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Be encouraged VT most traders start out with a bang and end with a fizzle. Welcome. I must add that working out your strategy on a simulator is very smart. :)

definitely, learn about technical analysis. There are so many TA books out there. Be able to read basic chart patterns, then ... maybe you'll last another month.

I have used quote.com, futuresource, esignal and atfinancial. It comes down to reliability of the data provider.

... and then papertrade, and then read some books on trading, and then change software, and then upgrade your computer, and then try a new trading software, and then pray, ... , then maybe you'll last another month.

Trading is war and trading is art, all at the same time. All I can say is papertrade, then simulate, then papertrade, then simulate, ..., then maybe you'll last a month. :p

I think the broker is PFG, software PFGBest. great for practicing your technique.

Try a simulated brokerage account, because it doesn't sound as if you have enough money to trade.

quote from bungrider : This my friends is another drawback to daytrading. As we get so involved in the micro moves of the market we lose focus on where the current market price is ... relative to the overall trend.:cool:

I would recommend that you risk no more than 1% of your account equity for your initial stop. The place where you put your stop should have some relevance to overall direction of your trade. In other words, if you get long ... your stop should be under support areas.

quote from NihabaAshi : That's exactly what I do also. I also use bollinger bands. I don't necessarily need +1000 or -1000 tick readings. However I'm not looking for divergences, patterns etc. When the rubber band is stretched too far, somethings got to give.

quote from dstod : Which version of which model do you question??? If a system doesn't work for you, don't trade it. Find something that works for you. It's possible that you can be consistently successful with the trading system that's right for you.

quote by NihabaAshi : When you try to interpret price patterns you begin to think that you can "predict" prices. Prediction is a no-no. Just take what the market gives you. You'll notice in the 1 min. tick chart that there was a pullback everytime the tick reading was >+1000. That...

Since when is trading ever risk free? If there's a possibility of profits, then there's a possibility of losses. Thus, you have risk! :)

Friday : Tick > +1000 : sold ES short, +2 points Friday : Tick > +1000 : sold ES short, +3 points Monday no tick readings > +1000 Tuesday : Tick > +1000 : sold ES short, +1.5 points Tuesday : Tick > +1000 : sold ES short, +2.25 points Tuesday : Tick > +1000 : sold ES short, -2.0...

quote from howellpar: Yes and for that I prefer to trade index vs index. Keeping it simple! Who wants to stay up all night looking for pairs that have correlations that may or may not be reliable in the near future?

quote from nyse_trader: Sure it does trend but not like the es/nq spread. I've also experimented with a "spread" strategy that included more hedging than anything. After all if I buy dow stocks and sell dow futures, am I spreading, hedging or arbitraging? Hmm. The separation lines...

I find that the ym side of the spread is most liquid during fast market conditions, thus giving a better chance to get the spread price desired.

I like the S&P 500 and Dow spread using the futures conracts ES and YM. Their not quite one to one but their relationship is tradeable. It is an interexchange pair trade. Are there any others that trade this spread ?

Which brings up another fallacy in the world of daytrading. Many discount brokers give their clients a "daytrading margin". This give the impression that it takes less money to daytrade than it does to position trade. Many a novice trader will take the bait and overtrade, thus blowing...

Getting back to the subject ... daytrading has many forms. There are those who daytrade just for the action, experimenting with several different strategies. Such an one was I. After many months of losing I found something that worked. Herein lies a major drawback ... finding the right...