so is life but if you do the right things you thrive IMO, market behaves according to a logic. Logic is not random. traders do not act randomly-they act based on a reasoning. This may not always be rational but it is always the same. when i started out i lost over 85% of time. i acted on a reasoning which was wrong. this is not random and so the market is not random. losers thinking is random and so we lose. is this result random?
So what does that tell you? It tells me I best make haste and learn how to trade TRs. It is good for me that I already know how. TRs offer FOT.
yes that is what i did. but trends are 'easy'. TR takes time to learn how to trade. for me it took better part of a decade. there are so many different types of TR. channels[broad narrow and horizontal] triangles[broadening and contracting and symmetrical] wedges. that is why i get these sort of results: gross loss: 25usd; gross profit: 3225 usd; for this week
and i would also like to emphasize that Brooks trading course has made it a lot easier, and I am confident that i can, with a little practice, make such trading results more consistent and reach my long-term goal of becoming one the best short-term traders/scalpers in the world. trading the Brooks way is not easy or mechanical. it is in fact very abstract. discretionary trading is one of the most difficult emotionally and technically
@padutrader so you made 2 ES points with 33 contracts, selling high and buying low, in a 20Pts (1/3 ATR) daily range. Congrats ! Let’s see if you can keep it when the market is moving a little more. I am sorry but this is bullshit. Try to make 10pts / contract / day. 2pts is noise and is going to be wiped quick. I didn’t know Brooks taught Market Making techniques. It’s easy to be wiped out when all we have at hand is 2pts. If you were to ask me. At this point you’ve made / secured nothing. Read my lips, Stop fooling yourself. Think in terms of daily ATR, Once you have accumulated 1ATR, You’re going to have a nice little cushion. Here you have 4% !
Unless you're a masochist or simply find it entertaining to dabble in day trading you should forget about it. I think I already said that. If you want to pursue it further still, here's my thoughts and suggestions: - Scalping is very difficult due to the fact that you're often trading random noise and the R/R is not sufficiently attractive. In practice, this means your R/R may often be inverse and require a very high win rate just to get ahead. That said, certain instruments are better for scalping than others. Typically, markets that exhibit consistent momentum. For example, NQ may be easier to scalp than ES. Easier; not easy. - Focus instead on the major pattern of each day and try to monetize that, i.e., the move from high to low or vice versa. If you study those A-B moves across a few hundred days I'd be surprised if you can't see something that's not random. In practice, this means you'll be able or at least should try to capture larger moves relative to your initial risk. This requires a win rate below 50 %. For example, the average 20 day range on ES currently is 50 points. Can you risk 5 points to catch at least 15 points? Maybe some days you'll be able to capture the entire range or close to it. Maybe also consider doing a study of when the high/low on any given day tend to occur. - Even if you day trade, it's smart to pay attention to the daily and weekly cycle/trend. That's part of the clue to how you can spot and be ready for larger moves. - Consider not trading every day. If it's an Inside Day that's not going anywhere you'll be hard pressed to make big bucks. Focus on being ready for the big days where the market actually moves. I think this is a smarter approach, but of course, it's still not easy. So, probably best forget about it.