Whether or not you are consistently profitable in ANY investment vehicle, be it futures, forex, equities, options, etc.., long term or short term depends on the same things: 1) You have created a working and reliable analysis model that determines your high probability trade entries as well as the expected target(s) along with your stop loss. This is the heavy lift that can take many years to develop, if at all. No shortcuts here. 2) You have the discipline to use that model accurately, plan your entire trade in advance, and see it through to completion without "winging it" based on your emotions or fears. 3) You employ proper account management where you're not risking too much per trade. It also goes without saying you need to believe in the the work you're doing to create a working model, knowing the reality that the vast majority never "get it" and become consistently profitable. Have a plan B if it doesn't pan out within a certain time frame so you can keep moving forward in life. Many people eliminate their chances right off the bat by deciding in advance what will and won't work. Some also feel entitled or obligated to "share" their misinformation with others as to what won't work. The truth is it doesn't work for THEM. It's their reality they are trying to project on others. You need to have a truly open mind and reject all other opinions of what must or can't work to create a working analysis trading model.
Chose "correct" time frames that fit your written, tested, Trading Plan. Absolutely, find Support & Resistance Areas. Buy at support, Sell at Resistance. Determine your risk and decide if it fits your Account Size. Fix your risk with targets and stops. Ideally trade Hedged. (Advanced) Do not use indicators particularly co-linear ones. Not sure @tenny, this meets your simple and few words -- but if not please ask for clarification.
Yes. In my research and live trading of equity index futures I have found there are plenty of repeatable patterns indicating upward movement over a 1 day to a couple week time frame is more likely than not.
yes always get to hear that, "90% of the traders fail". but its nice to know the rest of the 10% are all here in ET posting, claiming, rebuking.
Having a plan B is detremental for plan A. Watch this video starting from 10:15. Explains why so many say: it is impossible. When it gets difficult they switch for plan B. A big part of the 90% failing in trading fail because of plan B. If you have no other option than plan A to work, you will give all you have to get there.
Here Arnold speaks about the NAYSAYERS (which are very numerous on ET, in fact they are the majority):