I am kinda new to trading been paper trading for about 6 months, and I chose to day trade the e-mini's future contracts. I have learned alot, and also still scratching my head alot at some things. I want to know how to learn trade setup's? I have knowledge of stochastics, volume oscillators and keltner channels those are the basic indicators I use, and moving averages. Some people say just use price actions, some people says use market profiling. This can overwhelming for a newbie that is just trying to pull 2-4 points out of the S&P. I also paid my dues, and bought a bunch of junk triggers and other indicators that claims to have 80% accurancy, and also spent hundreds on e-books and singed up for call rooms that left me hearing a buzzer and trying to catch the trade only realizing to jump in when the price reverse and I end up in the red. I am soooo glad I chose not to use real cash! I think that's the only thing that is still keeping me in the game. I stayed disciplined not to use real cash so I am confident that there is a real trader inside of me because I stayed true to my rules, and that is not to use real cash until I feel confidence in my trade set up's. My question is I have read a whole lot of books how can I learn simple trade set ups? I am not trying to be the next warren buffet I am just trying to make a good living for me, and my family. Thank god I am a insurance salesman I can set my own hours I trade during the day and set appoints up in the evening. Just need a little help. Please no one answer that has any negativity I am aware of the profession, and I am not some kid who thinks he will be a zillionaire with one trade overnight. I am not greedy!!! Just need to make that clear. :cheesy:
rathcoole_exile
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draw a horizontal line at random.
plan what you're going to do when price hits the line - play a reversal or a continuation
risk half as much as you hope to gain
once you have seen how powerful the simplicity is, you'll want to strip out shytetastics and all that other krap and try to improve on the expectancy above of 50% win ratio by concentrating on simple PA
plan what you're going to do when price hits the line - play a reversal or a continuation
risk half as much as you hope to gain
once you have seen how powerful the simplicity is, you'll want to strip out shytetastics and all that other krap and try to improve on the expectancy above of 50% win ratio by concentrating on simple PA
rathcoole_exile
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alternatively, flip a coin, go with a minimum 2:1 R/R ratio
move your stop to +2 then trail it when winning, try to capture +3, +4 etc
I'm not being flippant (pun intended) - just trying to reinforce the message that trading is simplicity itself.
I'm not saying it's easy.
it isn't. But that's the psychological factors screwing with your brain.
But too many newbies over-complicate things and end up confusing themselves, drowning in too much information and then typically get what's called analysis paralysis
move your stop to +2 then trail it when winning, try to capture +3, +4 etc
I'm not being flippant (pun intended) - just trying to reinforce the message that trading is simplicity itself.
I'm not saying it's easy.
it isn't. But that's the psychological factors screwing with your brain.
But too many newbies over-complicate things and end up confusing themselves, drowning in too much information and then typically get what's called analysis paralysis
Vaco
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Make sure you stick to longer time frames to begin with, the shorter the timeframe the harder the game.
RC's advice will help you learn your chosen market and if you can recognise patterns then your on your way.
Just remember that whatever method you use to enter trades 50-60% of them will be losers, keep them small relative to your winners and you will see a small consistent return, keep the risk below 3% so that bad runs doesn't burn you.
As your account grows so will your returns.
RC's advice will help you learn your chosen market and if you can recognise patterns then your on your way.
Just remember that whatever method you use to enter trades 50-60% of them will be losers, keep them small relative to your winners and you will see a small consistent return, keep the risk below 3% so that bad runs doesn't burn you.
As your account grows so will your returns.
bnaimy
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Hey nevets, from what you have writen you have alof of learning left, those indicators you just mentioned wont help you if you dont understand price patterns (price action) and they will be useless.
I have a trading room where i can learn you the basics and teach you how to trade, its a open public room where everyone can come to and listen in and learn. Or take my tradin calls , that i trade myself.
And whatever you do, dont start with cash right yet, cause sim and cash trading is two tottaly different things. Sim can only get you reach to a spesific point, you need to expericen how it is to trade life, and not just monopoli money.
And dont spend even 1 dollot on books or indicators, most of if it useless junk and it will leave you broke and cheated lol Dide it ever accure to you taht why they sell indicatorrs and not trading themself ? Cause why sell anything if you have a 80-90% hitrate. Its a big industri that exploits new traders this way, just stay away from it.
Room is free and open to everyone who wants to learn.
Open from Monday to Friday, i open the room 20-30mins before the market opens.
Link : Browse or search for free chat rooms - Paltalk
Whatever you choose, i wish you the best in your trading, with time and experience you will learn this business not by some magic indicator or method.
