Alright guys im starting this thread to try get some good advice from the successful and experianced traders out there, i.e the people who trade full time and have been though the ups and downs of trading. I'm 20 years old, currently at University in NZ, now in my third and final year majoring in psyc and pols. Now ive been trading E-minis for just over a year now and generally only trade in the cash market on the ES. I usually trade through the whole session, switching to sim if profit targets have been met. What system do i use??? I use Times methodology based on a system developed by traders international. I take simple well structured buy and sell signals only off support and resistance eg Fibs,pvits and gaps. Now i know everyone on here loves to diss out T.I and to be honest im not that happy with them myself. None the less i signed up, im still a member and i will be trading my plan based around their methodology. Although i am willing for someone else to convince me otherwise. NO way will i ever be paying for any system again though. Do i use stop losses??? Yes i do, basically what happens is i have an adopted 2pt profit and loss target set. This is how it works, if the market moves 6 tics in my favor then my stop loss moves itself to -1.0pts and if i reach 7 tics profit then my stop loss moves itself to 1 tic profit, then if i hit 2pts and don't get filled my stop then moves itself to 1pt profit. Back testing i have found this more successful than the simple T.I 2pt profit target and stop loss. Do i have profit targets??? Yes and No.........If my first trade for the day is a winner and i keep winning then i will keep going until i reach 10pts, however as soon as i lose a trade my profit target is set back to 4pts and if im already ahead of that, i will stop trading cash and switch back to sim immediately. Now if my first trade is a loser then i will keep trading until i reach 4pts profit or until i lose another 2pt trade. I will never keep trading after i lose 4pts in one day. On mondays and Fridays my targets change to 2pts profit and stop loss, as from back testing i have found the signals i use to be less successful on those days. What Broker/Platform do i use??? I use Mirus future as my broker, with ninja trader as my platform, i am very happy with both of these and have never had any trouble what so ever. Charts??? At this stage i use the charts provided by Ninja aswell as the Esignal charts provided by T.I in their live trading rooms. Alright so you know i lose money, but how much do i lose??? Not that much so far, I have been trading cash for the last 6 months, started off with 2.5k in my account, i now have around 1.9. I guess I've done pretty well really, not to have not blown it all out, weather it be by chance or by me sticking to my plan ill let you decide that. Anyway like i mentioned earlier i started this thread to get some good advice and comments from experienced traders, anything at all that could help me along my journey would be greatly appreciated. I am very serious about what i do and come the end of the year once ive finish my degree, i will be trading fulltime( Cash and premarket). Even if i blow out numours times i will keep developing my trading system untill i succeed. regards, M1
Why dont you start by showing us your charts, where you enter, where you exit etc, so that we can give you some comments.