just joined the forum and need all the help i can get.

Discussion in 'Professional Trading' started by MartianVee, Mar 3, 2015.

  1. Out of curiosity @Ditch, how did you know about the pants though?
     
    #21     Mar 4, 2015
  2. Sounds like the perfect swing trading method.
     
    #22     Mar 4, 2015
  3. Ditch

    Ditch

    Read between the lines.
     
    #23     Mar 4, 2015
  4. Georgii

    Georgii

    I concur with NoDoji on Bob Volman. Both books in my view are probably the best books on trading strategy I've ever come across, and I've spent a lot of time revising my trading plan to fit the ideas Volman presents, which also work in other markets btw.

    One word of advice: read Understanding Price Action first, and spend a lot of time on it. Re-read it 3-5 times, or more if you must. Study the hell out of the charts.

    Forex Price Action Scalping is also very good, but it operates strategies off of a 70 tick chart which is a major invitation to over-trade when you're starting. Understanding Price Action works off of 5 minute charts which give you plenty of time to think. The one minus is that if you're trading currencies, a very big part of the excitement happens during the European trading hours at 2-3 am eastern standard time, so be sure your schedule accomodates that.

    Also, definitely check out Adam Grimes's free trading course (adamhgrimes.com), it's 100% free without any marketing gimmicks, and he's a professional trader who has been in business for years. He also wrote a great book on technical analysis. This course will not only teach you technical analysis in a broad scope, but it is clear of the typical BS that a lot of TA books have (like Fibonacci levels and pivot points), and also has excellent moments on psychology (the trance stuff you can skip if you want, I did).

    Most trading literature is JUNK and a lot of the problems you'll be encountering in the beginning is learning to sort the wheat from the chafe.

    Good luck and give yourself plenty of time.
     
    #24     Mar 4, 2015
    JTrades likes this.
  5. JTrades

    JTrades

    Yes, take your profit (engaging in constructive dialogue) and avoid giving much back (being impacted by discouraging dialogue).
     
    #25     Mar 4, 2015
  6. Ditch

    Ditch

    Anything with the words "price action" and "drawing lines" in it is utter junk. Don't waste your time on it. You can pick up a few nuggets on this site, but avoid the crap you come across everywhere on ET. Where noobs flock together, stay away, they're fed garbage.
     
    Last edited: Mar 4, 2015
    #26     Mar 4, 2015
  7. Georgii

    Georgii

    I would disagree with Ditch in that 'price action' and 'drawing lines' is utter junk. This sort of 'utter junk' works for me quite well, as opposed to stochastics, fibonacci levels, elliot wave, and candlestick patterns. But to each their own. If there's one thing OP will learn from being on this forum, it's that there are a million and one opinions on how to trade. In the end, whatever works is what produces results for you.
     
    #27     Mar 4, 2015
  8. Risk619

    Risk619

    FX scares the shit out of me, both the way the "markets" (which aren't even markets) move, the lack of regulation, the full-retard leverage, and the insanely high speculative nature of it. It's actually worse than a zero sum game because of the spreads. I did the math once and something like ~20% of the "deep liquidity" in FX is margin, meaning the distortions are so high it's like kung fu fighting yourself in a fun house of mirrors.

    I've read of successful FX traders but every legit-no-shit trader I know thinks it's a great place to get robbed.

    The emini route is nuts too, but trading the emini dow has the highest correlation to equity markets I've found and it's not where all the serious cut throat bastards live. I can't imagine any practical reason to start your trading career in FX. My two cents, advice is free, and you get what you pay for.
     
    #28     Mar 4, 2015
    i960 likes this.
  9. Georgii

    Georgii

    If you can find an edge trading that market who cares about how much 'deep liquidity' is in FX if you're a retail trader? I really could care less who is active in that market. All you need to do is backtest an idea and see if it works.

    The one minus of FX to me is the time zone factor and also the fact that since the whole zero interest rate environment started, FX pairs haven't been moving as much as they did before. When I started looking at FX it wasn't unusual for the EUR/USD to move 100 pips during the NY-London session. These days it's a bit quieter which means if you want to trade it intraday you have to be active in the London session, too.

    As far as the Emini dow or YM, in my recent testing I've noticed it pretty much does whatever the ES is doing, moreso than the NQs which can sometimes do their own thing. But this is the past six months or so.
     
    #29     Mar 4, 2015
  10. NoDoji

    NoDoji

    These books will teach several ways to day trade any liquid market. These books will not teach you how to develop the mindset necessary to trade the way the books teach you to trade. Very few people accomplish that and it's absolutely necessary to turn what you understand and know into what you actually do on a daily basis.
     
    #30     Mar 4, 2015
    dartmus, i960, SteveH and 1 other person like this.