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I'm not promoting this guy but,,,I follow ftseman (he's on youtube). He uses no indicators, okay maybe a couple fibs, POC, and VWAP but 99% pitch forks and other forms of geometry. He just reads price action. He's a 20 year pro.
Take some time off, decompress, re-evaluate your situation and study a proven method. Hope this helps man.
While not easy to swallow....some real stuff you wrote and i am sure you are not the only one going through this.
As a broker I have been able to observe MANY traders. The brutal truth is that very few make and even fewer make it consistently but the dream is there for the the select few who do make it....(personal opinion)
I can probably write about this topic for much more time than I have BUT here are a few pointers for thought and I will be more than happy to chat on the phone if interested:
I dont think anyone can crack the code. You may be able master enough skills and experience to bite a small piece which will be enough
I would consider getting a job that still allows me to trade certain periods but will provide income and take off some pressure.
If you have confidence in your method, than try to perfect it, maybe use range bar charts rather than 5 minutes? use 18 or 23 ticks range bar charts with the same indicators you are using and see if that provides more clarity?
I can share a few more indicators/ tips but dont want to violate futures.io rules, so feel free to PM me and regardless I respect what you wrote and trying to do.
PM with any questions about Cannon Trading (800) 454-9572 (310) 859-9572. Trading commodity futures, forex and options involves substantial risk of loss. The recommendations contained in this post are of opinion only and do not guarantee any profits. These are risky markets and only risk capital should be used. Past performance is not necessarily indicative of future results.
Hi! I am new writing messages, but I hope you will receive it. I am learning to trade with Wyckoff method and it is awesome. You will have to read a lo the and maybe spend some money in courses but it will pay off. Look for the Wyckoff institute, a new course is starting in September.
Regards,
Guillermina
If you interested in my symmetrical price levels strategy for CL NQ and ES mail me or send PM
and I will share my charts with you on tradingview for CL , whole set from M to 4min.
Charts for ES are ONLY good on Sierrachart(i didn’t found better anyway) ,same NQ on sierra.
RSI-w and SMA 21 only indicators in use.
Greets.
mkklyk
FWIW I think most of us have been there (myself included). It may help to listen to some chat with traders and/or revisit the Market Wizards series. Those aren't just stories, they are real life and this career mostly beats the crap out of you and makes you fail more miserably than just about anything ever will.
So its perfectly fine to go back to a day-gig. No one in the system will have a clue what your going through anyways so you'll get that needed break to regroup mentally. Screw anyone else with a snarky or misinformed opinion. They never have skin in the game and certainly don't have what it takes to fail into success.
Get a job, clear the mind before you gift away any more capital and become worthy (furthering your learning and testing) because you are.
Don't forget to come back and update everyone on your journey. It will be really cool to see your outcome and hopefully encourage other traders in the future with the same obstacles.
thanks for your post. not knowing how you trade I will give you some ideas. there are probably a couple of things you could address at this point.
one thing comes to mind is your endless search for indicators and strategies. I would focus more on plays, setups, and having a playbook in general of trades that you consistently profit from. looks like your 5 min one could be a starter. keeping a journal is important because you could go back and check which ones your good at and stay away from the ones that your not. I would bet money that your losers are probably the same setups over and over.
you could also start looking at risk management and finding ways to improve it specifically. if youre taking small winners compared to your losers, that is never going to work out in the end. losses need to be small, NO MATTER WHAT. if your trading your own money you need to have STRICT rules on how much your risking compared to how much you have and the probability that your going to reach your target.
if you plot out all your trades over a year, its going to look like a chart with ups and downs. when your in a down phase, risk less and when your in an up phase risk more. this is KEY to making the big money. professional traders make their money in few trades and not every trade. when your in a draw down or see it developing, instead of revenge trading to get your money back, switch to sim or risk less until you start to see the trades happening again.
taking profit is never taught by anybody and is important. I would not take out more than 30% of your account value. building your account is priority.
another tip i learned from a hedge fund trader, is keep a bunch of sudokus, you can do those until you see your setup!
I'm not sure if I'm the best with advice but this is just a word of encouragement when you aren't as emotional, follow the footsteps of others who have made it. Don't try to recreate. Follow a plan that you can withstand losing consecutively for a week even and still be okay. Maybe read a few journals to see what you can learn from them. Use ticks instead of $ to calculate how you are winning and losing.
Your issue is just money/risk management. Your systems obviously work as they have made you money. However when you start losing big chunks of your profits thats almost always a money/risk management issue. You need to have tighter stops so as not to blow out your account. Losing trades should not be an issue. Just the cost of doing business. Focus on reducing the size of your losses and not so much the number of losses. Losses will always come. But with proper risk management you should not blow out your accounts. Do some research on the “Risk Of Ruin formula for trading”. There are also Risk of Ruin calculators that can help you calculate how much you should risk per trade so as not to blow out your account. The value changes with each win/loss so the calculation should be made before each trade.
been trading for 10 yrs . I have the luxury that i have a small business that i can come and go . I have tried full time trading 3 times and failed mostly by over trading . I made $120k one year trading and working . I tried full time after that and lost$60K in 6 months (over trading ). The dream of trading fulltime on the beach travelling the world is bullshit . I have realised you need a steady income and trading will be less pressure . Like to day every thing was in a range and i didnt trade .i did my regular work and still made money . Uf i had traded in that chop i would lost most likely .