The obvious pre-requisite to trade any market is experience. “There's a difference between knowing the path and walking the path." Probably not the obvious, but still obvious, although not so obvious to most gullible idiots (me included) who enters this business starry eyed thinking we can learn to consistently extract money out of the markets from reading a few books written by someone a bit smarter than us (but still idiots). LOL.
not the opening bell..the first 5 min is very important..as is the 10 o clock ding dong..and some other ding dongs during the session..the later ding dings are not as good as the earlier ding dongs..but can nevertheless offer some VGLR trades !
i used to look at the TICK..but..if you think about it..these reversals or continuations do not just happen..so..if you can see what is happening prior to one of these R or C's..then no need to look at TICK..as it is another "after event" indicator !
not correct..same as knowledge is not wisdom..what can make one wise..is..the application of relevant knowledge..common sense really
i usually don't trade during the summer..too busy with more important things..but i am considering opening a new AMP futures account with AMP US as opposed to AMP EU..the few cent difference in MES commissions is irrelevant..AMP US seems to be better in relation to funding and withdrawl fees..so..as the saying goes..no sense in throwing away good money
btw..AMP has avery useful add on for MT5..i can't remember the name off the top of my head..but it makes chart trading and adjusting orders a lot easier and quicker..same for cancelling and going flat.. which..is required at times..i tested it before and it is very good..it also has some other features like DOM on chart..but all that stuff does is distract you from what you really need to be looking at.. you can even rout the same AMP order to your IB account with another 3rd party software that speaks with MT5..which i also tested..very good and cheap as well..there was a free version but i think that is gone..there was some bug in the software that they fixed..but worth the small money if you want to trade several accounts with the one platform!
On the subject of market selection: Why ES/MES? It's been said by many people elsewhere that ES is one of the hardest instruments to day trade and I believe several of the main posters in this thread said that stocks are far more easy to trade. But maybe that was more true in the past when the ranges and volatility were far more compressed. I actually spoke with someone who never was able to trade ES consistently, but became successful in another slower market. Personally, ES is all I know, and I'm not looking to change that anytime soon, either. These days it's a great instrument for trading.
Mach4-1 abbreviated? For (#7296) "the horizontal line drawn on the chart..not the last price line", I presume that you mean the price at NY market open and not the day session open price? In your answer (#7302) to Onra you say that the 'small box' has a narrow time range with the line in the middle of the box. I suspect you mean something like, trade the first hour after market open in the direction of a breakout of a small price range about the open price. The open price being at 9:30am NY time, similar to what you suggested a few years back for trading the US30 at market open. Is that what you are getting at here? No doubt you won't approve of the broker that I use, FXCM, but their charts are clear and their SPX500 is apparently 'based' on the E-mini. I have an 8 time frame chart simliar to the one you did but for a detailed view I have just 3 time frames, the charts are tabs on the task bar so its very quick to switch between them. In the chart the day session open is at 11pm UK time (6pm NY time) is the dashed line, and the prior day high and low are the solid yellow lines. An indicator plots those lines automatically and if a daily time frame is specified it uses the day session open price. Obviously the US market open is a major event after which prices can move, but there are others such as last Friday at 1:30pm UK time (8:30am NY) when the announcement of Average Hourly Earnings, Non-Farm Employment Change, Unemployment Rate. In the long term the bias seems to be up, add to to that the optimism of coming out of the coronavirus crisis would seem to give a long bias to trading, but for short term day trading it can still easy to get caught out.