Nobody gets help on being profitable on a message forum. They're just a place to 'chat'. Maybe save up 5-10k and spend it on an a course where someone might actually HELP you, or on some new indicators that might work?
obviously could be a waste of money. There's a LOT of con men out there in the trading world who'd be happy to take someones money. Advice for Eddie has been to use indicators the correct way. Maybe try the opposite of what he's been doing would work (he's buys when stochs oversold? Go short instead.... )
I just checked my system. Ridiculously, there are 390 different indicators. Some are very simple, some quite complicated. The system learns to pick a set of reasonable indicators in analysis.
Taking the advice, and going back to using INDICATORS. Gonna be strange after being a plain price bars/price action trader last 3 years or so. Gonna go with MACD and stochastics I think. (maybe use them in reverse as apparently everyone uses indicators wrong which is why everyone says they don't work) Also, someone mentioned courses etc. I've resisted the temptation over the last 6 years or so to pay people because I assumed they are all just scammers (if someone could trade profitably, why mess around 'training' people and selling courses?) However, maybe it's time to put my skepticism aside. Probably gonna put 5-10k or so aside for education. Will investigate courses etc tonight. Any reccommendations?
First day using indicators. Just trading NQ as I can trade it without losing too much money in a day. +10.25
None of them, all of them will teach what works for them, but you won't know if it will work for you. If you have to go to others on how to learn, you won't have the skills to know when to make adjustments to the method. Day trading is not putting on the trade and walking away, a monkey can be taught to hit the button, but unless you have Price Action memorized of what happens after you get in, there be no profits. There are so many "what ifs", and many "vendors" don't have a clue. Why teach if you can trade is correct. Takes a great deal longer than a weekend to learn some method unless you going to be sitting next to them for a couple of years. Learn from the winners, they usually take off in your favor quickly but if they limping around your entry price for three minutes, take what you can get and go on to next trade. Find out from winners what was worst amount it went against you and that way you can figure out how much to risk. Good trends keep going, but if they don't break previous pivot by wide amount, often times price is tripping protective stops. Knowing why something happens is good to keep in a journal and always keep studying the market. Any indicator you use is slowed down by price, and slow is NOT bad, too fast of an indicator gives many false readings, too many trades. Nasdaq is a good Index to trade, but when bars get too big, time to either wait and get in on retracement or pass on trade as often large range bars will retrace. Good Trading.
Hi well, I don`t use them at all, they always show what price did, not what price will do, so few years ago I switched to price action trading and chart patterns & candlestick patterns trading. It goes good so far.
There are hundreds of indicators, which are all subtle variations on about three common themes: MA, oscillators, and volatility parameters. Wave counts are just wacky and in real time are not reliable. But they make sexy charts after the fact. Never confirm one type of study with another study of the same genre. Example: MA cross confirmed with a MACD, or a Slow Stochastic confirmed with Larry Williams' oscillating rip-off.
I probably muddied the waters by considering "things" besides price, but I've come to realize the marketplace "knows" things I don't/can't know.... I'm sometimes very surprised at market action thinking "the big boys know something the rest of us don't", or even "the big boys are illegally acting in collusion". Whatever, the price charts show what the players are actually doing with their money. Our objective as traders is to be in tune with that. And we don't have to get "all of it" right.... only some. And we must avoid getting it "BIG TIME wrong" by losing a lot when we shouldn't have lost more than a little.