Mentors and education

[bone]

I very specifically and intentionally mentioned in my posts in this thread that a trader could just as easily swing trade micro futures contracts or small blocks of equity shares.

Point being, anyone can swing trade effectively without much capital and without making your broker rich.

I think it's controversial, at least to me, because you are saying nothing about the cons of spread trading. Who are you competing against? I don't think there are many places in the markets which are both liquid and unexplored.

 

[trdes]

Thank you for the clarification trdes,

I could be wrong, but I read somewhere that ES is not good for intraday swing (targeting 4-6 points per trade) trading, only scalping.

I prefer NQ and have better results with it than trading ES. However, with NQ you will make more or lose more than trading ES (I believe roughly 16-22% difference depending on the day / how market is moving) but don't quote me on that. I don't have the exact math.

 

[trdes]

I dispute that there exists a substantial and meaningful population of “average intra day traders” - beyond ‘new’ money. They’re on the endangered species list.

You would have better data on that, than I would. So, I wouldn't try to dispute that. But doesn't change my point whether that's true or not because if there's any day traders left, it's not realistic for them to trade a monthly chart if there main source of income is going to be from trading.

Also, I know a fair amount (7) day traders who have been profitable from 6 years to the longest over 20 years and none of them would even consider trading a monthly chart even after all their success, they still focus on intra-day.


EDIT: Just to be clear you saying to trade smaller and look for bigger moves, I agree(more so and particularly in this current environment). I am just not on board with trading weekly, monthly time frames. Granted you didn't directly say that, but you quoted part of my post where the other half of that was saying monthly chart isn't realistic.

If you're just simply disputing the amount of intra-day traders left, I will not dispute that. All I can do is tell you how many I personally know which I did.

 

[SimpleMeLike]

I prefer NQ and have better results with it than trading ES. However, with NQ you will make more or lose more than trading ES (I believe roughly 16-22% difference depending on the day / how market is moving) but don't quote me on that. I don't have the exact math.

Thanks

Best to try them all and see what fits. NQ, ES, CL, RTY.

 

[Sekiyo]

Just read the CFTC complaints - "order flow" and the DOM is a lie.

However I still find value looking at bids and asks.
Because there is kind of a correlation btw turning points and the DOM activity.
I look for levels, and usually you will see lots of bids (asks) at a bottom (top).
It acts as a confirmation telling me it's a good level, time, to position.
Maybe 80% of the DOM is fake but the activity is here.

Also when price leave an area,
Going north for example, then you will see asks following the price down.
They are chasing the falling market. The depth following the move is a signal.

Fake or not it has its use IMO.
I am not talking scalping, HTF or else.
But it gives some clue for intraday swings.

Also high vs low volume nodes are useful.
For entry, exit, support and resistance.

For example, price is going up and you want to go short.
You look at a high volume price, most of the time orders seat there.
So you know the market is likely to reach this spot before going lower.

 

[fractalize]

I totally agree. Traders need training and practice and a strategy that works. This does come first, but I think it is best to perfect that in the simulator.

Nothing will get perfected in a simulator. There are millions of sim traders worldwide spinning their wheels. Also, I think you've grossly underestimated the probability of a retail trader building a winning strategy. I may benefit from your mental services, only because I'm a reclusive hermit, but in no way, shape, or form would it add value to my trading operation.

 

[Andrea Wylan]

I have to disagree. I don't mean the sim will perfect things. . . I see it as the first step. That if you can't get that right why bother going to live trading, you are just going to loose money.

If you don't have the discipline to use a simulator like live money . . . that isn't a good start. The sim is a place to test strategy and your ability to be able to trade that strategy. If someone totally doesn't want to use it, then I suggest trading live but a very small share size.

I emphasize with clients you are not in the market at that point to make money!! You are training yourself, testing your strategy and tweaking it, and also starting to uncover some of the problem areas with your discipline. Work them out before you go live. Going live just amplifies the problems.

Since you haven't used my services, you can't really say if / how it would add value!!

 

[bone]

Yes. Monthly. Weekly and Daily for precision.
Mainly a holding period > 1 month

When I traded on a Commercial Desk, we moved markets. And we traded our largest term products book on Monthly and Weekly data.

 

[SimpleMeLike]

Sure; here's my other one:

Www.trademastery.com/flowchart.pdf

The only goal number I use is to stop trading if I'm down $500 on a day, I set no profit goal since that would limit my upside. In general though if I'm up $800+ on a day I get much more selective, smaller size to protect profits

Thank KCalhoun,

$500 is my daily loss max as well. which was hit today lol

 

[Sekiyo]

Thank KCalhoun,

$500 is my daily loss max as well. which was hit today lol

Why don't you make a journal ?
We could give you some feedback.
It's great to step behind and reflect.