I just did a quick skim of the few posts in this thread. If you're new to trading then this might take you a long time to get through, but I would highly suggest Al Brooks's book, http://www.amazon.com/Reading-Price...3952/ref=sr_1_1?ie=UTF8&qid=1286116817&sr=8-1 It's extremely hard to read, but a very good book, imo. Then, you'll want to read Trading in the Zone by Mark Douglas http://www.amazon.com/Trading-Zone-...=sr_1_1?s=books&ie=UTF8&qid=1286116880&sr=1-1 because ultimately, once you start trading for real you will realize that trading is 99% psychological. And if you don't realize that trading is all a mental game then you should probably go find a job with a guaranteed income because you'll probably never figure out what the real problem is until after you lose a nice chunk of money. Get rid of indicators. Look at a 5min chart of ES with a 20 EMA and that is all you need. Keep it simple.
Thanks for the advice! FirstDegree, are you serious? Get rid of indicators completely??? How can you trade with nothing on your chart? I would be curious to know if there are other ET members who trade with no or very few indicators?? I will start a new thread after checking to make sure no similar one was created...
To do your research about trading without indicators...it's called "Price Action Trading" and there are LOTS of ET members that does such via trading without indicators. Also, you'll discover some ET members use only 1 indicator while still calling themselves price action traders. Regardless to what they call themselves...they're still using indicators no matter how many. Simply, when you start such a thread...make sure you're clear that you're looking to talk to those that do not use indicators. Basically two types of traders will reply... * Those that use price charts with nothing else plotted on them although some may use volume. * Those that use time & sales/bid & ask screens. Mark
Thanks, Mark, Yes, I already read a bit on ET forum. I was quite surprised actually to see that so many trade with no or few indicators, and this may be the way to go, you get less distracted with trying to figure out what the indicators tell you. I will do more research about this.
I use my notebook`s cooler to recognize the entering moment. As the action on the T&S becomes more active the cooler of my notebook starts whooshing and spinning with the breakneck speed
anituchka - and many others - wants to know 'how to trade' this is like someone saying 'i want to know how to paint pictures' it used to be that individuals apprenticed to established artists, often at an early age while today most people attend an art school for a couple of years; includes computer/digital art then there's 'Paint by Number kits and Learn To Paint' then there's photography - instant pictures while beauty is in the eye of the beholder - pictures - trading likewise is extremely subjective whether it's indicators/no indicators/price action or my methods non subjective is auto trading since the computer can function far more efficiently and correctly than a human it seems far smarter to have the computer trade rather than oneself which means learn to code algos