trading 5 min when there are huge bars. i have learnt it really fantastic to shift to 1 min to stay with market reality
thks you have the right attitude for trading and for life. it is always the next day that success will be obtained but focusing on the present and making the most of that gift, will eventually get us there. stay with and all the best to you ,mate
when 5 min or any other time gives too little information THEN it is useful to shift to a smaller time frame. like the xray does for doctors when they want more information
you need others to do the same AS YOU since you cannot move the market and must rely upon other to get the market to target. so if you have some secret method which no one knows, that method will fail. that is why there is no secret for entry, as you correctly said. and mismanagement is often the reason for failure ,as you correctly pointed out, since knowledge about technical analysis is freely available for free. when i started trading in 1987 only a handful knew something like TA even existed
me? nah i quit lol. trading is for pros and suckers. Currently seeking employment in the fast food industry.
One suggestion for Padutrader The idea that you need "others to do the same as YOU" is perhaps a misunderstanding. I have heard informed participants suggest that about 70% of the volume on an index like the EMini for example originates from software programs. That estimate is probably understated. Simply put, a skilled programmer can create software that does not get tired, or need to use the bathroom, or eat lunch and can monitor the markets on a 24 hour basis, looking for repetitive behaviors to take advantage of. Clearly the biggest institutions are hiring the best programmers to do this, and so retail traders are competing against a relatively small group of people, most of whom are better (at trading) than they are. What any of you CAN do as retail traders, is to learn how institutions act in the markets, and (eventually) learn how find opportunity. In my opinion, Price Action is a good start, and I like Dr. Brooks contributions to education, but if a retail trader wants to transition to professional status, they will need to go further (and obtain different tools) to make that transition. Just changing to a different bar size, probably isn't (in my opinion) going to provide a lasting difference. Your description of a sustained losses is sad, and I wish you good luck.
Hello padutrader, Why does it matter what Brooks says? What is the importance of doing exactly what Brooks says?
I use 5-min candles and 1-3 mins line charts. Any more candles than 5-min are too much for my eyes. The lower time frame lines give me more details than the 5-min candles when needed. Mostly I make decisions based on the 5-min candles. My current biggest challenge is emotional control and the mental strength to stick to my plan and correct trades. Wrong trades get stopped out automatically.
This morning I sensed AMD weakness and shorted around 10:30am but got out during the subsequent volatile bars with only a small profit.
LOL. Seems like Al Brooks is doing just FINE as a teacher and a vendor with risk-free money flowing into his pocket even when he sleeps! I mean - why trade when you can sell the dream and make millions with zero risk???