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There are sooo many good responses to this thread. To boot, I would not call myself a success either. However, I can sympathize.
I will say that in futures keeping it small was, in the past hard to do. yeah, there's the miro/minis...whichever, the new cheaper big 4. That's a good start if you're a heavy index trader.
I guess my whole point here is to look for small margins. AD/ HG!/ TY...things like that give also give you more opportunities.
Overall, find the smaller margins and go up on the time frame. Do not play tiddlewinks. Use the higher TFs ...ie...120/240/360 (Nice Trend Breaks) and the 720 is sneaky. Always keep open/mark off the MWD. Know where you are.
That and change your handle from Trigger Happy to some kinda turtle.
Patience to get in / Patience to get out.
Most say if you want to make it as a trader, treat it as a full time job.
BUT,
Every other job you learn, practice perform and get paid.
Even if become self employee, contractor or advisor, you get paid for what you do.
Not in trading.
You learn, practice, perform and many times lost money.
Why?
Because trading is NOT a job. It is art. Art of combine knowledge, psychology, self control, pattern recognition, understanding of economics, world events and such.
Good luck.
Gale is right - David Weis is a good source for Wyckoff information.
Two other "By-The-Wyckoff-Method" websites are...
tradingpsychologyedge.com, hosted by Gary Dayton, and
Tradeguider.com. hosted by Gavin Holmes.
Gavin Holmes has a large visibility on YouTube. By watching his videos with 'educational' titles, you can begin to learn about the Wyckoff Method.
Both Gary Dayton and David Weis have visibility on YouTube - Tradeguider seems to have the most videos out there.
Weis has a special piece of software known as Weis Waves. It only works on certain, specific trading platforms, but may help if one needs to become that specific in their Wyckoff journey.
I took the last week off with no trading. This week I started a Sim account and started trading off that but instead of my usually 5 min chart, I moved over to range and tick chart. Monday I broke even, Tuesday was an emergency for me, and so far today I'm up about $200.
I will keep you all posted weekly for the time being and If I create a journal I will post the link here too.
Like I said already - you seem to be experimenting and finding your way. I think all that should be out of the way before you trade with live money. But seems like you're trading in simulator now, so all good I guess.
Also - learning by trading/following a live market can be very inefficient use of your time. In a full 6-8 hour day, you can cover a LOT of ground backtesting/checking stuff manually. Of course, eventually, you'll need to follow the market live, but in developing your methodology, I think time away from the market can be just as fruitful.
That a boy. Keep it consistent. Capital preservation = Capital gain. The only things you can control is size and price. So, your risk is something that you can control. If you learn to keep your losses small, you will eventually make money.
This was the profit from last week on a SIM account. The reason I changed to Range and Tick bars is because it made things more easy for me to read.
I think the problem with me was as the markets changed hitting highs for SP and oil reaching 60s. My trading was so-called broken. I never traded with a journal since I had it all with Trade Station, been crashing recently. Making the change to tick and range bar made it a lot easier to read price action. With is how it all started for me. So I adjusted my trading rules by making the loss smaller and drawing on the chart more. MAY have been a game-changer for me.
I'm not saying I made it.
I am saying this MAY have solved my issues. Before I was stuck on 5 min as my trading rules were on 5 mins.
I will keep you all posted, this is just a SIM account so I will still be messing with my rules and see what I get.
1. Your percentage profitability is greater than 40%
2. Your average winning trade is greater than your average losing trade
If you can consistently maintain those metrics or even improve them over time, you will be profitable. if you have a profitability factor of over 50% and a reward to risk ratio of 1.5:1, your probability of profit is to your advantage. You take 2 trades knowing how much you risk losing but if you hit your target in 1 of those trades you're still profitable. Make a playbook of trades you like to make and track these numbers on the trades. You will start to see which trades you can risk more and risk less knowing these probabilities are in your favor or not. Its like sports, know your strengths by keeping track of your performance metrics.