Finding Basic Setups For Discretionary Trading

[james_gsx]

	Quote:	timokrates
	Thanks as well TinGull, My problem is also that I try to keep it as simple as it can be, which is quite difficult if you try to trade with the stuff I mentioned.

You should check out my introduction thread, here

You traded different stuff, but we sort of went through the same thing. Funny thing is, most people go through the exact same thing. The good thing you've done that has enabled you to move onto the next level is you've identified the problem - yourself.

You can keep it simple, trust me. I went from as many indicators that I could fit onto a chart and now I'm down to price, volume, and internals. All three traders I was talking to who have been trading futures, options, currencies, etc all use price, volume, and internals. They keep it as simple as possible. Your trades should be mechanical and you shouldn't think anything of them, they are business decisions and that is it. But, as you know, it's easier said than done.

We can all tell you different things to check out, and you should check them out, but you'll eventually figure out what works for your and what fits your personality. If that means you have 10 different indicators then so be it - if it works for you then thats great. Personally I find I'm best at scalping, I don't have the emotional discipline to hold onto a trade longer than a few minutes. I find short term support/resistance and scalp the breakouts. I could show you 20 charts but chances are you won't make any off of them because you aren't me and you don't see things the way I do. But you could figure out your own style and chances are I won't make a dime off of it either because of the same reason.

If you're interested in some ideas to get you started that worked out very well for me then I would recommend John Carters Mastering the Trade. It's a good read and not too beginnerish .Then from there figure out what works for you.

[Anonymous]

	Quote:	TinGull
	..........VSA is awesome. It'll make things clear to you once you begin to understand how the market is structured.

TG, I wish you would post in the thread yourself. We are all interested in how you are using VSA. The intent of the thread is certainly not to define the only way to use VSA, it is to explore the many ways it can be used.

Plus, as the thread starter and then no posts it make it seem like you were no longer interested in VSA. I am glad to know you still are and are using it. In the spirit of sharing.................. ...

[timokrates]

	Quote:	TinGull
	Market Profile has been instrumental in my learning and trading, too. As you mentioned, I use more of the thought process of it all and not trading off of value areas and POCs. VSA is really simple at it's core, I believe. What sort of issues were you finding in trying to apply the concepts?

I found Tradeguider once and read 'Master the Markets', but for me at the moment volume is more a general concept - I'm reading Neills 'Tape Reading and Market Tactics' at the moment. But I feel that I have to get a bit deeper in VSA to have a better understanding and maybe find some usefull things.

On the short timeframe I plan to trade I believe I have to start before all the others do and maybe VSA could be helpful in this case.

[timokrates]

	Quote:	james_gsx
	You should check out my introduction thread, here You traded different stuff, but we sort of went through the same thing. Funny thing is, most people go through the exact same thing. The good thing you've done that has enabled you to move onto the next level is you've identified the problem - yourself.

Absolutely! Changing the market doesn't solve the general problem. That was to obvious for me - at a time:rolleyes:

	Quote:	james_gsx
	You can keep it simple, trust me. I went from as many indicators that I could fit onto a chart and now I'm down to price, volume, and internals. All three traders I was talking to who have been trading futures, options, currencies, etc all use price, volume, and internals. They keep it as simple as possible. Your trades should be mechanical and you shouldn't think anything of them, they are business decisions and that is it. But, as you know, it's easier said than done.

Yes, I plan to use not more than you mentioned, but sometimes I think even the internals are too much.

	Quote:	james_gsx
	Personally I find I'm best at scalping, I don't have the emotional discipline to hold onto a trade longer than a few minutes. I find short term support/resistance and scalp the breakouts. I could show you 20 charts but chances are you won't make any off of them because you aren't me and you don't see things the way I do. But you could figure out your own style and chances are I won't make a dime off of it either because of the same reason.

I hear you, had of course the same problem, holding on to a position. I don't know if scaling out will help me to get more relaxed on that issue. Time will tell.

	Quote:	james_gsx
	If you're interested in some ideas to get you started that worked out very well for me then I would recommend John Carters Mastering the Trade. It's a good read and not too beginnerish .Then from there figure out what works for you.

I saw that Tradestation has an offer at the moment. Open an account and you get Carters book.

[TinGull]

Im posting now PP...