Unfortunately for those that believe otherwise, money is not an answer to all of life’s questions or it’s perceived problems. If one doesn’t see the truth of the above statement, There’s not much else to see. One does start to see the truth of it when they have more than enough and are exploring other aspects of a deeper, more durable sense of fulfillment. Although there are loners, humans are a social animal. As such our lives have more meaning in the context of being in relationships with others. This relationship comes in roughly four sets of the ‘I’, ‘You’ perception of duality; (since I’m talking to you) - ‘you with you’, ‘you with other.’ You with other can be further distinguished to you with a single other, ‘you with a group of other’, ‘you with the universe (all other)’ Just as there are different financial markets operating co-currently, humans operate within the above four relationships everyday all the time at different levels of activity. The ‘truism’ teachers teach, traders trade is accurate for just one set of mutually exclusive ‘like to like’ comparison. There also exist trader-teachers and teacher-traders. As in the public school system, there are teachers only there for a paycheck and others only there due to their passion and a spectrum of those in between. Passion knows no bounds. To be passionate with life is a superset of money not a subset. Most in the financial industry operate with the opposite sentiment. Having money is a means to a destination, to make it a destination in and of itself, even in trading is fool’s gold. A different currency exists, one based on understanding with deduction the operation of the market. This understanding can only come from sifting and sorting through contrast and comparison of a variety of experiences. The trader-teacher subset is the most rare as well as the one whom can extract most of what the market continues to offer - day in, day out. This becomes possible if one were to cultivate a neutral mindset matched with the market’s operating order of events based upon the market’s granularity. All observable to the minority by training one’s perception with simple drills using deduction. Induction is for the majority, as defined it is the ‘consensus reality.’
Posters have already told you all you need to know. It's not that complicated. Define the trend on a higher time frame, trade on pullbacks but only in the direction of the trend. Pay attention to opening gaps and prior high/lows. Let profits run. Cut losses short.
You start by understanding how markets move. In My Opinion, there are only two types of trades that take advantage of two types of moves: Trend Reversal Trend Continuation Trend Continuation is much easier to learn (in my opinion). You start by defining what a trend continuation is, and then build parameters, test test test. Took me years.
Yogi also gave some other great advice that could apply to people trying to copy the methods of others without developing their own original knowledge and skills: "If you can’t imitate him, don’t copy him." -Yogi Berra
a lot of words instead recommend to him and many others here, who hopelessly look for the mentor, at least one of so called "trader-teacher" can you?
Does it come to your mind that what seems clear and obvious to you might not be so clear and obvious to others? Pullbacks? Trends? Is it so easy to recognize a pullback or identify a trend? A vast literature is dedicated to these topics and even with all that knowledge I challenge you to say that identifying them is simple. I'm studying opening gaps and their relation to prior highs and lows and trying to take advantage of them. I'm also experimenting on this....losing money and making money. How do I cut costs? I understand the concept obviously but the advice ends there with no real value added. If you want to share your knowledge and help others say things that can be understood, make examples, try not taking for granted what indeed is not granted. And if your also want to add details on how to make profits run I'm here to listen.... nt
I have dropped a lot of those things as well. If you trade daily TF with a eye to weekly TF and you depend on trend continuation for your simple long only method to work then stocks have fit /do fit the bill well. Why try to fit a method to FX , treasuries or other markets that do not correlate(as Scat said) at this time. Correlate for a lengthy, consistent period of time i mean. On the other hand, if a novice has a method to day trade ES or CL then have at it. What advice, methods to follow that gives YOU , and admitted novice, highest probability of you making money. I enjoy reading Dest. Rallymode, selliindexvol but know very well they will take my money if I consider doing what they do. Do what you can. pS. This post is to the OP , not advising and old salt like theMickey Further, disregard....as reading between the lines.. The OP is more experienced than his'post count implies as he is working opening range gaps and trying to reduce costs.