Trying to Learn Some Systems for Daytrading

Fugazsy

Veteren member
3,661 677
Day trading and scalping is hard but doable and pays well.

Books? I do not know.....

The only way is the hard way....

Every day print the 5m TF (only one instrument) daily chart and see what happened before there was a move to justify your entry based on your risk. (you might need a smaller TF to enter).

Go back several months and do the same (more you go back better it will be).

Decide what is best for your personality: with trend or counter trend and stick with it and became a master of it.

Use TA to read the chart not just as a mean to it, but as a representation of the psychology of the participants, when you enter a trade you want both bulls and bears to travel your way (one side will be covering) and encouraging the participation of the sideliner.

You need to be able to read their emotions and take advantage of it. When you win somebody else is losing.

Then trade live (not demo, you can trade small) and learn to read what is coming on the right part of the chart, it is not black and white, it is all grey, but with a lot of time, persistence, commitment, passion, tenacity and a bit of madness you will able to read price action and make it worth while.

Once there you increase volume not the number of trades, you only need a few per day.

Only my two cents.
 
Last edited:

Fugazsy

Veteren member
3,661 677
clearly even two cents is worthless


Fair enough.

That was my view and the way I do it, the thread starter asked others opinion, I was only sharing, it might be worthless to you but not to me. Certainly you dismissive post without any constructive criticisms (you meant to be senior here posting from 2009) does not encourage to participate in this forum.

Seems like you have none (views) in regard and trolling here is your prerogative, and I have reported to the mods .

I will not get back to your likely reply, I have not time in feeding trolls.
 
Last edited:

Noitartst

Member
53 1
TF? What market, or exchange, is that? At any rate, what you're saying is: Get a readout of the market day's intervals a the length of five minutes. Check.

Figure out the market's charts beforehand, learn to predict from them. Check.

Well, I have Ninjatrader, and it doesn't cover Forex, or anything international, apparently, so they're all out; has to be an American market, I guess, so which Futures on should it be for an aspiring day trader?

SO, I need to chart a market, then start applying indicators to figure out what they're gonna do, based on indicators, yes?
 

ChrisTrade

Newbie
5 0
TF? What market, or exchange, is that? At any rate, what you're saying is: Get a readout of the market day's intervals a the length of five minutes. Check.

Figure out the market's charts beforehand, learn to predict from them. Check.

Well, I have Ninjatrader, and it doesn't cover Forex, or anything international, apparently, so they're all out; has to be an American market, I guess, so which Futures on should it be for an aspiring day trader?

SO, I need to chart a market, then start applying indicators to figure out what they're gonna do, based on indicators, yes?

TF = time frame, in the case mentioned.. 5m = five minute

This is my first post here and I've only just recently discovered this forum, but after reading your thread I felt compelled to sign up and post in response to your questions.

I am in a similar position to you I think.. I'm gearing up to trade the emini S&P market with Ninjatrader with a starting balance of 3-5K after purchasing a life time license for ninjatrade ($995).

I've been demo trading since around the end of October and am pretty pleased with my November trading results which worked out to around 42% before commission deduction. This was also with downtime of about 4 days at the beginning of the month when messing around with Ninjatrader and figuring out they only offer a short time frame to demo trade with live market feed.

Anyways, what I would recommend for you to do if you are completely new to trading is to look into taking a course. I'm personally about to sign up with one that was listed on Investopedia for learning to trade futures. I've done my due diligence and am pleased with answers to my questions, and will be signing up shortly.

http://www.investopedia.com/articles/active-trading/061214/best-daytrading-schools.asp

I've got a bit of experience trading Forex, but I find ES market is more forgiving and easier to trade.

Good luck in your quest, and be sure to demo trade for a while until you are very comfortable before trading real money!

ChrisTrade
 

Noitartst

Member
53 1
So...my new goal is to daily chart the ES emini market via the 5m TF, shall we say? On a daily basis, as well as researching past days to better pick up patterns. Can I do this via an OHLC chart, or is that a separate kettle of fish? Well, I still don't know what "TF" means, but me, I'm jumpin' in....
 

Fugazsy

Veteren member
3,661 677
Ok.......Yes, TF means time frame.

This is the EU, any instrument will do, if you are in US, maybe you should try the SP500, I never traded it, but I trade the Dax.

Indicators? That is up to you. I only use the 20ema.

At the end of the day I mark where I could have made/lose money.

1) Before that bar a break below the last swing low, pulls back to support turned resistance, to the low of the previous day and to the average.

Order is placed (1pip) below the bar (signal bar), Stop loss is placed (1pip) above it, as soon as it triggered my SL is trailed 1 pip above the trigger bar. Now this is my risk.

