Trading futures -- Do I really need software?

[Handle123]

Those who understand Market Profile and pivot point lines will trade around those numbers and don't use charts as much. So they understand order flow in those areas.

I have noticed highs/lows being different between the free brokerage data and Iqfeed that I use. Not a huge difference, but it is there. And I have also noticed as more and more folks using Zenfire, Iqfeed will sometimes run a second faster on another computer compared to Zenfire computer. Both computers are Quad core, 8 gigs ram, so it is not the equipment.

If a tic here or there is not going to factor in your method, free is the way to go, especially if you are just starting out, need to keep expensives low.

 

[bighog]

solid Mom

You are on the right track. Keep it simple as possible because price action itself is extremly simple, UP, DOWN, SIDEWAYS.

Watching the screen and actual trading when money is on the line will get you to the promised land as you will soon pick up on the innate FEAR & GREED of the players themselves as price does what price will do. Humans are born with natural instincts of FIGHT or FLIGHT when confronted with danger. In trading the danger is losing money and that has a direct bearing on your state of mind when firing live bullets in the heat of the battle of trading.

Do not be mesmerised by posters trying to use cute words, they are trying to impress their own fragile egos. Do not try to reinvent the wheel as many suggest in this forum.

Computers have caused many new traders to get lost in minutia from vendors because computers and crooks have devised a trillion useless so called indicators. Your bottom line is from price action and price action only. Forget volume also, that is silly because price is the cause of players to take action and not the other way around. KISS WORKS.

Price and price alone is all you are concerned about, price leads everything, price is the entire game and price controls all the other aspects such as how you use risk controls, how you use money management, how you control emotions, how you perform under fire, etc, etc.

Want to learn all about support and resist as fast as you can? Just have a basic 5 minute chart up (ES) and NOTHING else. Watch how price reacts at certain levels and in a short time you will understand what you are really watching and following,,,,,,,,,,,,, you are following the FIGHT or FLIGHT reactions of the players as price effects their money. You must put yourself in "THEIR" shoes to anticipate what the vast majority of players will do as price does what price will do.

The rest is up to you. MOM, YOU can do this. Go slow put make constant progress and like baking a cake............. The results will be very good if you follow a few rules with basic ordinary ingredients.

PS: YES, you need charts, charts show you where the traders are positioned. Charts rule this game, forget all the other crap, it is "ALL" shown in a simple price ONLY chart. Do not clutter your mind with trash.

 

[indahook]

Quote from osorico:

Software or charts will not make you money.

Osorico

No shit

But you better have software..unless your trading off the newspaper quotes end of day or week. Which some do...

 

[osorico]

Quote from indahook:

No shit

But you better have software..unless your trading off the newspaper quotes end of day or week. Which some do...

There are some who will put in trade orders simultaneously, entry, exit and stop, and then walk away. No software, no charts, no newspaper, no computer needed. No shit!

Osorico

 

[GermanTrader]

The only software you must have is your trading platform, unless you plan on calling in all orders and moves. If you need to build a system, then yes, you need charts. No software, no charts, no newspaper, no media needed. No shit! After I enter and get filled, my system places my stop and exit, then I just turn off the PC and enjoy my day.

With my current systems anyway, my days of staring at the damned screens are over.

 

[indahook]

Quote from osorico:

There are some who will put in trade orders simultaneously, entry, exit and stop, and then walk away. No software, no charts, no newspaper, no computer needed. No shit!

Osorico

True.


Guess they trust their broker to get a proper fill. Not me said the flea...lol

Truth be told the most money I have made was while orders were on and I was away. Maybe I should be that guy forever.

 

[vingbel]

Quote from osorico:

I am certainly not qualified to lead a discussion on trading Order Flow or pure tape reading (aka Time and Sales). I use charting software along with a thimbleful of proprietary bells and whistles.

In any case, floor traders (a dying breed with the advent, proliferation, and user-acceptance of e-Trading) in particular grew up on trading based on order flow, no charts whatsoever! Just the insight of knowing how many at what price. Very similar to tape reading, with a notable exception of order flow being pre-trade, where time and sales is post-trade.

Perhaps a mod, or someone more qualified on the subject can post links to existing threads or continue the discussion.

Osorico

I appreciate your answer. Would you think that order flow is equivalent to DOM or would order flow be purchases and sales that will definitely be made as opposed to DOM which are constantly changing before any transactions?

 

[Surdo]

Quote from GermanTrader:

The only software you must have is your trading platform, unless you plan on calling in all orders and moves. If you need to build a system, then yes, you need charts. No software, no charts, no newspaper, no media needed. No shit! After I enter and get filled, my system places my stop and exit, then I just turn off the PC and enjoy my day.

With my current systems anyway, my days of staring at the damned screens are over.

If I was flipping 1,000 lots like you, I would do it from my iPhone while fishing for salmon!

 

[vingbel]

Quote from bighog:

solid Mom

You are on the right track. Keep it simple as possible because price action itself is extremly simple, UP, DOWN, SIDEWAYS.

Watching the screen and actual trading when money is on the line will get you to the promised land as you will soon pick up on the innate FEAR & GREED of the players themselves as price does what price will do. Humans are born with natural instincts of FIGHT or FLIGHT when confronted with danger. In trading the danger is losing money and that has a direct bearing on your state of mind when firing live bullets in the heat of the battle of trading.

Do not be mesmerised by posters trying to use cute words, they are trying to impress their own fragile egos. Do not try to reinvent the wheel as many suggest in this forum.

Computers have caused many new traders to get lost in minutia from vendors because computers and crooks have devised a trillion useless so called indicators. Your bottom line is from price action and price action only. Forget volume also, that is silly because price is the cause of players to take action and not the other way around. KISS WORKS.

Price and price alone is all you are concerned about, price leads everything, price is the entire game and price controls all the other aspects such as how you use risk controls, how you use money management, how you control emotions, how you perform under fire, etc, etc.

Want to learn all about support and resist as fast as you can? Just have a basic 5 minute chart up (ES) and NOTHING else. Watch how price reacts at certain levels and in a short time you will understand what you are really watching and following,,,,,,,,,,,,, you are following the FIGHT or FLIGHT reactions of the players as price effects their money. You must put yourself in "THEIR" shoes to anticipate what the vast majority of players will do as price does what price will do.

The rest is up to you. MOM, YOU can do this. Go slow put make constant progress and like baking a cake............. The results will be very good if you follow a few rules with basic ordinary ingredients.

PS: YES, you need charts, charts show you where the traders are positioned. Charts rule this game, forget all the other crap, it is "ALL" shown in a simple price ONLY chart. Do not clutter your mind with trash.

Nice post. Volume chart or time-based charts?

 

[gastropod]

Quote from Solid Mom:

I appreciate the answers. The more I do this, the more I feel like I'm making my way through all the possible add ons and starting to see how keeping it uncomplicated is helpful.

To RR -- Both. Good analysis of the name.

Mom

pic? ...........just kidding! This is a mostly male board and I am surprised that some trader geek hasn't already asked you for your picture. ;-)