Here is an example of a trading screen (I actually use it on my laptop when travelling) showing that trading should be as simple as that of real Floor Traders’ watching price action and supply and demand (S/R) levels. However, we can use a few other goodies at our disposal to support and confirm our trading decisions. Included on the screen in the order of importance are:
1. Market Analyzer, showing how major instruments are doing, indicating if the general market is trending up, down, mix, leaders and lagers. Percent change shows strongest to weakest, all green-trend up, all red-trend down, otherwise mix or undecided. I only trade the strongest and the weakest. My primary indicator to watch is DAX performance during pre-market. Absent major news, others will follow on open or will eventually follow later after the opening settles down.
2. The 30M chart shows the general trend, opening range, trading zones, price levels, and pivots. No trade is placed without first consulting the 30M chart. This chart is based on US Equities RTH.
3. The 5M chart is essentially the same, except it is based on US Equities ETH. This chart is used for final decision and placing trades using chart trader.
4. The Level II prices for ES represents a general picture of the order flow and volatility, if it is flying I know the market is moving and can tell if trades are at bid, at ask, below or above.
5. There are a few indicators (most available on futures.io (formerly BMT)) that help timing of the entries but all trades are placed based on time of the day, market direction, price action, and S/R levels in the direction of the major trend.
6. The CPU Usage and Clock show computer performance and remind me of coffee breaks.
The screen seems a little crowded at first glance, but it is really not. Only price action and S/R are used for placing trades.
7. Money management is simple. Using one initial (catastrophic) stop and two targets, once the first target is taken the stop is moved to breakeven plus one tick, all done using ATM. After that, the stop is managed by trailing at minor pivots. At no time will allow to reach the initial stop.
This screen works and has been profitable for me. However, it does test my patience for getting into a trade and discipline when in a trade.