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)
Hi,
I got into daytrading about 6 months ago. I am not doing very well. I met a mentor who is teaching me to trade like wall street professionals, but the method is not working well for me.
Is it true that good traders never use indicators or systems? Do professional traders only use levels to trade? i.e. session high, session low, pivot high, pivot low and then place a futures order one tick above or below one of those highs or lows. For example, if it is a session high, then I would place a buy stop one tick about the line of the session high?
This is the method that I am being taught. My mentor says this is the only way the pros trade.
If there is a pro that trades like that, then he/she is aware of the condition of the market and is smart enough to know when you should be trading for chop instead of breakouts. At every line the market can effectively go two directions. You must place your trades accordingly.
Or your mentor could be like the post above said...could be true...have you seen his financials with trade reports?
I thought we've heard independent floor day traders aren't doing as well by their old methods anymore. That's why some have to resort to "educational" businesses. ex: Larry Levin's tradingadvantage. His "team" or someone flooded trade2win's review thread on tradingadvantage.com with like 300 spam first time members' "testimonials". The option market makers physically on the CBOE floor are still active because they're trading the spreads...against retail traders. "Doc" Najarian was one of the first to co-start a HFT firm. He used to be on the CBOE floor, now he's on CNBC on "fast money" a lot.
please god, i hope you haven't given him a bunch of money yet.
i got into trading about six months ago myself and thought i found an answer man mentor who just traded price action with no indicators.....or at least not with any FREE indicators.....well 3900 dollars later and even more in lost money and here i am.
the 50 dollars i spent to get access to the elite section of this website is the best money i've ever spent. the people in here are just like you only in various stages of experience from total noobs asking the same question we
ask to full traders who have been where we have been and are now successfully navigating the markets to good and even great levels.
so to make a short story long...don't spend any more money on the gurus with black boxes...spend 50 bucks one time on futures.io (formerly BMT) (lifetime non expiring) and get that yellow tag on your name.
p.s. go to the thread "webinar-gabinar" and join him in his webinar tomorrow morning, you'll learn more there than with ten gurus
Linda Bradford Raschke is a educator, she appears on TV, Money Show, Traders Expo etc... She was a floor trader at Pacific Stock Exchange and at Philadelphia Stock Exchange. Ask her how many S&P contracts she traders from the screen; she is genuine.
My ex mentor was head trader at the exchange, he also appears on TV Bloomberg, CNBC etc... He trades exclusive from the screen at this days, ask him how many fx lots he trades every day.
And I could name many others, just because they are ex-floor traders, have educational programs and appears on TV does not mean they are not genuine
I think that is much more true than the use of 90% of the indicators you'll see on the forum. I don't think you'll see too many big traders using all kinds of oscillators and moving averages, and variations of the same basic histogram type indicators.
I believe far more use just basic price levels (call them pivots, call them weekly high/low, call them trendlines, call them profiles, whatever). I think professionals also tend to pay attention to the Point of Control, Value Area, and some of them also often use the VWAP.
I don't think you'll see a pro trader saying "OK, I go long when this goes from red to green" or "I'll go long, when this panel 42 indicator crosses the zero line, along with these four moving averages doing xyz, and this background color equaling blue, on my 42 UltraTrickRenkoChart chart type chart."
Larger professional traders are also looking at daily charts much more so than they are looking at tiny range charts.
Formulas does not exist, the holy grail does not exist, there is no right way or correct way; You will need to find your own way.
Unfortunately you will need to find what works for you. Fortunately there are few people in this business who could help you achieve your goals, very few people and they are rare; Just do not expect for a free lunch...
Yea,
I think its a pretty good method of trading, but I do not think its the only method that i need to stick with because i am losing ALOT of money with these "high prob" trades. They only yield about 5 ticks max most of the time because I was taught to kind of "get out" as soon as you see a profit.
The problem that I see with this method is that every time the market breaks through that lower low or higher high, it stalls out and comes right back down. It comes right back down or up (depending) right after it breaks through those levels. I am all for floor trading, but there must be a safer way.