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I posted my results of actual trading here in a journal. I ran 1700 to 10k real money in a few weeks. I did this right after failing one of the get funded programs which I tried just to see what all the hoopla was about in this new get funded fake trading environment.
The reason I am telling you this is because I am a profitable trader. However I failed the prop trading because I did not follow their rules. However I quickly showed that I can trade real money on my terms very well and I did it all by scalping. Sure I looked at indicators charts s/r but those didn't make me money...it was me and my trading that made money.
There is truly no right or wrong way to do it.
There is no magic number for ma or ta or Sr or pivots it fits etc. Sometimes they work
And sometimes they don't work.
Position size is another variable and volatility and news etc.
This is what makes it fun. It's fluid it's dynamic. It's like hooking up with a new girl every week and learning her idiosyncrasies in order to win n get what you want! While competing against other alphas except it's for hard earned money!
You can see support n resistance on a Dom without a chart very easily! Just watch the price move. But charts give you a great birds eye view. The Dom is the microscope!
Anyway. Arguments about ma indicators price action stop loss etc are futile and a waste if time. Find what works for you!!! Seriously. It's a lonely game at times and you must figure it all out yourself for you. That's what's most amazing about trading imo
Can you help answer these questions from other members on NexusFi?
That's very impressive results! What is your basic strategy?
Persistence! Nothing in the world can take the place of persistence.
Talent will not ... nothing is more common than unsuccessful men with talent.
Genius will not ... Unrewarded genius is almost a proverb.
Education will not ... The world is full of educated derelicts.
Persistence and determination alone are omnipotent! Calvin Coolidge
I am little confused what you mean by trading order flow only.No matter what method of market analysis you use like volume spread ,delta,icbergs or order flow any of such market actions transpires finally into a certain price action.Market can only move in two directions up or down there is no third direction for the market.
Until you don't look at the market context how can you merely judge by order flow that at a particular point in time, the smart money is using a pump and dump strategy or pump and go.
So in my view price actions indicators are lagging and leading as well, depends what resources you have at your disposal.
I am trading futures since 2013 used all kind of order flow 3rd party tools there is no guarantee of consistancy with order flow only tools.
Trying every thing finally I came to the conclusion that price action based swing indicators are the best.
Market no matter what moves in certain swing patterns if you read the market context for last 8 to 12 hours you can easily figure out
what kind of price action is happening in the market on that particular moment in that particular instrument.
In my view trading is nothing but 99% is risk management. Until you don't develop a good risk management startegy no matter what tools you use order flow or price action indicators you will never get consistency.
If you use some good swing indicator with renko candles you can manage your risk very effectively.
In my view there is no absolute method of trading to be successful. It depends what kind of trading skills you develop and how good you mange your risk has more weightage than just using one or other kind of trading methodolgy using order flow or Price action indicators.
You would have seen in real world in different games some players are technically sound wile other not so technically sound and aggressive but still very successful.
If risk management is 99% then entry and execution would never matter. It's a very interesting concept to really think about what matters more the entry or the exit because If you have this 99% risk management then entry matters very little.
But even now..what about gain management or profit management.
As far as this thread being about indicators seems no one is talking about indicators where 90% if them are based on a moving average.
I use whatever I need to make it work which means to make money.
That's all you can do. Even after I started some truths about trading someone asked me what I do or how I do it or how I took 1700 to 10k. That's not at all that incredible when you think that the so fits and nasdaq futs have a 10k range almost weekly. I said I scalped those gains. I also said everyone needs to find out what works for them. I can show you what I did but you won't do it the same way. The mkt also might react differently to the same types of trades now versus back then.
You must always be adapting. Not tweaking on historical moves but tweaking for after lunch based on this mornings action. What is being done by execution firms for clients.
Take good guesses and have some luck and you might make some money. But you will need to trade trade and trade even more to begin to understand how the mkt works.
No way you can make 3 trades a day and ever figure out what's happening. I'm good at knowing what it's going to do in 20 seconds time not 20 minutes. But that's just me and age doesn't matter much in trading. I mean clicking a mouse or keyboard button isn't difficult.
Also humans vs machines. You aren't in a speed competition. The orders you place due to gtc orders placed by machines hours ahead of you..always put you near the end of the book. So you rarely will be filled quickly on priced limit orders.
So the notion of a human beating machines is silly. You don't have the capital to be on the book with 10 lots in icebergs layered across multiple highly positively correlated assets all at the same time to preserve your place in the fill line!
The machines just cancel these orders..thus moving the mkts by cancel. If limit sells are a wall against price moving higher then ..cancelling that 50 lot iceberg in the es will allow it to jump up a step! Where.. perhaps you are 1st in line again to fill! Hft and machines trade this way.
I think most aspiring traders should do way more critical thinking about the mkt on their own rather than scouring the internet for nuggets of knowledge. Teachers teach nuggets and athletes play and get experience. If you can't play then all the knowledge and coaching won't do you any good and beyond that there will be more highly skilled people already ahead of you. Aka freshman football vs senior varsity football.
It takes time energy and money real money to lose in a smart way if you want to learn how to trade. If this site and all the videos on YouTube are an indicator then I would venture to say that people today trying to trade want views and likes over money because having people like you or believe in you is more powerful than money to most people. Money sure you can buy people.. they will like you. But then u feel cheesy and used because your spending money..to be liked. Giving money away at random occasions feels good. To strangers because you figure you get mileage out of that person telling a friend or two And you think your helping in a positive way.
Anyway my point is that trading does not have a holy grail. There is no indicator that always works. There is no style that always works. If that was the case all the big firms would have fired everyone for already figuring it out. Again. It's common thinking sense. Why keep all data scientists employed if it's figured out!!
See they even struggle. Cheating struggling manipulating etc. It's all trading it's all in there.. stop searching n start trading.
Good luck.
There is one price action method that has been introduced by Rob Smith (@RITB), I think, anyway he goes by Rob-In-The-Black in Twitter, and his approach is
very logical and is working and I have tried myself and is working, BUT, because I do not want to stay all day watching my computer screen I use this approach on longer time frames, like Daily and up. For my options trading that's all I need, BUT it is working and that's all I care. Wishing you profitable trading.......
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You are absolutely CORRECT!. I trade my style too, although, is only options on stocks and futures. Long time ago I came to the conclusion to take THEIR money first and put it in my pocket and sit back and wait for "them" to come get it back.....if they get it back. What I do? SELLING option premium and having the capital to defend my positions. Sometimes the defense becomes expensive, BUT I manage to keep a great portion of the premium collected. You see, selling BOTH Calls and Puts you MAY need to defend one or the other, BUT never both, so always you keep a good portion of the premium collected originally.
You are absolutely CORRECT!. I trade my style too, although, is only options on stocks and futures. Long time ago I came to the conclusion to take THEIR money first and put it in my pocket and sit back and wait for "them" to come get it back.....if they get it back. What I do? SELLING option premium and having the capital to defend my positions. Sometimes the defense becomes expensive, BUT I manage to keep a great portion of the premium collected. You see, selling BOTH Calls and Puts you MAY need to defend one or the other, BUT never both, so always you keep a good portion of the premium collected originally.
I guess not every body understands what you mean with "Selling Put and Call". To give a little inside to this specific topic following some stuff to read for those which are not familiar with those kind of trading:
There are many more option strategies which work with both "Selling or buying call and put", this also with different amounts of options on both side like five calls and two puts and so on, then addding other legs with other derivatives, but this would then get to far in this thread.
