Hello every1, My name is Frank. I have been demo trading the stock market for the past 6 months and i love scalping! Currently i am reading Understanding Price Action: Practical Analysis of the 5-Minute Time Frame by bob Volman. This book is helping me get better reading all the trading action that is going on in front of my eyes but i have realized that i have missed a few better entry opportunities that other traders captured in the 1-min and 3 minute time frame. With that being said, can i apply everything that i learn from this book to the 1 min and 3 min? also any suggestions on how to get better at scalping these lower time frames? how to read candlesticks better? Also i want to mention that i like to trade only the open 9am-11 am and the last two hours of trading 2 pm - 4 pm. So any books? youtube videos that you can suggest? articles? anything please. Thanks in advance for any help that you can help! Best, Frank
Frank, I used to be in similar shoes. You will loose, it is that simple. These times frames can be traded by seasoned traders, and even then very few can make constant profits. My suggestion to you, Focus on longer time frames. You need to be able to code to backtest your ideas. best of luck !
Ok thanks. Unfortunately longer time frames bore me to death. I am not losing anything at the moment since i am trying everything on a simulator aka Tradingsim. I don't plan on trading on a real account until i am at least 6 months profitable on the simulator. I am treating the simulator as if i were to trade on a real account tomorrow. Respecting all the stops, risk risk management, trading plan and started with a 30K account which is the amount that i plan to open a real account once i have everything figured out on a demo. So do any education material on to get me better at reading the price action on the 1 min and 3 min time frame would be great? or can i just apply everything that i am learning from the 5 minute time frame analysis from bob volman's book. Thanks in advance for your help!
Haha hard read? boring? also are you specifically talking about Reading price charts bar by bar? Thanks in advance for your help!
That is exactly what I am talking about. To read someone else's interpretation of bar by bar population is not my idea of exemplary tutelage. This is a business that you need to develop your own ideas based on fundamental knowledge and screen time for the instrument you are interested in. What works for the ES may not necessarily work for AAPL, for example.
Boring is good in trading. Exiting is bad since it will cause you to make bad decisions when real money is involved. You can try demo all you want but trading with real money will be different. Psychology will be different and you will act/react different. Put some real money on the line, doesn't have to be much but demo trading is completely different from trading actual money, something you can not learn until you do it.
Don’t worry too much about this. Bigger time frame means bigger targets. Also 30s should get better entry than 1min. And so on and so on but there are trade offs. “The more you zoom in, the more noise” & Co’ What works for 1 TF doesn’t always holds for another one. Experience. Trial and errors. If you’re curious with a beautiful mind, Then you should be able to improve understanding. But nothing is ever certain. Uncertainty is still at the core of speculation. ... You don’t learn bicycle by reading books. The best traders learned from experience. Tutorials won’t turn you into a good surgeon. ... For higher time frame. You can set up your trades and live your life. Daily entry, SL and TP. It’s either filled, win or loss. This morning I’ve set up a trade : Not filled ? No worries... Just move on.
And this is when you will get a chance to make money. Once trading get boring, that means you most likely paid your dues and learned the ropes. very good read, follow his lessons and you will make money: