Day Trading the Dow Jones

My 5m 200 simple moving average sent the price back up this morning, and now I have it at 31,453, so wonder if it'll do the same now?

 

Looks like there was a very nice buy opportunity around 10.30 UK time. Do you trade natural gas?

 

Well, could have had over 200 pips if I'd held my short from 527, so I'll put that one down to inexperience, but still happy I came away with something on my second ever live trade.

 

The 76.4% fib from yesterday's low is right on top of today's S1 pivot @ 31,311, which I guess is the reason why the price stopped there.

 

Newbie lesson learned for today:

When someone says it's not a great day for trading ( above ) it's more than likely going to be the exact opposite.

 

This is a very good one

 

Also, since almost every day trader seems to be a net loser, you could find great inspiration here: https://www.elitetrader.com/et/threads/how-to-become-a-successful-trader.355051/

The best market indicators are the people perception and reaction.

 

Just realized that seems arrogant: That was not intended.
My bad.

 

No problem Fonz. I know the statistics, and I've done enough research into this business to know that there's a lot of waffle on trading forums. At the end of the day though, there is only one thing that matters, and that is the ability to make money, for that is why we are all here is it not?

I will trade what I see, and learn along the way, irrespective of what others are doing or saying. I welcome objective comments on this thread from people who understand the art of trading, and also those like myself who don't, and I also hope that others will post their own live trades here as I intend to do, but comments such as ' no one can make money in this game ', and ' all traders are just gamblers ' are not welcome on this thread, whether this be true or not. This is not directed at you in the least, so please do not feel that it is.

In time, my wish is for this thread to become the go-to thread on ET, for novice and experienced Dow traders alike, a place where we can all share and learn from each other.

Thanks again for your input Fonz.

 

Since I day trade the YM, I still keep my daily max loss and weekly max loss limits. And, I was finally able to remove my daily self imposed profit limit.
There is just one reason: Confidence.

it doesn't mean that I don't have losing days or even losing weeks.

By the way, I only trade from 9:30 to 4:00 Est (max 4:05). This is by choice: I think it is much more predictable.

I agree with you: We can make money trading the YM. Some of us do.
Best!