Choosing a trading method/system

Quote from imorgan:

I am a CPA beginning the journey of trying to become a daytrader.
My question for those that are currently trading futures with real money is, "How does someone that is a newbie go about selecting a method/strategy to begin simulated trading?"

My best guess is to just go with the usual indicators (MACD, Bollinger, Candlesticks) to determine a probable trend formation and try to ride the trend with a stop a few ticks below my entry point in order to minimize losses.

In reading these forums, I have found lots of methods I know nothing about and so I thought it might be useful to ask the more experienced traders where to start and what the progression might be from there.

My end goal is to make about $500 per day, trading for 4-5 hours. I mostly have been looking at trading ES futures.

Thanks for any guidance you can provide. All the best.
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There are a lot of good threads on this site about trading. Here is one:

http://elitetrader.com/vb/showthread.php?s=&threadid=113456&perpage=6&pagenumber=1

Here is another:

http://elitetrader.com/vb/showthread.php?s=&threadid=146764&highlight=ironfist+price+action

I am sure that people who have been around here longer than me can suggest some other good threads. There is also a free Google group called Sanuk that teaches price action.
There are a lot of free webinars online that are educational, but are pitching expensive courses. Online Traders Central and PFGBest provide many such webinars. In the webinars, they often offer free trials to their trading rooms where you can watch them trade live and learn without cost. They all say they are holding back the best techniques for paying customers, but they usually give away valuable techniques free to try to get you to sign up. TradeTheMarkets.com gives some inexpensive trial memberships. AdvancedTradingWorkshop.com also gives a lot of free videos and a month free in their trading room. "Markus Heitkoetter from Rockwell Trading and Barry Burns from topdogtrading.com provide some free day trading videos. Don't get sucked into paying big bucks unless you find something you really like, there is just too much good free information available online. Good luck.
 
you wrote:
"My best guess is to just go with the usual indicators..."

Well if there ever was a rule to trading, an absolute axiom which i will GUARANTEE is true now and will always necessarily be true, it is that you NEVER want to go with the USUAL anything.

If you do the opposite of the majority then you will most likely win...good luck.
 
Quote from patoo:

The 90% of traders that fail do so because they quit too soon.
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WRONG. On several counts...

90% fail because they are underfunded. They use bad money management. They overleverage. They don't understand what they are doing. They are reckless or careless. They have no edge. etc. etc. etc.

More traders should "quit" too soon before they lose everything.

And this does not mean 10% win. It means mostly that the 10% break even, make small amounts, or do well for short periods.

It is likely less than 3% make a longterm nice living.
 
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