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)
Hello out there 1 month old newbie on the ES looking for rec on indicators to recognize set ups for daily trading. I can't sit back any more after losing a decade of retirement from my 403b ! My goal is to get a few hundred a week to build a roth that will eventually be able to trade 2 or 3 contracts at a time . Then I might be able to semi retire ,help kids ,grandkids etc.
Can you help answer these questions from other members on NexusFi?
Correction: there are many indicators that work but that's usually our interpretation that fails
P.S. market profile tool is a great indicator used by many professional traders just as the footprint is another tool that can help you very much. I personnaly use classic indicators like the MACD, Triggerlines, Keltner channel and they all work great together.
whatever you come up with make sure you fully understand it and can paper trade/demo it successfully before putting money on the line. I heard it said somewhere that it takes about 10,000 hours of screen time to be sucessful...and it seems like it took me about that much. When the point comes when you do trade real money, start out small and work your way up. TRUST me on this.
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
Kctpac,
What attracted you to trading the ES contract just out of curiosity? Do you have experience in trading futures? How did you lose a decade of retirement?
Sorry for all the questions. I just want to help steer you in the right direction.
Listen, the best advice I can give you is to study and learn the market dynamic's. This will take a lot of screen time, that will depend on you how long that will take. IMO, indicators are useless simply because they are lagging and they don't help you learn and understand price action. Secondly, 95% of trading is emotional control ie; Psychologically!!! You can understand the market dynamics very well and if you can't control your emotions you will never ever succeed. This can be accomplished by starting a trade journal that includes your reason for entering and exiting a trade and your thoughts and feelings. Then often go back and read your journal. This process will help you understand your strengths and weaknesses. All this will not happen overnight, it will take some work, dedication, patience and sacrifice.
2. I don’t need to know what is going to happen next in order to make money.
3. There is a random distribution between wins and losses for any given set of variables that define an edge.
4. An edge is nothing more than an indication of a higher probability of one thing happening over another.
5. Every moment in the market is unique.
Keep in mind that my potential to experience emotionalpain comes from the way I define and interpret the information I am exposed to. When I adopt these five truths, my expectations will always be in line with the psychological realities of the market environment.
and the point i am making is
my potential to experience emotional pain comes from the way I define and interpret the information I am exposed to