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I have been sim-trading the ES-Futures for more than a year now following the Price Action Trading System from Mack and have one problem which I wanted to address:
I trade from Europe, so the market opens at 3:30pm for me. At this time, I usually have university lessons or other stuff going on so I usually only get to trade on 2-3 days a week, and often only for 30-60 minutes or so. Since I am still new and learning, I always have the feeling that this is too little time to really sit down, concentrate and work on my skills. Also, this short time frame often leads to me not executing a trade in one week which gives me FOMO, the desire to overtrade the next week and so on...
My question: Is there any Future that compares to the ES that you can trade, say, from 8 to 10 am MET? I am using a 2000 tick chart for the e-mini. Or do you guys have any other suggestions for me, e.g. a platform where you can trade from your mobile phone?
Looking forward for answers!
Cheers
Can you help answer these questions from other members on NexusFi?
If you are practicing in SIM, it doesn't have to be live, does it? Can you practice in replay mode, instead?
I'm unfamiliar with Mack's method and speaking from my own experience here, but one of the things about price action trading is that the market's behavior will vary quite a bit throughout the day, week, and month, such that certain styles or setups will be more effective during, say, the morning session than during the lunchtime lull or vise versa. So hopping in for 30-60 minutes here or there whenever you have a small opening in your schedule might make it difficult to learn that nuance, which can leave large gaps in your observations. Sim-trading or reviewing full sessions in replay might provide a more wholistic - and effective - learning experience.
I trade the U.S. markets, mostly bonds, sometime equity indices, and also occasionally swing trade grains, metals, and energy products. A bit of a mish-mash. Time horizons vary from intraday to daily, and holding periods, depending on strategy, range from an hour or two to several days or even weeks on swing trades. I am not much a scalper, and I also limit my screen-time because I'm just not as effective when chained to my desk for 8+ hours a day.
I would focus on university fully when you are there and I really wouldn't trade off a mobile phone. Tradovate brokerage for instance has a mobile app which is great as a backup if one's main computer goes down while actively trading. Or to occasionally manage stops or take profit orders on longer term positions. But sitting in lectures and then putting trades on due to price alerts going off on your phone is unlikely to end well.
"You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade" - Gary Norden
Well, you don't need to trade the cash open, do you? I know people who deliberately stay out of the market for the 1st 60 minutes as it can be a very volatile period.
Personally, I focus on the first 90 minutes of the cash open and will usually call it a day if it's a good day after that.
In summary, you can trade the US markets well after the cash open, but if you prefer to trade in the morning - why not look into some European index like FTSE or maybe even the DAX?
