I honestly believe it is futile to try and make consistent money daytrading equity futures using only RSI, MACD or any other technical indicator. The market just doesn't boil down so easily on a day-to-day basis, and the shorter the time frame, the more noise and commissions just cut into your profits. Consistent profitablity really means being flexible; you have to know what the market is keying off of each day, and what it is ignoring. Fundamentally -- which sectors are pushing the market, and which are dragging it down?What clues are the other markets -- bonds, currencies, metals -- giving you? Technically -- where are the recent stops located? What are the levels the locals might be gunning for, and what movement can be just considered noise? Is it a trend day or a choppy one? Etc etc etc. Lots of people here lately seem to be looking for the same thing: a simple system or method that will let them take out a few hundred dollars a day -- sorry, but it just doesn't work that way. By the time you discover the answer to that, you'll be well on your way to making a whole lot more. Expect to work much harder -- but expect a much larger reward for your efforts! As Livingston once said, it's easier to make millions once you know how to trade than it is to make thousands when you don't know how. Believe in that statement, and you may surprise yourself.
So what's wrong with a short? Rather than try to guess what the market is going to do, just observe what it's doing. Both the NQ and the ES opened at resistance. Therefore, they either break out or they fill the gap. When the ES began to weaken, just short the NQ and leave it alone till the close. 9 points. Luck is a largely immaterial consideration, much less the "TRINQ".
their advice and input in regards to my previous questions. I appreciate your time and have started a new trading journal under Trading For a Living and hope to have you guys visit and give me some more pointers. Thanks again. Dominic
Dominic, You can do two things: (1) Keep on starting new trading journals and amuse us with your fool's acts; (2) Try to pick up a few sparks of wisdom that some people at ET graciously have offered to you. Shut up, start to work seriously. Then try some trades heeding some of the advise given to you. Come back with a journal after you turned a consistent profit. Good trading, nononsense
The point of the journal is to develop the strategy with the help of those who are willing to make at least part of the journey (journey? journal?). Why wait until he's turning a profit before starting the journal? What would be the point? Instead of insulting the guy, offer something useful.
dominic buddy, if you are asking for confirmation in a forum, for your basic trading decisions, you should seriously consider paper trading for the time being. That is, if you value money. Judging from your previous thread though, I don't think money means much to you. In that case, proceed with your futures operations.. 50