You guys make it sound so simple! I am a successful swing stock trader using S/R levels discussed here. New to futures contracts... but not so successful!! Mostly break even. Do you go back a few days to determine tomorrows Support and Resistance levels for tomorrow? If not, how do you determine the levels for the next trading day? Any response would be appreciated. I was obviously naive in thinking I could tackle the futures market straight away. Good trading to all... I hope to soon be posting my consistent YM trades!
YM Traders
- Thread starter volente_00
- Start date
http://img227.imageshack.us/img227/1305/snapshot237gz.png
EDIT: once again... made another error. 590 should be a Major Support line drawn. Not 580.
Also notice the pullback at around 9:30, I have seen that formation MANY MANY times before, and love to trade it.
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Now this is a not so good day.
I still took profit but ... looking at it now, it was three lines, that is all it was this day. But in the middle of trading, it was hard to identify.
So this is by far one of my worst days recently.
If you notice how many times I left profits out on the table, and several times I didn't take any profits, I only broke even instead on a few trades.
My mentor was stressing the fact that I should not be taking profits too early, and I understand why. But on this day, I think I over did it and was trying to wait for better things to form.
So, even simple things can confuse traders I'd suppose. This is just one of the days that confused me.
But with a real account... I would never complain about taking a profit of any amount. So I'm guessing around $400 possible gain... maybe more, but i'm not sure.
EDIT: once again... made another error. 590 should be a Major Support line drawn. Not 580.
Also notice the pullback at around 9:30, I have seen that formation MANY MANY times before, and love to trade it.
=========================
Now this is a not so good day.
I still took profit but ... looking at it now, it was three lines, that is all it was this day. But in the middle of trading, it was hard to identify.
So this is by far one of my worst days recently.
If you notice how many times I left profits out on the table, and several times I didn't take any profits, I only broke even instead on a few trades.
My mentor was stressing the fact that I should not be taking profits too early, and I understand why. But on this day, I think I over did it and was trying to wait for better things to form.
So, even simple things can confuse traders I'd suppose. This is just one of the days that confused me.
But with a real account... I would never complain about taking a profit of any amount. So I'm guessing around $400 possible gain... maybe more, but i'm not sure.
When yesterday or the day before hand offers good support and resistance levels, I use them. They might not be right on, but they are close. But if you look at my above post... you can see that it looks easy, but in the middle of trading, it took me a VERY long time to identify those areas as key support and resistance levels.
I believe that in the mental portion of trading, I can control my emotions very well. I'm actually printing out a piece of paper with a few rules for myself *Stop loss, identify support and resistance before even executing any trade, etc....*
With all my simulated trading, I have never taken a loss for that day.
I think you have to screw up a whole lot to take a bad day. I know that it will happen, everyone has their days, but with the understanding I have now, the only reason this will happen is from a mental / emotional standpoint.
Daily charts, and previous few days to locate support and resistance for the early morning.
But my mentor informs me that early on in the day to pay close attention to identify support and resistance for the current day.
I still have learning to do, but as I see more things, I understand them better.
So, it is easy, you just need to be able to actually have your brain register what you are looking at, and don't think about it, just do it.
Thanks. Problem is going to be when I get my real account open. I am excited to do so. But the last hour of the day... it is sometimes very "crappy" certain days. Sometimes it'll just hang out in the middle between support and resistance, and then i'll screw up trying to trade it.
So, that is what I need to watch out for.
I'll be "sick" a few days without a doubt though.
And i'll be sure to post my whole day of trading with chart commentary and such on them. I will warn everyone that my first few days will probably be rocky as I try to get adjusted to real live trading and such.
But I'm looking forward to it.
Wow, sorry djxput... for some reason, I'm not used to many others replying except Volente.
So I appreciate all the questions and for the comments.
I think I had way too much caffiene today
Thanks again.
unfortunately real money is very very different. i have a guy i'm funding for stock trading and he killed it for weeks on the demo. his 1st 5 weeks with real money are a disaster. i can't emphasis how importnat it is for a starting trading to get started on the right foot. if yo0u start losing daily off the bat your confidence will be shot and its so tough to dig out of that hole
Yeah, like I said, I'm very fortunate to have someone to help guide me all day during the middle of the trading day. And correct me.
EDIT:
Also, I have experience in real trading.
It is very different.
That is why I don't believe in paper trading, but it is the only option I have to test out what my mentor teaches me. Once I get my account set-up, the only thing I will use demo trading is for testing strategies with past data.
I'm generally a swing trader also; I was practicing swing trading a month or so back looking at past data ie 15 min charts. And I was having 1/1 up and down days.
I really need to refine what I'm doing
There's so many variables its hard for me sometimes to get what is really important.
I think I need a really simple plan. Making things too complicated just sets myself up.
Question:
Is it advisable to sell then go long immediately after you think you hit a support? In the past when I traded the YM. I would just dbl my buy/sell order so I could go in the opposite direction immediately.
I think this led to me getting wip-sawed alot.
What is everyones opinion on the matter?
I really need to refine what I'm doing
There's so many variables its hard for me sometimes to get what is really important.
I think I need a really simple plan. Making things too complicated just sets myself up.
Question:
Is it advisable to sell then go long immediately after you think you hit a support? In the past when I traded the YM. I would just dbl my buy/sell order so I could go in the opposite direction immediately.
I think this led to me getting wip-sawed alot.
What is everyones opinion on the matter?