Trying to Learn Some Systems for Daytrading

[Noitartst]

I'm new to trading, overall, and looking for Info about daytrading, in general, and daytrading systems, specifically. (My mindset, so you know, is more systemic, than discretionary.)

So, what books, what faqs, that sorta thing?

 

[billyjean]

I'm new to trading, overall, and looking for Info about daytrading, in general, and daytrading systems, specifically. (My mindset, so you know, is more systemic, than discretionary.)

So, what books, what faqs, that sorta thing?

there's various way of it.
as day traders, it has to match your personality first.
there's useless to develop something you didnt like.
A. when you're aim for 1-2 trades a day, fibonacci level would be nice to take.
B.but if you're more likely comfortable with short term trade, goes with scalping strategies.

what book ?
you can start with candlestick by steve nieson, refers to point A.
read about niel fuller price action are good stuff to begin refers to poin B.
personally i'm more with point B, applied at ecn account with armada markets. as I oftenly visit their site (at least 2 times a month for wd application.. :smart, i figure out they have a short brief of common used trading strategies, not too confusing, http://www.armadamarkets.com/forex-strategies-2/ , fyi those strategies are commonly used at daily trades. pick which one are suit your need, suit your desirable mind, and we can start a further discussion about your chosen strategies.
last thing about fact you concern about, new trader sometimes too greedy at their first try, i'm not refer to trading activity, but more at strategies, they mostly act so tough, hunger of knowledge, and choose any kind of strategies they saw without desire to master it, and end up flush out all strategies.

 

[Noitartst]

Well, I'm reasonably sure I'm not a scalper. And I'm systemic, not discretionary. I know that, at least.

WHat I need to know, starting out, is what to expect in any given system, if I follow it. I think I accept, and hopefuly embrace, that any trade is a probablity, and if I don't panic, stay disciplined, the markets will float me to buoyancy, but I don't yet know that from experience; I'm looking to find this out in part by demo trading, but I'm looking for personality indicators which will help me figure out if the armor fits, or will simply weigh me down.

So, in what timeframe does this regularly bring profit? What percentage of trades go South? How long do I hold? What about profits, adjusted for fees? Also, starting out, I'll be investing with only $5,000, I suppose, so it's the thinnest of margins for me; that's why I'm thinking of doing day trading, though I may be more suited to swing.

One thing about day trading, vs. swing trading, is how many trades I'll make a day, and how much a month, assuming I trade five days a week? Spending two, three hours at a computer suits me, I think.

Is there any easy way going in to gage my trading temperament? Do I exude anything, excluding naivete?

At any rate, thank you for the strategies link; I'll examine them.

PS: When you mean "flush out of strategies," they decide their initial one, which they don't master, isn't for them, get disillusioned, and give up entirely? That what you mean?

 

[Noitartst]

Question: So Forex trades futures contracts? I was reading up on strategies for that market, here:
http://www.armadamarkets.com/forex-strategies-2/

Strategies listed: Support & resistance, breakouts, moving average, oscillators, and finally, technical formations & Japanese candles.

Which one should I do, or are these strategies indicators? At any rate, any one of the is a signal that I primarily follow; switching indicators in midstream makes you get swept away by the current--yes? I suppose using multiple indicators can be done, but that leads to excess complexity.

Just stick to one strategy, and that is my edge, yes? Are the ones I've listed all the main ones, and can they be utilized by all trading styles, or just certain ones? Specifically, I'm trying to develop one for day trading, are all these conducive for that?

Hm... saw this video: talking about "m" and "w" pattern. What strategy is that? Fibonacci?

(I may eventually focus on swing trading, but for now, it's day; do these strategies fit swing?)

Hm...looked at a bear pattern for short selling here:

Seems like the windows for short-sellin are small...this is scalping in action, yes? Not for me, I'm afraid.

 

[Noitartst]

Annoying...I'm throwing out all my thoughts at once, no responses. I may be talking stupid, but I'm trying to learn, and that means running into walls. Bears or bulls, buying low, and selling high is the constant, and I'm looking into any system that does that.

Spreading seems a bit different, though. Am I to assume that it's similar to the "point spread" in gambling? Let's see...I read up on this a little, years back. In gambling, you're looking for cases where the betting ratios don't meet up with reality, like where the home team's too optimistic. I assume that this is about anticipating the future alignment between the cash and Futures wings of the commodities market, yes? Being more realistic than the average bear...and bull, shall we say?

 

[bredin]

Go look at a chart. A daily zoomed right out will suffice.

Ask yourself where the best places are to buy, where to sell. [do NOT ask why or make judgements yet]

After youve done this. And only after.
Zoom into the places youve marked as good areas on smaller charts, H1 eg.
Now ask yourself "How can I get into a trade in about this place on the chart"
Mark up those charts with *your* thoughts and ideas.

No indicator, or set of indicators, in the world can replicate this, and nothing I know of can develop a better trader.

B.

 

[Noitartst]

I'm trying to set up a chart based on this guy's, right here:

I have a ninjatrader demo account; how do I set it up? What kind of chart is his, exactly? He says it's kinda uncommon, but it seem intriguing, at least.

 

[Noitartst]

Sooo...lemme get this straight-- I just start following the market through my Ninjatrader account, via some chart, any chart, and start to figure out when would be a good time to buy, and sell, yes?

Can do. Please forgive my repetition, here.

 

[rathcoole_exile]

mate, let me give you some advice.

1. ignore 99% of advice on here, including my own if it pleases you to do so
2. draw 2 horizontal lines on your chart, Monthly Pivots based on last months OHLC
3. sit, and sit, and sit, and sit, until price nudges either price line and Fade it, ie go Long at the lower price line, Short at the upper


If a trade doesn't get triggered at all, so what, your net results will still be better than 95% of day-traders


After 3 years of doing that, move to Weekly pivots
And after 5 years of doing that, move to Daily pivots

 

[Noitartst]

Thank you; also, it seems that traders switch between markets but do so following when, and where their systems work, ignoring markets where there isn't any action.

That about right?

 

[FxRock]

Re Trying to Learn Some Systems for Daytrading

I am trading from last 1 years. i would like to share with you friends about my trading system. When i start use some indicator but unfortunately i don`t get big benefits from that. then i come to know about Price Action System and join PRICE ACTION TRADING WITH THE FOREX GUY learn from there and at this time make profit. though it`s not much but day by day it`s increase. If any traders want to learn about trading with price action and good money management then have a look at http://www.theforexguy.com/

Also as on ``rathcoole_exile`` previous post you can ignore if you thought it`s not helpful. I also support ``rathcoole_exile`` but i don`t ignore all. which really good only i accept that

 

[Noitartst]

Well, for now, I'm just trying to learn how to follow a chart via NinjaTrader, and am trying to learn the technical details of the system.

When you say to look on a chart, you mean to look on a chart for some market in real time via NinjaTrader, or some other system, yes? I'm working on that, once I know how to use Ninjatrader to examine the markets.

Am I making sense, or am I completely retarded, right now?

Also, I was wondering about how to survive a losing streak without losing a lot of money. A system that wins 80% of the time has at worst a propensity of losing seven in a row, and I can't let that destroy me. So, what do I do? Many systems have a winning precentage of less than 50%, so what to do?

 

[rathcoole_exile]

Thank you; also, it seems that traders switch between markets but do so following when, and where their systems work, ignoring markets where there isn't any action.

That about right?

idiots switch between markets

smart traders spend years learning the pulse, the vibrations, every nuance, the essence of their chosen market;
and only then will they consider looking at other markets

 

[Noitartst]

Hm. It would be useful to develop heuristics of whatever market you're in, then, besides simply developing a system alone, one based on something that works 90% of the time, but wrecks all your gains when it fails, that other 10%, yes? That what you're saying?

 

[LauraRomans]

How I learned.

Looked at a chart (S&P 500 1 minute - before the emini)
Make a guess. E.G. go long on Monday at 9:00 EST
Back test the guess (20+years should do it).
Realize the first guess isn't right all the time. Make another guess.
Repeat.

You can only have full trust in your own program. If the published programs worked, then everyone would be rich.