Futures are for Day Traders,is 30 mins chart gear to day traders?

Discussion in 'Educational Resources' started by Azharr, Apr 12, 2013.

  1. murrica

    murrica

    You know what, you are absolutely correct. Everything you said, in this post and your previous ones, are completely true.

    I take back everything I said. Take care.
     
    #21     Apr 12, 2013
  2. Chances are 99.549% you are going to blow your account for one simple reason - you ask too many questions that show you have too many blind spots to survive.

    It's good to ask questions but it also demonstrates how little you know and how unprepared you are for the learning curve ahead. You are asking about Tick charts Vs Time charts and which is best. They do different things and you can get a rough equivalent of a 30min chart in a tick chart but only at certain times of the day because tick charts are based on the volume of trades.

    To complicate matters, your tick chart will be different from mine because tick counts depend on the datafeed and then also the software you use. In other words you need to go through a discovery process.

    Asking which time frame is suitable for day trading is the equivalent of carrying a shotgun without any training and asking which end do you point. One thing is for sure, someone's going to get shot and most likely it will be you own foot that is the victim.

    From the description of your location and data speed, your connection is likely to drop at times so you need a back up line to cover for that. Make sure your front end software has server side stops and not stops that are resident on your PC instead of the exchange. If your line drops and you have a position in profit, it can run against you and ignore the stop when you are disconnected if the stop is only resident on your PC. You can get wiped out.

    You need a really good knowledge of yourself and top trading methods to make it in this game and there is no reason not to begin that journey if you have been simming for some time. Open a forex account where you can trade at $1/pip or less and be prepared to kiss the account goodbye, so keep your funding small. It will be a great learning curve for you.

    To preserve your account you shouldn't go below a 5 min chart as your eyes will probably be too slow below that. You can trade a 4 hr chart exactly the same as a 5 min chart except you will gain experience much, much faster on the 5 min charts so I would recommend you try that.

    Try to read 2 charts at least and 3 is better. Try a 5min, 15min and 60 min to give yourself a better feel for the context of your 5 min chart.

    An alternative to losing you money is to open a journal here and sim live and invite more experienced traders to help you correct the encyclopedia of mistakes you are going to make, and then when you can take the heat you will be ready for market heat. I would certainly recommend an ET journal as it will nor only save your $'s but give you a chance of making it.

    I met one guy who had a $500,000 account and lots of great ideas. The only problem was that he still hadn't figured out what worked and he had whittled his account down to $5000. From that base he learned how to make it but he could have learned the same with $5000 in the first place. I hope you get the idea.

    Good trading and good luck to you.
     
    #22     Apr 13, 2013
  3. I don't disagree with much of this but I think a simpler phrasing will be more helpful. Here is a plan that might work for you: Since you need six months (at least) to learn enough to risk one thin dime you should study, learn and sim for at least that long. During that time accumulate at least some additional capital and then evaluate your cash capital and intellectual capital and decide if you have enough of both.

    Pay close attention to Xpurts' advice on server side stops. Far to many are ignoring this very basic point and are at far greater risk than they perceive.

     
    #23     Apr 13, 2013