I was wondering if you guys know about any workshop, training for Chart Patterns for an intra-day using options in the 1min ~5 mins time frames, that you will recommend. I have found some on google but not exaclty what I am looking for and few to little reviews. I wouldn't mind to pay for a coach/mentor. Right now I am learning in the school of hard knocks Thank, EG
What's available sucks, I suggest becoming a student of the markets and developing your own strategies, could and will take several years. You need an edge, and no one is going to give you a good one, for free or even for money, as it would make no sense to sell it. People are gullible, don't fall into that trap.
---training for Chart Patterns for an intra-day using options in the 1min ~5 mins time frames-- :eek::eek::eek: http://thepatternsite.com/chartpatterns.html
So, Autodidact, what would you suggest we "Newbies" do to actually develop a strategy then? You say to "watch the market", but what are we watching for? Are there no helpful publications or websites or help on here to assists us in developing a sound, usable strategy? I watch the candlestick chart for the ES go up and down as arbitrary as the wind....I have been "watching" it for almost a year now with no indication either way of whether I am seeing support or resistance, momentum or retracements...etc..... as far as developing a "strategy" I feel i am no closer to finding one than when i began...all the indicators tell me that one thing is supposed to happen and the exact opposite occurs.... Just sayin'.....
Save your money my friend.. You will have to find your own way and you are putting the cart ahead of the donkey. Spend your time understanding how the market works and how to determine context and bias. Most people look for patterns first without regard to contextual reference which is a huge mistake. Read James Dalton's book on auction theory. Then read the technical analysis book by Adam Grimes. Folllow those 2 books by the excellent work and course of Lance Beggs. After that, you will be more prepared to look at trading on an intraday time frame.. By the way, none of them really are looking for "patterns" as such.. They either look at market structure or market levels.... Food for thought and best of luck, Wolf
Grimes must have gotten paid by the page, if you have trouble sleeping at night, read his book.... it is funny how one traders book is steak and another trader considers it something to keep door from closing. John Hill's books from late 1970s filled with price action and market structure. I side with Bob111 http://thepatternsite.com/chartpatterns.html You have to know what to look for to keep you out of taking a bad trade, you might not agree to take chart pattern trades but you should know where they exist and one of the better trades are failures of a signal. As far as "edge", money management is edge, learning how to get out no worse than breakeven plus one tick on most of your trades that don't reach targets or stall. Newbies don't realize an "indicator" is suppose to possible indicate but it not written in stone. You can't with 100% know if your heart will be beating 3 seconds from now, so to rely on anything to work all the time, it not going to happen, but you have to back test minimal 3,000 sample size to really know the stats. Maybe it not working cause of increased volatility or reduced volatility, or report coming out tomorrow, or many other reasons dealing with government, but good traders learn to adapt. Take for instance a simple triangle, and using that, think of all the possible entries and where to place protective stops, you take something simple and build just a little to it to reduce false signals. I learn by studying profitable trades and very little by losing trades, why are they profitable?, how much out of 3,000 trades did price go against them? Find the 90% of those and you have figured out your protective stops, how long was the "mean" before the trade went wrong way and stopped you out, how long were you in profitable trade, so find the "mean" so when that amount of time gone by, you lock in one tick so if price is hanging around like three-four bars and it is up just a little, best to get stopped out with one tick than a loser, if you in the while by that amount of time, make plus one tick new target. For me, price stalls, in 3.5 bars, stops at plus one tick, if in the hole, target changed to plus one, don't get married to it. Do much sim trading first before real time, if you can't be profitable like 18 of 20 days in sim, when stresses of real time come, you be losing more than twice unless you automate it. Good luck.
Observe, make scenarios and plans, write them, understand why you were wrong, observe, make scenarios and plans, reread old and read new ones, understand why you were wrong... It takes years, lot of work, self-criticism and patience. At a moment, you will begin to see and understand what others don't see. I think that less than 1% of people is able to do that. CM
Cause 2,999 seemed too little. ROFLMAO For long time I used 300 and it just didn't have areas where market changed volatility. You need to have all kinds of overall price differences and my systems generate many trades, so usually less than 2 years of data for 3000 of each signal.