Forums like these are extremely beneficial. The first thing you should do is gather as much information as possible before beginning to practice and apply your trading strategies on a demo account. Maintain a positive attitude and patience at all times.
Update. I don't know if I'll continue to update with how I'm doing or not. I guess it depends on my mood. If I lose money I probably won't want to write about it. If I make money, I still might not want to write about it. I'm writing today because I'm still in the planning stage. So, my demo trading is good enough that I should be trading live. My past experiences of trading live are that I overtrade when I lose and when I win I undertrade. So now I am working on learning to not plow through a bunch of money in one sitting. So the current plan is that I only have a little more than enough in the account for 1 trade on the 6E. It takes about a week for funds to get into the account so I transferred enough money for one more trade today that should be available next week. I am keeping my account low to help with the discipline of learning to control my emotions in trading. Also, I'm keeping it low because I don't trust myself to not lose it all. Even if I make tons of money trading I don't think I'll ever let it just sit there, waiting for me to have a loss of self-control. The plan is, if I lose my one trade this week, then I will be forced to wait until next week until I get another opportunity to lose. If I win the trade this week then I will have enough for 2 losses for next week and I won't need the incoming money, so I can withdraw my profits for the day. That's all based on using 10 ticks for a stop loss and 10 ticks for a target, but what is likeliest to happen is that I will manage the stops and targets and end up with either less profit or less of a loss than 10 ticks because I am skittish. I'm not worried about that too much though, it should eventually not be a problem. The 6E moves nicely so that there will be times that I can easily get to BE and let it go. The only thing to worry about is staying afloat and limiting losses in the meantime. For a while I will plan on one trade a week, until I get the profits to make more than one trade. Hopefully someday I won't have to rely on putting money in to make trades, but only trade from the profits. This could be a very, very, very long journey. But I do enjoy trading! I think I also like dreaming about the hope of making this work. The times I've contemplated giving up have made me realize that I like having the hope that this should eventually work. Life without trading doesn't seem like it has the financial possibilities that trading can give and, well, it's kind of boring to think about life without trading.
Clarification: my goal isn't to just stop with getting 10 ticks. I use a 10 tick stop loss and 10 tick target as a framework to base my entry around. The goal is to get good, safe entries then hold on for the ride. I tried doing that with the Micro ES but I wasn't flexible enough to adjust my stop losses to what was needed to trade it. The ES changes it's volatility so often that it made it kind of ridiculous to try to trade it the way I was trying to trade it. The 6E is more stable and although a strict 10 tick stop loss isn't always the best to use, it does help me to define when to stay out if the risk needs to be greater and it also helps me emotionally to have my set ups built around this structure because I know the maximum loss I will have on each trade.
This video has some really, really, really, really good advice! Before watching this I actually had already taped part of today's price action that I thought I would want to watch again to see how the volume profile developed (leading up to and after the turn at 11 am CT on the 6E). Now that I've listened to the suggestions in the video I realize that I could make it a daily habit to put together short clips of price behavior that are significant to my set ups. Hopefully, like is said in the video, this will speed up the real time learning curve!
A middle-aged man who works out, wearing a tight shirt....while grinning/laughing like an as3. I refuse to listen to any advice and wisdom that clown may have. Another 2bit ego charlatan across social media.
You're just a little ray of sunshine. I always take all you say into account. Thank you for being what you are.
I'm just calling it like it is. And for the most part, all of society and humanity...are less than pure. Everyone is easily plagued by various insecurities and temptations and egos, and vanity and greed and power everything else. You seem to defend that goofball on camera. If he literally made you a million bucks, I'll shut up all my negative thoughts towards people forever. Since he is a verifiable Saint, at least for you. His smile and face looks so corrupt in that video photo. It's hilarious.
Just restrict yourself to x trades per day, where x is probably 3. And learn to hold on till your target has no hope of being hit. Each trade has a fixed (volatility-based) stop. You'd have to really suck to lose a lot of money this way.
Which goofball on camera, AOC? poopy joe? Nancy Pelosi! How Dare You Sir! You Will Not Speak Thus of My Girl Nance. As for the vid linked above, naah, never even thought about it. I keep it simple as blood. What is your trading modus operandi? What timeframe charts do you like to trade?
Huh interesting. I've been doing this (reviewing charts) and forcing myself to imagine myself managing a trade at my optimal entries/exits. Yes, I did actually buy near bottom and sell near the top today. I don't think I would have been able to do it without the so-called reps. Nice video. But I didn't need 11 minutes to hear that.