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Exactly, you are on the right track... like any business owner, doctor, lawyer... you never stop studying, expanding your mind... keep going and don't get discouraged, regardless of drawdowns or whatever... consistency year after year will make you independent of everything and everyone... wish I had started much younger... really jealous here.
I initially traded extreme volatility like the Russell and the NASDAQ, being totally enamored with the potential fast profits and extreme ranges... but then came to the realization that mathematically speaking, I had to begin trading MASSIVE LIQUIDITY and for a very limited number of hours per day unless it was a trend day or double distribution trend day... so... ES and CL for me only.
Market Profile including multi day relationships Pivots
ADR 5 & 10
Fib
Time Cycles
EMA 8 T-Line, EMA 34 SMA 20, 50, 200
Fundamentals/Econ Reports but only how trader sentiment reacts to it, not the news itself.
And finally UniRenko as a Noise-Free Trigger and Sideways Market detection tool
Take conservative profits 1-3 times during the morning session (again, unless trending) seeking only sure fire profits from 80-90% probability trades... NEVER WORRYING OR FRETTING ABOUT HOW MUCH IT MOVED OR HOW MUCH YOU COULD HAVE MADE.
Multiply and Compound that profit over the long haul 4-5 days/wk...
I am expecting MASSIVE WEALTH as a THREE PERCENT-er as a result.
And the answer to your inevitable question about "Why Liquidity"?.. because:
In order to become IBM, as a small company... an Apple, an Amazon, one must first BEHAVE like one of those companies.
In order to become a 100 CONTRACT at a time trader you must first BEHAVE like one and become an absolute expert in the instruments that you must trade in order to trade those kinds of trades... that kind of volume...
... and therefore you are talking about ES and CL.
I'm from Canada and been a student of trading for quite a while. I started way back about 25+ yrs ago trading 1,2,3 top and bottoms trading futures when you had to update your paper daily charts from newspaper financials. Anyway have blown small accts numerous times and slightly bigger accts as well. I've gone many many years without trading but I somehow always get drawn back into trading.
Anyway a few years ago, I decided to give it a solid go again focussing big time on education and practice sim trading until I get consistently profitable. I am almost there. Now instead of swing trading off the daily/weekly as an anchor, I am focussing on scalping-day trading on a tick chart.
I focus on CL, sometimes trading the London session at 4am EST looking for a few quick scalps, but mostly from 8am until about 11am or noon. I have ES and NQ charts nearby in case the CL is choppy with no real trend. I use Tick charts 233T during NY session, with a 610T higher time as an anchor chart. I also have the 5min & 15 min chart to see the longer term trend. I have a pretty clean chart with the 8, 34, 89 and 200 ema's, using the 34 to really define the trend direction and using the 8 ema as a trigger line. In other words, I an a momentum trend following trader that looks for longs when price closes above the 8 ema, the 8 being over the 34, which is over the 89 etc. I basically avoid counter trend trades at the moment focussing primarily on the 34 ema bounce in the trend direction. I have yesterday's and todays Hi&Lo's on the chart, as well as pivots PP, R1,2,3, S1,2,3 and additional round number pivots for CL. I also mark my chart with key times for market turns. Mostly focus on price action however I have a sensitive Macd set-up for divergence info and double scholastic short term/long term as a cycle indicator/ for sling shots.
I have everything set-up on NT8, however I also have Think or Swim (for Stocks). I missed the July journal challenge however I may jump in the next one.
Other than trading I'm married with 2 kids, work in auto parts manufacturing, play with RC stuff and my motorcycles.
My first post here. I am new to futures. I have been a stocks only guy and have been avoiding futures because of my fear of leverage. I hear people blow up much more easily in futures than in stocks because of the leverage. I cannot afford to have blow-ups because I have responsibilities as a father and as a son. Hence, my cowardly stubbornness to stick to stocks in the past. Today, I have decided to tip-toe into futures and to avoid blow-ups, I seek to learn from the more experienced elite futures traders here.
Please do be patient with my future posts if they sound too trivial to the experienced players here.
Just stumbled across the site and it looks like a wealth of info, looking forward to digging into it!
I've been a trader for about 6 years.
I've been an options trader for about 4 years.
I've been a PROFITABLE options trader for just over 1 year, haha.
I'm looking to expand into futures day trading to generate income and supplement my longer term options strategies. This time i'd like to avoid the learning curve, frustration and heartache by utilizing the backtesting tools available.
The idea of running an algo/script has always appealed to me since it will not get emotional and sticks to the mechanics that are tested. Unfortunately, I have no coding experience and look to find resources to help with getting a script in place that I can test and tweak.
I am retiring from the US Navy this year (late 2017) and taking a break from my Merchant Mariner career. I was introduced to futures by Ken Roberts course way back but felt it too risky. Trading now has positively evolved so much that I feel it's time to start my final career.
I have been following the ES on investing.com for over a year now; I plan on starting AL brooks course and use Ninja trader within a couple of months. I have already spent countless hours in self research and study. My intentions are to treat trading as a full time job: 5-8 hours course study daily, then Ninja sim. I'll only use one contract untill I can be consistently profortable and confident; my daily goal is to net $100. I know with this structured frame of mind good old uncle sam gave me, I will accomplish that goal and more. Any comments or suggestions are appreciated. Looking to become that elite member within a week. Thanks Mike for this incredible communtiy. Happy trading!
David
Ruskin, FLhttps://nexusfi.com/images/smilies/smile.gif
My suggestion is to use You Tube to learn about any platform, and anything on forex, stocks, options, futures, etc. I am in a group with some traders who have paid thousands of dollars to learn trading, to stay at same level. Most dont work and are very expensive with smart ways to trick new comers. Take my advice. I am also a veteran and do program in several languages for several platforms technical indicators. After you feel prepared, then open an account with just $1,000.00 with places such as AMP futures that allow small accounts so you can trade live but with little risk. Add more money later on. Also, the platform thinkorswim, is free, even if you dont trade. Just open a small account to use the platform. You can use paper money in almost any platform and brokers. I hope this helps.
