Successful futures traders/vets......What would you different knowing what you know now if anything at all? I've owned a business for the past 16 years and it's been a lot like my trading experience....full of ups and downs with sporadic consistency. However, with that experience I've gained a tremendous amount of knowledge along the way and if I had to do it all over again I would definitely do things different. The reason I ask is because I'd like to gain some confidence by learning more about trading the ES and NQ and trade more on a regular basis.....I've been cherry picking around fed announcements for the past 5 years. I like being in and out of the market each day.....I'm from Vegas so a little monetary risk is in the blood nothing like hitting a 5 teamer parlay In my research I've narrowed down some things I'd like to study and practice first: 1. Price action 2. Depth of market/order flow analysis Any thoughts on this or additions to the list? P.S. I've tried a few paid indicators and courses....please refrain from answering this post if you are a vendor. I mean no disrespect, I'm sure there are some legitimate programs and will gladly take recommendations from vets or mods. Thanks in advance!
First, provide a structure: Developing a Trading Plan. Then fill out the structure with, as you said, the study of price action, beginning with this pdf (Section 7). Without this, whatever one does is essentially Guess&Hope.
You need time.. don't trade real money for at least a year. I'm serious. I stopped simulating too soon and I lost money. You need a trading plan but that is very very hard to come by.. a mentor at a good site or chatroom can help. There are sites that can help you find a good one.
I've found that once you do thorough statistical analyses of price action patterns in various context, you'll find one or more positive expectancy setups. (By "setup" I mean a price action pattern within specific context.) My earliest forays into trading strategies involved indicators. This was moderately useful, but without an understanding of price action, I put too much faith in indicators to the extent that I traded my opinion about what price should do instead of making my trading decisions off what price was actually doing. Once I learned about price action, I realized that indicators are unnecessary, though they can be very useful in helping define context. In a nutshell: Learn about price action first (Brooks, Volman, Beggs, etc.), then investigate whether any indicators are useful or even necessary at all. And definitely trade in a sim environment until your trading is as relaxed, automatic, and consistent.
Donna doesn't spend much time here (she has a life). In the meantime, here's one example of determining context and trading reversals in a range and a breakout from a range:
For those who are interested, I've started posting these daily here: http://www.elitetrader.com/et/index.php?threads/the-foresight-thread.290361/ I won't be arguing about them though
First be extremely cautious of anyone making claims on elite trader. Particullarlly, the "price action" folks who jump to "help" you immediately. Ask them for proof of their ability or skill and poof they vanish or go on a character assassination rampage. Second, only listen to folks with proven skills and ability. The hindsight material like what you see presented in charts is NONSENSE. However, it is seductive and its easy to fooled by someone placing a structure around randomness within boundaries. Read only and follow only proven traders--- avoid the cult leader types who love to "help" when presented with posts like yours. They will lead you down a rabbit hole that has no end. finally, learn about cranks and charlatans, learn the difference and apply this knowledge to the "helpers" peace, surf ps=- always remember, what seems to make sense in the financial markets is often the exact opposite of what really works. You have already met the two false prophets who are attracted to this type of thread like bees to honey---- seek out the real thing---- and avoid those who "want" to help--- welcome to the jungle, surf