At double of my risk I normally take profit, not all the time, but that is another story.......

What happened there?
Bears broke the range (the trend bear bar on the left), sideliner bears did not follow up, some covered.... bulls stepped in....

there was a bit of pushing and pulling that end up into a range (not drawn),

bears on the sideline where not convinced to short more from there, but they tried with the bar that ended up as a false breakout bar of that range (two bars before 1), bulls saw that and took the chance to push higher, others stepped in, with two consecutive trend bars and above the average.

There, they find their nose against technicality, some bulls coverer, bears had a better price to short and technicality would protect their protective stop, sideliner bulls where not convinced it was a great deal after all buying in resistance (not follow up).

Below bar 1, more bears joined in and bulls realise that they make a mistake becoming bears by covering and some reversing..............and so and on and on.....

There is a battle going on, in every charts and in ever TF.

Technicality is a great toll but by itself is not such a great edge as when combined with the psychology and the emotions of the participants.

I hope it helps a bit..

As a first read of TA I would suggest this:

http://www.amazon.com/Technical-Analysis-Trends-Robert-Edwards/dp/0814408648
 

Attachments

  • 1.png
    1.png
    40.5 KB · Views: 195
Last edited:

Noitartst

Member
53 1
Yes...somebody that impressed me was talking about how studying volatility gave him an edge because most didn't. Well, I think it's a just plain good tool, because it's about expecting things to dance, seeing how they do dance.

Hm...at first glance, of reading that chart, sans any great knowledge, or technica terminology, I say after points one and two, you sell. Thing is if you though the market bomed out at 3, expecting it to go higher, you'd be wrong. Anticipate another dip at 6, 'n hibernate, though, you'd be in great shape. Hm.. if you'd conclude that 7'n eight was just an "m" pattern, you'd know to uh, "bear with it, and keep out, until the bell closes. Am I correct?

Dunno much more than that, but am I getting the ideas right? Hopefully, that's a start to reading charts, correct.
 
Last edited:

Fugazsy

Veteren member
3,661 677
2) PB to the ema, the low of the day
3) PB (pull back) to the ema and that box could also considered resistance (they were fighting there, bears won and price is back.
6) PB to resistance (were bears pushed back before), above the ema, but the ema is just an average of 20 bars
7) PB to support turned resistance, but did not go far (loss)
8) With 7 formed a DTPBF (double top pull back flag)

I hope it helps another bit.

Remember there is time to study and time for trading, studying never end because markets always changes and we need to be like water, forget about terminology (they are only use to clarify), what we need to understand and take advance of is what is going on in terms of battle, we do not stand on either side, we weight the situation and then when the battle is won we jump in.

now no more from me, it is up to you. I hope you can see what I mean, I do not think is the the only way, but it is my way.
 
Last edited:

Noitartst

Member
53 1
You're help helpful. If I can, I'll try to chart in real time, come Monday. Seems ninjatrader do like my having two verion of itself on together, thou i x out of one and try to use the other. Dunno what's up, with that.
 

Fugazsy

Veteren member
3,661 677
Good luck to you mate, after you read the book I suggested, you may try anything by Al Brooks and Bob Volman, Bob is much clearer, Al can be a bit of a mess, they both mean business where Price Action is king.

Still at the end of the day you have to find your own way, that is why I suggest to you to do your own work, your creativity and personality needs to come forth, from the others you can learn what they see and what they see is probably not right for you, at the end of the day "your balls" need to be there. You have to aspire to be the best in what you do, especially in the markets, there you will find also the best: the Japanese, the Australians, the germans, the Italians, the Americans e so on, they are all like sharks, and they will take your money out of you in a jiff, unless...........
 
Last edited:

Noitartst

Member
53 1
Thank you; for right now, I want to know two things.

First, I've got my Ninjatrader charting to work, but I don't know how to modify it, let alone use it. I have been told to save these charts, and also look up previous days, but I don't know how that works. Right now, I'm just following the ES 12-14 instrument at five minute intervals. Today has a lotta peaks, 'n valleys.

Wish I knew what the chart' side numbers, mean. 2073.00? Does it mean each individual contract
derivative's worth $20.73? If so, that makes certain sense. I could use a chart explanation, now, as with how to save and analyze charts, but I don't see it, here:
http://www.ninjatrader.com/support/helpGuides/nt7/index.html?charts.htm

Second, I need to find an explanation of how to read candlesticks. Some have wicks, and other don, and that's to denote the highs and lows of the interval in question before its close, right? If it's a green bar with an upper candlestick, that means it price rose, but the upper wick denotes the ppeaks rise within the period. A lower wick would show where price bottomed out. Am I warm?
 
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock