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typo in above post- i went short at 64.50 (not 64.40).
I would say concentrate on consistently being right, then the money comes later, start with a very low £ per trade as you are learning. A good start would be understanding the market structure and price action, you could pick up al brooks books, the main things I got from those books were to master identifying trends/channels/breakouts, and major higher lows and major lower highs. Combine that with timing of breakouts and buyer/seller positioning, you could use a combination of moving averages for timing. And learn to draw trendlines everywhere, and extrapolate trendlines, these trendlines can be the channels/trendlines as in al brooks books, but also they are "obstructions" which are blockades on your target profit, the trend you are countering will have various trendlines coming out of them (when not to trade the position). Also be sure you are trading the correct timeframe for the position at that moment in time. If there is a lot of sideways action on 5min chart, then this might transform into a "15min" position , this means when a breakout level then breaks, you need closes at the 15min timeframe now not the 5min, this also determines a potentially different major Higherlow/lower high (most of the time the same, as the timeframes are not too far apart). This is scaleable, so if too many bars on 15min timeframe, trade the 1hr. However, I would personally stick to my timeframe of choice and just find another market to trade where my criteria's are met.
thanks a ton for your response @tormaster, you answered my unasked question too. I have been considering buying AL Brooks course (I read lot of reviews saying the course is easier than the books and I prefer videos over books ).
I now have +1 in favour of going for it, not 100% sure when though.
Thanks again, I will be active to learn from this forum too
Thats incredible. I can only imagine what success must feel like. I am a beginner trader trading micro ES. I look forward to the day I can rack up daily and weekly consistent trades. I look forward to reading more of your thoughts.
I will go through all companies in the ftse 100, nikkei 225, tech 100, Dow jones, depending on which stock market I want to look screen for positions. I will have a quick look around 2-3 seconds for each company, that's enough for me to highlight if it has my setup ready in the near future, then i add those to a watchlist, from there i will dig deeper and do more analysis on each stock which will take much longer. Example screening nikkei 225 before the open tonight, 20 made it to the first stage, and 2 made it to the final stage. 1 of the positions reached it's target profit too fast at the open, so i did not trade it. So I only traded 1 in the end.
an hour or so before the close of the US exchange, I took profit at 63.06, moved enough before the close, so im happy with that, i do still believe it will go at least a little lower on the open tomorrow.
I prefer to have 1 position on at a time, so I have more bullets in the chamber for the japan market tonight,.
Good choice to take the profit of Xcel yesterday, why wait a day for just a few points when you can take majority.
However, I have kept an overnight position in Tosoh Corp., I sometimes only take an initial half position, and use the other half to buy/sell on a 50% pullback so i have a better average. As i sold a full position I wouldn't do that with Tosoh. The problem I see with Tosoh is, exactly what I stated few posts ago, I move to a higher timeframe if there are too many sideway bars, Tosoh I believe should have really been a 15min position. oh well, I have 3 other potential japanese trades coming in the open tonight. I will only take 1 as the other 2 may not break my turning point.
