I would do it for free but too busy with things. I can’t sit infront of screens during the summer months.
Looking for Day trading/Swing teacher/mentor in Chicago area
- Thread starter tradeindanook
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Tradeindanook i want to do this too... Search on meetups group traders on chicago area... As you live close to Chicago, you can go there. Look at this: https://stockspastor.com/1-1-trade-challenge
I day trade using futures.
I don't think that I could even teach a professional my methods. It would go something like this....
Check the risk spreads, index, or rate futures for divergence vs the trend in the exchange differential. Then you have to read the action on the synthetic portfolio and cross reference that with the action on the filtered differential......
And that is just to get a read on the action. You still have to figure out if you are gonna put on spreads or futures outright. It's crazy that this is how I trade.
Then I have charts with index spreads and normalized index comparison charts going for confirmation on how I'm reading the action......
This is why I can't figure out how to automate this stuff.
So, what I'm trying to say to the OP is that this game has become so hard that you have to have unreal talent and unbelievable skills to even get up to speed on the basic parts of what it takes to succeed here.
There is nothing easy about it. You can't learn it in a few lessons or something.
What I wrote above is so complicated that it sounds like the ravings of a lunatic!
But this is how I knew that the bulls in the bond market were about to get their stops completely blown out at 10:15 AM Wednesday morning. They bought the dip and they were reading the equities market wrong. That's how you make money nowadays day trading.
I don't think that I could even teach a professional my methods. It would go something like this....
Check the risk spreads, index, or rate futures for divergence vs the trend in the exchange differential. Then you have to read the action on the synthetic portfolio and cross reference that with the action on the filtered differential......
And that is just to get a read on the action. You still have to figure out if you are gonna put on spreads or futures outright. It's crazy that this is how I trade.
Then I have charts with index spreads and normalized index comparison charts going for confirmation on how I'm reading the action......
This is why I can't figure out how to automate this stuff.
So, what I'm trying to say to the OP is that this game has become so hard that you have to have unreal talent and unbelievable skills to even get up to speed on the basic parts of what it takes to succeed here.
There is nothing easy about it. You can't learn it in a few lessons or something.
What I wrote above is so complicated that it sounds like the ravings of a lunatic!
But this is how I knew that the bulls in the bond market were about to get their stops completely blown out at 10:15 AM Wednesday morning. They bought the dip and they were reading the equities market wrong. That's how you make money nowadays day trading.
There are really only two things to master as a successful trader:
1) As a discretionary trader, be able to read the price on the chart (pure price action).
2) As a mechanical trader, be able to come up with a profitable price pattern (backtesting and machine learning will help).
I've seen more newbies blow up from the lack of proper trade management than any other reason. A brilliant trading system includes airtight trade position management - has to.
Absolutely. Without a proper money management (which includes knowing when to enter and exit), you're a sitting duck in front of a running train. Be that as it may, without a proper knowledge of price action, you're forever in bondage of indicators like stochastics and you'll never be able to trade on your own merit.
With that said, if you always get in the trade at the wrong place and, more importantly, at the wrong time, no matter how impeccable your trade management, you'll blow up your account. Hence, it's worth paying attention to price action (in conjunction to the principle of good money management).
My concern is that trade management gets the usual platitudes - yet most newbs spend next to no time on it. I'd wager that unprofitable traders are spending 95 percent of their time on trade entry. Everything else is an afterthought. That's just what I've seen working with over 200 clients.
I have seen really, really talented floor and screen traders who, quite literally, were so good at getting into and out of the market that my impression was that they could probably be flat at the end of the day if every trade entry was a coin flip. Seriously. There is a skill, there is art, to getting into and out of the market like a mechanic. It is an incredibly valuable trait. To be able to take a quick clean loss, devoid of negative emotions, and then get into the next opportunity without hesitation is positive equity in your account. And so few manual traders can do it.
Price Action in a vacuum is worthless. You require a rules set for trade entry, for taking profit, and for taking a loss. You require a rules set for managing position sizing as it relates both to your account capitalization, the particular market(s) you are trading, and your own personal risk tolerance. In order to build account equity you will need rules for position sizing - there are reasons to increase bet size and there are reasons to decrease bet size. There is sound reasoning for the increments chosen to increase or decrease position sizing.
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Allow me to rephrase my earlier statement. There are ONLY 2 things that matter in trading: Entry and Exit.
If you know your entry and exit in advance, then you will know how to react if the price goes in your favor or against you. Proper entry means high reward, low risk. Proper exit means maximum profit and small loss. Considering these two elements of trading should be sufficient for you to trade another day, ad infinitum.
No such thing in the real world of trading real money in real markets. Let’s be realistic - proper exit will also mean no profit and a loss. Unless you are buying order flow, a significant percentage of your trades will incur no profit.