Recent content by cycletracker

For day trading stocks, TradeStation's simulator mode can't be beat in my opinion. I've tried them all (except eSignal). But you do need a funded account, and the software is expensive ($200/month) if you're not trading real shares. Once you switch live trading though, it's free after 5k shares...

May I suggest that, if at all possible, paper trade using the platform you intend to use when you go live.

Thanks for the kind words tomorton. When I was in the process of choosing a trading platform, I did a pretty extensive survey of the available products. I was blown away by the lack of creativity and thought given to, as you say, this aspect of charting, but also across-the-board basic usability...

PokerBrat makes some good points, but in my opinion there's absolutely no reason to expect you'll lose 50% of your account if you take it slowly, find the proper training/mentorship, and develop and follow a sound plan that includes strict risk management and trade management rules. If you can...

@tomorton - This thread has changed direction but here is the promised tutorial on using NinjaTrader to create different future price patterns. As you'll see in the tutorial, NinjaTrader doesn't really allow you to "draw" the price patterns directly on the chart, but you can easily modify the...

@tomorton - I apologize. I misstated my earlier message. I meant to say NinjaTrader can do what you're describing. I primarily use TradeStation, which is probably why I typed that, but as far as I know TradeStation cannot do this. I didn't have time to put together a tutorial tonight, but I...

Good points tomorton. On charting software, TradeStation can do what you're describing. I've used it for just this purpose in the past and found it quite useful. I'll try to find some time to post a quick tutorial on my website later this evening. Will post here when it's up. Andrew

@rockablogger - If you have the discipline to adhere to your mental stops, more power to you. On lower intraday timeframes though, using mental stops is *to me* a bit like driving a car without a seat belt on and telling yourself you'll put it on at the last second before a collision occurs. Of...

I think that is generally true; the U.S. markets have not been conducive to swing trading lately, in my opinion. I rarely swing trade though so others may disagree.

To add to what tomorton said, rather than decide how much you want to make on the trade, you should set a maximum stop loss dollar amount. In other words, limit your losses. Successful trading comes from controlling your losses so you don't devastate your account. Then, when you determine your...

You should also check the tide in at least one timeframe above the one you are trading. For example, if you are looking to go long on the 5', make sure it's not extended on the 15', etc.

HI Adcfighter, I suggest you take that 10k, do some research on trading schools, and get yourself a good trading education. Next, take your education and develop a plan. Then, paper trade your plan until you are consistently profitable for a least a couple months. If you can't make money...

Hi rockaglogger, The key is to use technical stops, not arbitrary price-based stops. A technical stop is determined by first analyzing support and resistance levels in the timeframe you are trading then setting your stop just beyond those levels. For long trades, you should place your stop just...

Hi tightwork88, I only use price (via candlesticks), volume, and a couple moving averages. I've found it's best to keep it as simple as possible. Although most platforms offer scores of indicators, they're all derived from price and volume. Why not go directly to the source? If you clutter up...