I'm retired and I would prefer to manage some of my money myself and I would like to do something that keeps my mind sharp and occupies some of my time. Trading equities for two hours in the morning fits the bill very well.
Then be aware that the statistics are against you. You can check out these threads for yourself. I'm usually not this nice in looking up my old threads for a post: https://www.elitetrader.com/et/threads/trader-iq-test-pattern-recognition.212639/ https://www.elitetrader.com/et/threads/how-much-money-have-you-lost-before-figuring-it-out.209385/ https://www.elitetrader.com/et/threads/how-long-did-it-take-you-before-you-got-it.210645/ There is a 95% failure rate and your intelligence doesn't mean much. Most people who want to be trader are already highly intelligent individual. But the market is much smarter then you think. Personally, I don't find trading to be all that intellectually stimulating. It's more like a blue collar work.
Well, it's been six months and I'm not quite ready. Mastering the interpretation of the order flow on Bookmap for equities, which it wasn't originally developed for, is challenging and is taking some time.
An order flow footprint identifies the buyers and sellers in each individual candle or bar; by seeing this you have much more information when considering the probability of the direction the instrument will move. Knowing just the high, low, open and close, in price action, does little to tell you who is in control. I couldn't imagine trading without knowing this.
Thanks, I do know that my psychological state while trading is going to affect the outcome much more than how smart I am!
I'm quite sure you don't; I plan to use it because it confirms to me shorts being squeezed, false breakouts and reversals and other possible entry or exit considerations quicker than if I don't have it. When you're new like me, without thousands of hours of screen time, it is important to have a plan that is based on strict guidelines, based on timely and accurate information, so that my trades are not controlled by emotion.
i do not need to in my book the fact that you ask forum what to trade tells me that you have no clue how to trade regardless on what you archive in your life very well good luck to you
What if your testing and plan do not match the fills you get in real life? The cheap liquid, volatile, stocks , I heard, attract a savy group of market mechanics and technology. You wont get filled as you would in the old days.....Ask Bob111.