Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Today was a Red Day for me as jumping between markets proved to be my downfall. But it truly stems from risk avoidance. Thinking there is a magic market where I can risk less but still capture the same amount of upside. The reality is that is just not the case.
Positives
1. Risk per trade is well below my threshold
2. I am cutting losing trades without going on tilt
3.I am making price action executions without concern of the outcome
Negatives
1. I want to get the volatility of the Nasdaq on wins but not on losses
2.Added unnecessary indicators today
3. Boredom trading and risk avoidance were common today
Today was a red day I did go green in my funded topstep so closer to my payout on that one. But I really need to accept some realities that losses are unavoidable and the nasdaq fits my short term scalping desires the best.
Hope everyone had a great trading week. June 7 End of Day report
The Nasdaq Just Moves so fast haha I am still trying to figure out which Index is most suitable for me. I will look into YM Dow Futures over the weekend
After back testing for a some hours and determining what it is I want to accomplish with trading the Nasdaq futures get me to that goal. I will be executing on a 1 Minute chart and have a 5 Minute chart up for intraday context. I will go down to the micros for my 1 Minute chart and have a Nasdaq mini 5 Minute chart up as well as a DOM from topstepx for my funded accounts on that platform.
I will keep posting my entries and exits as close to real time as possible. Hope everyone has a great weekend! Market Layout
Save yourself the grief and throw away the 1 minute chart. You don't need it.
You can identify this move using a combination of the 4HR, 1HR, 15min and 5min. You'll want to start learning price action. Identify important levels being created. See the wicks on the 1HR? Make use of trendlines. You can identify a nice trend on the 5min from noon to 2pm, see it? Try to draw a solid channel. You may have to go out to a 15 min for that, maybe a 1HR or 4HR. But can you identify a channel on the 5min? Not really until maybe the breakout... Otherwise it's going sideways. Don't try to sell tops and buy bottoms. It's not worth your time. Extend your horizons, get rid of 1min, will only drive you insane. I should know
I like the "naked" approach and the zoomed out chart view. the only thing i personally would change trading the MNQ is to go from 1 to 5 minutes or 2000 ticks and add a 50 period ema to the chart as a "line in the sand".
Before you start trading, add some important higher timeframe (1h, 4h, d1) levels to your chart.
And i would recommend to trade your setup at least for two weeks (the longer the better) before you change anything.
Otherwise you will end up with a mess of different chart setups and instruments.
All the best,
Mike
I never lose. I either win or learn. Nelson Mandela