This is what i mean. Mind you i might be wrong about the 830 level but im trying to show my thought process.
while i wasnt precisly correct on the 830 i still believe it was a level to watch. As you see the market went to the 835 level were it found resistance on the trend line it broke roughly 25 mins before. From there we had a few failed attemps at the 835 level then it was off to the races to the down side Without the insight of the traders who posted in this thread i would have probably had played fib lines and missed easy set ups. while i do no trade with real money at the moment this thread has helped my anaylsis of the market. Am i drawing to many levels? Is my thought process correct? Im really trying to learn so any advice, comments, concerns are welcome.
hi this is lee, a prop trader in a slump currently. i agree with ur thoughts on S/R trading, especially the tight stop, i have two ways to achive that tight stop, and i dont way which way to go, u guy/s help is appreciated 1. if a R is identified say 20 on a stock, punch the offer when the tape is speeding up, and buyer are aggressively punch the 20 offers on Time and Sales. (potential 2 cents stop) 2. punch in in 20.03(limite) as soon as i see bids are stepping up at 20.01 or 20.02 or the tape shows a 20.02 print. this way the stop will be wider, but with a stronger confirmation. stop will be at 19.99/19.98, thus a 5 cent stop i really like the first one, but in essence i am anticipating a breakout, which is a dangerous quality for a trader.
I just graduated college. My last year i started trading options and futures. My father supported me financially and knew i would probably lose the money. I lost a good portion of it and with about 25k left i started futures trading 1 CONTRACT. For the past 6 months i have been making 5 -7 points a day consistently. I am a scalper and proud of it. I didnt read one book. All have been doing for the past 18 months ive been involved in the market is WATCHING EVERY DAMN TICK from 830-3. Price action and basic support and resistance is the best way to make money. I prefer to hit singles and doubles and bat a high percentage. 300 bucks a day for a college kid not bad... ALSO GET YOUR DEGREE. I just graduated with a double major in accounting and finance. I trade during the day and am currentrly studying for CPA at night... Job market is tough trust me. If northwestern and University of Chicago kids cant get a job what makes you think you can? Learn to trade but dont look to break the bank. Once i make 5 to 7 points i shud off my computer and open my paper trading account so if i feel like trading i trade their to save myself from making stupid moves..
Consider your losses as part of the learning process, or better know as "tuition". Anyway, if you would like to get your hands dirty by actually beginning the uphill journey, I recommend that you visit my educational thread: Unholy Grail to Success. Good luck!
Agreed, one of the best things you can take in college is accounting and going for your cpa. It's always needed. I went to college and majored in business. Didn't learn much. Anyway ct you should watch snp500trader on youtube. some people like him some don't, but he's free and you can judge for yourself.
I took a few weeks off. Started trading sim again this week and that break helped me relieve the tension of the markets. Im still going to trade sim for the next 6 months to really gain experience. I still have 5 semesters of schooling left until i get my bs in finance. Trading is becoming easier lately. Im more patient and i analyze exits and loses if the trade is incorrect more so than porfits now. I think the volitility has something to do with it but also my knowledge is growing rapidly. I no longer trade off 5 minute charts but have moved to 10- 15 minute charts and my charting allows me to use the previous 5 days of charting to create my S/R levels. No more indicators excepts 10/30/200 ma. The insight of this thread has helped move my trading to the next step. While im still some ways off from being profitable i no longer see it as an if i will become a profitable trader but when. Im still trading futures and will probably do so until i graduate from college. Hopefully i can become profitable by my senior year in the markets. If that does happen i might consider going prop. I feel interaction with other traders is important in the developmental stages. Plus being able to trade both instuments and mentoring from other more experienced traders can't hurt.
don't worry about it man! I am 19 as well, I started trading at 17, with $10,000. I turned that $10,000 into under $4,000 in a couple of months. At that point I did some paper trading to see what worked and what didn't. I finally found my nitch in ETF trading, I was back up to $10,000 in a month. Every time you set yourself back you can learn from it.