technical analysis dax signal
- Thread starter Trading Education Buyer
- Start date
Nice set up
I have other trades open
price action trade,but it would not be my system trade
now i call a trade , if price goes to bottom of channel on tick charts , i fancy long
ENTERED AT 11205.8 , RISK 30
SIGNAL WAS BIT EARLY , YOU NEED 3 GREEN BARS ON 30 M , LACK OF FOCUS
- 30 BAD TRADE
Proof
Day trading is hard , but not impossible .The disadvantage I see is :sometimes market does not do what you expect , on the day you expect and at the time you expect.This is fact and experience .
If you hold the position for overnight , you benefit from overnight gap profits .These can be taken during the day and the trades can also be opened during the day , but not the same day.
If I trade swing for two to 5 days on stock indices , I can make a good living trading dax on multiple strategies.The odds are against me , for the profit to happen , in the day time on the same day .
Very logical.
But how can I correctly predict the directional of the underlying? And how do I trade if I am bad at predicting?
That's the biggest problem that I have with "one size fits all" options strategies. The massive collection of youtube video's seem to encourage this "can't predict the market" so just sell these options here and here...
I'd still argue that one has to make a directional bet in some form, whether that's for prices to move sideways or prices to explode higher or lower, it seems logical to me that one would want to trade a position that benefits from one of those scenarios.
No one can do this consistently in long term. Not retail traders, Not institutional traders. What I mean is if you include all : risk/rewards + probability + commission + slippage, you have negative expentancy in short term day trading.
Many 'profitable " traders in here are going to tell you this is BS and they have make millions out of day trading, but none of them are able to provide any verified proof.
You shoukd ask yourself why the main source of income from institutional still from fees, not from betting on directions, volatility and etc.
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I am a consistent winner because:
1. I objectively identify my edges
2. I predefine my risk in every trade
3. I completely accept risk or I am willing to let go of the trade
4. I act on my edges without hesitation or reservation
5. I pay myself as the market makes money available to me
6. I continually monitor my susceptibility for making errors
7. I understand the absolute necessity of these 7 principles of consistency and their impact on my success.
Therefore, “I WILL NEVER VIOLATE THEM” “To get the results I am seeking I must be trading for the right reasons. I must adopt and accept these belief systems so I will do it and follow through with them, & I must have the desire for this more than anything else”.
1. I objectively identify my edges
2. I predefine my risk in every trade
3. I completely accept risk or I am willing to let go of the trade
4. I act on my edges without hesitation or reservation
5. I pay myself as the market makes money available to me
6. I continually monitor my susceptibility for making errors
7. I understand the absolute necessity of these 7 principles of consistency and their impact on my success.
Therefore, “I WILL NEVER VIOLATE THEM” “To get the results I am seeking I must be trading for the right reasons. I must adopt and accept these belief systems so I will do it and follow through with them, & I must have the desire for this more than anything else”.
This is the correct way to trade , in theory most educators of trading suggest this , in preactide they cant do this.