Ideas for struggling traders
- Thread starter steve46
- Start date
This one tests to within 1 tick of a stop out at 1248.75
Although the trade is still alive it is not looking good.
If we breakdown through the pivot, we will test the lows
My approach here is simple. I made money today. I am willing to spend a few bucks to see if we go lower. If not I am done....
Although the trade is still alive it is not looking good.
If we breakdown through the pivot, we will test the lows
My approach here is simple. I made money today. I am willing to spend a few bucks to see if we go lower. If not I am done....
Thanks folks, I appreciate your kindness.
There is another concept that I think could be important to struggling traders.
Market Profile
In my experience, traders who find an edge based on this concept are more consistent in their performance.
The basic idea is known as Auction Market Theory and the inventor of the concept is Pete Steidlmeyer.
If you have an interest in this, I suggest you read "Mind Over Markets" by James Dalton
Beware that it takes a while to integrate the basics into your conciousness. Also, because this is not a "system" that you can trade, you may wonder how it is used....
The answers are as follows
1. Although Market Profile is not a system for trading. Systematic approaches to trading can be developed from the concepts. I developed some of my own, skilled professionals have helped me (Dan Gramza is one example), and it is not difficult to do. In fact a lot of what you learn is really common sense.
2. There are a number of blogs and groups composed of folks who use Market Profile. It is well supported and a new trader interested in it can learn pretty quickly how to use the information.
In answer to a previous question, I do use concepts taken from Market Profile to trade. In fact, many of my "setups" have been developed from what I learned. As examples, I trade tests of previous session's value area highs and lows. While I am not willing to give away the result of my own efforts on this, I am willing to point people in the right direction. It will cost you the same as the rest of this inforrmation. Zero....(plus the cost of the book)
Thats it. Hope it helps
Steve
There is another concept that I think could be important to struggling traders.
Market Profile
In my experience, traders who find an edge based on this concept are more consistent in their performance.
The basic idea is known as Auction Market Theory and the inventor of the concept is Pete Steidlmeyer.
If you have an interest in this, I suggest you read "Mind Over Markets" by James Dalton
Beware that it takes a while to integrate the basics into your conciousness. Also, because this is not a "system" that you can trade, you may wonder how it is used....
The answers are as follows
1. Although Market Profile is not a system for trading. Systematic approaches to trading can be developed from the concepts. I developed some of my own, skilled professionals have helped me (Dan Gramza is one example), and it is not difficult to do. In fact a lot of what you learn is really common sense.
2. There are a number of blogs and groups composed of folks who use Market Profile. It is well supported and a new trader interested in it can learn pretty quickly how to use the information.
In answer to a previous question, I do use concepts taken from Market Profile to trade. In fact, many of my "setups" have been developed from what I learned. As examples, I trade tests of previous session's value area highs and lows. While I am not willing to give away the result of my own efforts on this, I am willing to point people in the right direction. It will cost you the same as the rest of this inforrmation. Zero....(plus the cost of the book)
Thats it. Hope it helps
Steve