I've been trading for one month at Swift Trade in Japan and am welcoming any and all advice because I've been sucking ass and thinking about throwing in the towel because of my lack of progress. (That and the fact that the hours (10:30pm to 5am) are killing me as I work weekends regular hours too. Currently, I've been trading AT&T, following EMAs (8, 20 and 60) and RSI (2). I'm good when the market is cool and can range trade and pinch pennies just fine and wade in and out with the best of them (an exaduration). But huge candles, getting into runs too late, trying to predict retraces etc. I am VERY bad on.... Any general advice for trading and specifically the above problems, would be well appreciated....
trading like a robot scalping for pennies makes you a robot. these prop firms might as well get a computer to trade for them. may the AT&T stock is bad stock to 'daytrade' for pennies.
Irasshaimase! Feel free to share your range trading strategies. I make bank when the market trends and die when it ranges. Since I would rather trade less often than scalp, my ideal system would have a way to let me know when it's ranging so I can sit on the sidelines and not trade that hour/day/whatever. But since I have no idea how to do that, I'd rather learn a way to trade when it's ranging. Help?
Any CONSTRUCTIVE advise is appreciated. Very often, it seems that a lot of the posts tend to be a little negative and sarcastic.
Hey, IronFist, can you tell me which software package you may be using that has all the charting options you list below? Thanks.
I use to day trade stocks, but prefer futures, easier to sell highs/buy lows. But this is the method I used often for stocks. Don't have to risk much, rewards have to be greater than 3 to 1. Each stock has it's own personality and risk. I would seldom trade first 30 minutes. 9 ema above 21 = trend up, best when macd sloping up/flat for buys, would risk half as much if MACD sloping other direction. Never more than three trades a day nor last hour of day. MACD is easy indicator to show congestion if one is unable to spot price action, as well if 9 ema is going through middle of bars. Out of congestion is expansion, many times when there is congestion, a triangle is forming.
What kind of candles? Ummm.... They are just standard 1 minute candles...... I hope I answered the question....
try using non-fixed time fractals. Ie. candles are only displayed after a specific number of ticks have taken place. I seem to find it easier to spot buying or selling pressure with them.
I use SierraChart (www.sierrachart.com) but almost every charting program I've seen has that ability. Tick charts build candles based on a certain number of ticks that you specify. So if action slows down for a while you might not get a new candle for a few minutes, and then if it speeds up you might get a few candles within 1 minute (depending on what your setting is). Constant volume charts update a candle every time a certain amount of shares/contracts have been traded. So say you're using 500 volume charts. Each candle will be 500 shares of volume traded. Again, if trading slows down, candles might not form as quickly, and then if it speeds up, they will appear much quicker. Range charts update everytime a certain range of price is exceeded. And then you know minute/hour/daily charts update every minute/hour/day.