With kind regards
Bashir Naimy
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I have to give Bashir my highest recommendations... he's a great guy and very patient with newer traders. I've been tuning in just about every day for a couple of weeks now and he's a great guy to learn from. I can definitely say I've probably learned more from him in those two weeks than I've learned from all other sources in the past year combined.
PS Bashir, you know me as RSQ on PalTalk.
PS Bashir, you know me as RSQ on PalTalk.
Well nevets, you still have a lot to learn.
You are using long therm indicators to make day trading, that is not logic.
If, as many newbees do, you already choose day trading - its not bad at all - try to use simple indicators and time frames according to the kind trading you are making.
Most people make daytrading with time frames going from 5 min - 15 - min - 1 hour and 8 hours, try those, try to see the advantages of EMA, regressions and SMA les say for 20 to 150 periods according to the time frame you are at, avoid complicated indicators - such as price actions ones -.
As bnaime told you, keep learning with demo accounts, dont use real money yet because you will loose it, everyone wants to make a real and decent living from trading but these is a hard game, you must have as many experience as you can before going real, the more experience the better.
Despite of my - and other mates - advices, you must find the trading time and technique that better suits yourself before going real, it can take time. These is mentall, and the technique and timeframe must be according to YOU, your characther.
Please dont ask to avoid negativity, every succesful trader has suffered to become what he is, that is experience but at the beggining it was negative, for most of us, believe me, these is not a game and these is not easy at all, dont pay too much attention to tv commercials.
You are using long therm indicators to make day trading, that is not logic.
If, as many newbees do, you already choose day trading - its not bad at all - try to use simple indicators and time frames according to the kind trading you are making.
Most people make daytrading with time frames going from 5 min - 15 - min - 1 hour and 8 hours, try those, try to see the advantages of EMA, regressions and SMA les say for 20 to 150 periods according to the time frame you are at, avoid complicated indicators - such as price actions ones -.
As bnaime told you, keep learning with demo accounts, dont use real money yet because you will loose it, everyone wants to make a real and decent living from trading but these is a hard game, you must have as many experience as you can before going real, the more experience the better.
Despite of my - and other mates - advices, you must find the trading time and technique that better suits yourself before going real, it can take time. These is mentall, and the technique and timeframe must be according to YOU, your characther.
Please dont ask to avoid negativity, every succesful trader has suffered to become what he is, that is experience but at the beggining it was negative, for most of us, believe me, these is not a game and these is not easy at all, dont pay too much attention to tv commercials.
bnaimy
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Hey m8, so this is your T2W nick
Anyways, enjoy your weekend and lets talk on Monday again
With kind regards
Bashir Naimy
I use Strategy Runner with RCG. Is this platform okay for scalping? I'm not sure what data feed it uses, hopefully someone could tell me. I'm not really a techie! Also, I'm trying to decide between three platforms for scalping, AT (Infinity), Strategy Runner (RCG) and Ninja (Amp). Any thoughts? Thanks
bnaimy
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I would recommend AT(Infinity) for scalping, as i have been using them for a long time and their platoform is build for scalping, and its eays and got all the funtions you would need.
I would not recommend Ninja for scalping ,i have tryed it and it dont even come close to AT. I have not experience with Strategy runner, so can say anything about that.
I hope this helps
With kind regards
Bashir naimy
I've tried a demo of AT and Ninja. I found AT very good and Ninja okay. I keep hearing people saying Ninja with a Zenfire feed is the fastest and best for scalping. So you find AT the best platform and Transact best data feed? Also, do limit orders get filled faster
or slower depending on platforms? Thanks Bashir
bnaimy
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Zenfire has a very good speed but the difference is not significant, especially now that Transact have uppgraded their datafeed, i honestly cant see the difference in either price action or getting filled on limits.
It was never a issue for me getting my fills and after the upgrade the TA platform is even faster.
But i also think that the TA platform is build for scalping as they have all the importent settings you need to have a complete scalping platform, but its not just limited to that.
I personaly love the multibracket order, as when iget into a trade my stops and multiple targets are put in right when my order gets filled, so its basicly fire and forget once you are in a trade. And its flexible enough that you can then later move your stops and targets as you wish. I suggest you visit Infinities video tutorial page, as they have video clip of all the funtions and live examples as well. You will get access to their education page when you open a demo account or live account with them.
let me know if you want to use Infinity, i can have my broker contact you, he's a great guy and have been helping me for a long time now. If you get a broker called Josh, i suggeset you change to another one lol He can be moody sometimes. As for Dean or Ryan. Dean and Ryan are my brokers, i have them both, anyways let me know.
With kind regards
Bashir N
