Rather than using a predetermined stop loss I have been using support and resistance as my stop loss. For example: I use Aneks SHME_Dynamick S/R indicators. If I am in an uptrend I wait for a pullback I wait for the first bar I see with a red dot under it. Then I wait for that bars high to be taken out by a bar with a higher high. The minute I see it has been taken out I buy and put my stop under the bar with the red dot IE Support. that is taken out by a bar with a higher high, I buy on that bar and put my stop under the bar with the red dot under it. I use a 450 tick chart on NQ. I do the opposite in a downtrend. It seems to work good and keeps your stop pretty small
AHG - Profitable Strategy for Struggling Traders
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Rather than using a predetermined stop loss I have been using support and resistance as my stop loss. For example: I use Aneks SHME_Dynamick S/R indicators. If I am in an uptrend I wait for a pullback I wait for the first bar I see with a red dot under it. Then I wait for that bars high to be taken out by a bar with a higher high. The minute I see it has been taken out I buy and put my stop under the bar with the red dot IE Support. that is taken out by a bar with a higher high, I buy on that bar and put my stop under the bar with the red dot under it. I use a 450 tick chart on NQ. I do the opposite in a downtrend. It seems to work good and keeps your stop pretty small
Greetings to all,
I discovered this thread about a week ago and have been reading voraciously trying to catch up (500+ pages).
If you guys who are sim trading would be so kind as to recommend a sim trading platform I would appreciate it. I have been trying thinkorswim and can,t even get it to draw a trend line consistently; and they have no volume based charts as far as i can tell. I thank you in advance and hope to contribute to this thread one day.
I discovered this thread about a week ago and have been reading voraciously trying to catch up (500+ pages).
If you guys who are sim trading would be so kind as to recommend a sim trading platform I would appreciate it. I have been trying thinkorswim and can,t even get it to draw a trend line consistently; and they have no volume based charts as far as i can tell. I thank you in advance and hope to contribute to this thread one day.
great trading...how in the world did you trade 1 NQ contract and make that much?..how many trades did you execute?
Agreed. Thanks.
Before this thread I had all the major indicators on my screen (Stochs, MACD, RSI, MA's). Was always trying to find a way to make these work. I also looked at ADV/DEC, $TICK, $TRIN. I had good days, but mostly bad days. A good day was if I made more than $100, but looking back it was mostly luck.
Now I have only candlesticks, manually drawn trendlines, and the Market Emotion indicator, which I have found to be very useful. Today I made $682 on the sim trading 1 NQ contract. Lately I am positive about 4 out of 5 days. Unfortunately the down day wipes out atleast one of my up days due to lack of discipline. I feel like I am getting much better at reading price action, I just need to work on my discipline. Once I can improve my discipline I will go live.
It would have taken me a whole heck of a lot longer to get where I am without this thread. Thanks Anek, and everyone else.
On a side note, it doesn't matter how long it takes you to double your account (that is a personal risk preference and dependant on trading account size). If you really wanted to judge a trader's ability, it would be how much, on average, of the daily range per contract can one achieve. Obviously this will be dependent on whether it's a range bound or a trend day, but it is a much better determinant. But in the end, it's all about being in the green
....great...how are you doing it in one day with 1 NQ contract?...how many trades?please give the simple #1-#5 things that helped you...
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