You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
It is IMPOSSIBLE to make money in the markets
- Thread starter Ripley
- Start date
Quote from independenceair:
Constant , day and night effort. No distractions.
Sorry to hear this. Must be a different style from mine. Daytrading:
1) check overall Weekly, Daily and Hourly trends (takes 5 minutes)
2) sit and watch charts, usually not during market lunch hour whip (1 - 3 hours) either open + 3 hours or 3 + before close
3) check support/resistance levels based on #1, then trade (anywhere from 5 minutes to 3 hours depending on how many trades and whether or not a scalp/range day or trend day
If I spend more than 3 hours in a day, it is too much - other than about 1/2 hour of nightly checking of different markets for other types of swing trades - I make more $$$ doing this than when I spent 12 hours per day looking at it.
Simple is best. When you trade off of current price action and short-term trend, there is no point staring at charts for many hours on end in the delusion that you are somehow going to 'predict'.
Also, the person who started this thread is completely WRONG. In a lot of ways, it is the repeating efficiency of the index futures market that can be successfully exploited.
Best wishes,
Paul
I do not understand how someone can make money trading by having the belief stated in the forum title.
I suggest for traders to get to know their markets really well (why I like futures -- I can focus on only a couple of markets, at least for now), read Mind Over Markets, focus on having a few technical set-ups, and wait for good risk/reward set-ups, and trade them.
People are making money trading. Patience is key.
I suggest for traders to get to know their markets really well (why I like futures -- I can focus on only a couple of markets, at least for now), read Mind Over Markets, focus on having a few technical set-ups, and wait for good risk/reward set-ups, and trade them.
People are making money trading. Patience is key.
I'm with <b>slapshot</b> 100%... parallels my style of trading real close
Today's activity:
morning - long ES 1302.00 = trail stopped 1304.00 (+2pts)
afternoon - short ES 1302.75 = trail stopped 1298.75 (+4pts)
That's it for today... no further interest in trading this session from here. Price action may drop considerably into the close following yesterday's tight coils, may pop strongly in reflex but I don't care.
*
In time, with experience anyone can create methodical trading success. For me the eminis are relatively easy to trade. Some trade naked options best. Others scalp stocks, play credit spreads, trend trade commodities... the paths to success are endless.
One of the main failure points for every trader who quits too soon? They inwardly doubt that success is possible for them. Said another way, they enter this profession with expectations of failure, hoping to be pleasantly surprised when / if success comes. If they fail, no hopes were ever raised enough to make internalizing said failure too painful.
It all goes back to the fact that numerous individual retail traders are right now enjoying methodical success. Many have in the past, many more will in the future. Our profession is damn tough, for sure... but which high-paying profession isn't?
Today's activity:
morning - long ES 1302.00 = trail stopped 1304.00 (+2pts)
afternoon - short ES 1302.75 = trail stopped 1298.75 (+4pts)
That's it for today... no further interest in trading this session from here. Price action may drop considerably into the close following yesterday's tight coils, may pop strongly in reflex but I don't care.
*
In time, with experience anyone can create methodical trading success. For me the eminis are relatively easy to trade. Some trade naked options best. Others scalp stocks, play credit spreads, trend trade commodities... the paths to success are endless.
One of the main failure points for every trader who quits too soon? They inwardly doubt that success is possible for them. Said another way, they enter this profession with expectations of failure, hoping to be pleasantly surprised when / if success comes. If they fail, no hopes were ever raised enough to make internalizing said failure too painful.
It all goes back to the fact that numerous individual retail traders are right now enjoying methodical success. Many have in the past, many more will in the future. Our profession is damn tough, for sure... but which high-paying profession isn't?
I suggest.. for traders to be great traders to NOT RELY on anyone elses book recommedation and to read ALL THE BOOKS. Read as much books as possible. The fact that someone didn't mention a book to be read is REASON enough to read that book.
"I can focus on only a couple of markets, at least for now), read Mind Over Markets, focus on having a few technical set-ups, and wait for good risk/reward set-ups, and trade them. "
Aside from reading "Mind over markets".. how about reading Steidlymeyer on Markets, edition 1 & 2, and the other Dalton book, titled Market Profile, as well as 57(?) West Jackson... all great books and some are hard to find. I read them all.
"I can focus on only a couple of markets, at least for now), read Mind Over Markets, focus on having a few technical set-ups, and wait for good risk/reward set-ups, and trade them. "
Aside from reading "Mind over markets".. how about reading Steidlymeyer on Markets, edition 1 & 2, and the other Dalton book, titled Market Profile, as well as 57(?) West Jackson... all great books and some are hard to find. I read them all.
Quote from 10yrtrader:
I do not understand how someone can make money trading by having the belief stated in the forum title.
I suggest for traders to get to know their markets really well (why I like futures -- I can focus on only a couple of markets, at least for now), read Mind Over Markets, focus on having a few technical set-ups, and wait for good risk/reward set-ups, and trade them.
People are making money trading. Patience is key.
there is no one single key... develop or find a n entry signal that is an edge with highest probability....forget that 50 % myth even 60 for et guys.....your brain will fry......and your paws will become leaden........test the signal until you barf....and then if it is still working make money with it.....today was up and then down...no rocket science there........any system failing today must be placed in file 13......when u find the robust strategy capable of trading all the markets u will encounter or a combination of systems for different pictures, then u have all you need ....if ur brain if okay by then......figger the kinds of market s u will encounter there are only 2........emini speaking
APEX tip at precise turn rip where the air is rare......very few are there....some get lucky.....the old saying goes "sometimes a blind sow finds an acorn".........those who let times and profits stop their trading are not totally confident yet....am just moving past that....to next level......
Quote from porgie:
APEX tip at precise turn rip where the air is rare......very few are there....some get lucky.....the old saying goes "sometimes a blind sow finds an acorn".........those who let times and profits stop their trading are not totally confident yet....am just moving past that....to next level......
..but how many APEX tips can you find in a trading day?