who post their p/l & trades daily? I'd like to follow some of them.
I don't get out much So I really don't read other forums and don't read other blogs. There are a lot of traders out there to learn from, and really you can learn a lot regardless of whether or not they are profitable. Obviously if they are profitable it helps you to pay closer attention, but people that are losing their ass might have great advice and great methods, and simply a very poor handle on the psychology aspect.
I follow Dr. Brett, who unfortunately has recently decided to stop posting, I follow Gary CL Assassin but mainly because we are life-long friends and trading buddies, and I have a lot of respect for many traders here on futures.io (formerly BMT) who have taught me a lot. I don't place emphasis on whether or not they are profitable in deciding if I can learn from them.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
If you want to support our community, become an Elite Member.
The following user says Thank You to Big Mike for this post:
Hey very cool video ..... I was wondering .... I find the POT very cool because of its simplicity ....
Do you think it would be useful to split it into pace of trades at Ask VS at Bid ......as you are trying to find the reversal from short term trend , if this one is let's say down, it might be useful to see the POT at Bid ......
This could be the perfect marriage between the POT and the Gom Ladder as the latter being extremely rich in info, requires too much focus to follow during an entire day ( information overflow;-)
You know what you know but you do not know what you do not know.
You do not see things how they are, you see things how you are.
In life you do what you want but you do not want what you want.
The following user says Thank You to gabga100 for this post:
It's a good idea to have POT for bid & ask. I will see if I can do it. However I'm not sure it'll be useful. From what I see in the volume ladder, using short as an example - sellers will exhaust themselves and then you may or may not have aggressive buying. And sometimes price will stop moving down from a lack of sellers instead of exhaustion. And sometimes it stops moving down because of aggressive buyers. So there are multiple scenarios for the reversal. I'm not sure it matters about bid or ask but I must program it to find out!
For the ladder, I make it a point of looking at it ONLY when I have a setup on the "big picture". Once I enter I don't look at it again unless I want to scale in. In the past I have fallen into the trap of watching it and overtraded, getting into positions that had no chance for a big move. So now I avoid doing that. For me it's purely a timing technique. Others may use it for exits too.
I'm going to try to do pre-market analysis for ES and tell the market profile levels I'm watching, explain the cycles and the trade setups I'm looking for. If there is enough interest I'll try to do it every day a few hours before the open. So let me know if you like it. If you're interested I suggest subscribing on the blog since you'll wait to see it before the open.
Cunparis, I noticed you changed your fav instruments to includes ES. I thought you were a big 6E fan. I'm just experimenting with ZN and GC right now. What do you like about ES. Is it the huge volume for the market delta you are focusing on, ideal trading hours, the cycles it follows, I think I may be answering this question?
Well, I need to add an instrument or two to my desk so trying to get some ideas why people like the instruments they trade. Ideally I'm looking for the perfect something I can put beside 6E as a nice counter. I find nothing worse for inducing mistakes than watching a sideways chop with two hands on the wheel and wanting to trade...
The following user says Thank You to syxforex for this post:
Good question. I changed to ES because I have the most experience trading it, and my tools work better with higher liquidity instruments. My goal is just a couple points per day and then when consistent build up size. Also FESX is very similar to ES so it's easy for me to trade FESX in the morning and ES in the afternoon. And ES I can use breadth data such as TICK, TRIN, etc. I feel those give me an extra edge.
6E is an excellent market and if I added a second it would be Euro. Euro is more volatile than ES but less than CL. Has great moves. And I could trade it morning & afternoon. One instrument. But first I want to master ES and if I master ES then I probably won't need Euro.
As for adding an instrument. In the past i've traded multiple instruments and in the end I find it's better to trade one. Just one good trade per day is enough so trading two is a distraction to me. If you're successful on 6E why not just increase size? If you're not successful then adding a second probably won't improve things.