Thank you all for your input... In my efforts to regroup I am considering everything I am doing, what needs to be changed and what stays the same. I am looking for feedback on time frames. I am a intraday trader for now, may get back to overnight and multi day holds later. I feel that 5 minute charts are just right for NQ.. anything less and there are just too many candles and too many signals to consider. Anything more and I am missing out. What time frame do you choose for day trades?
update.... back to real $$ trading as of today. Executed great.. sat on my hands and did not trade when it was marginal for my setup. 2 trades , 2 winners... this sure helped to get my confidence back...
7 years is a long time to put in on anything. What I will say as a barely consistent trader going at it 2 years, is that there are certain markets you shouldn't trade until you have that level of consistency and risk management. ES is not one of them. Yes, you can get cheap margin rates with brokers, but its because the tick size is pretty strong. and can wipe you out pretty fast. Trading things like currencies or mini products is a much better idea where the margin required may be a little more in few instances but the markets are not as vicious as ES or Crude oil. Look to slower markets that force you to be patient. I would be interested in knowing what your average holding time per trade is and also, possibly more importantly, what is the MFE v MAE - Maximum favourable excursion v max adverse excursion. You want to be taking trades where if you get stopped out, its because you didn't bank it fast enough. You dont want to consistently be taking trades that are just wrong judgment and dont provide a good risk-reward ratio. I know MFE and MAE are different to risk-reward ratios, but there is a lot to be read into both of these metrics when looked at side by side. One thing that resonated with me early on was, identify your trade, then put your entry where you originally planned to have your stop. This could revolutionize your outcomes. 100% I would ditch ALL INDICATORS- Only have up daily pivot lines. THAT'S IT. Then get great at finding good support and resistance on the chart. NOTHING MORE, Not even moving averages. Second thing, dont look at any charts under 60 min timeframes. Maybe use a 15min now and then, but 60 should really be your central chart. FUCK INDICATORS. If you are 7 years serious, ditch the indicators. Happy to chat offline to here if you want. May the force be with you.