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hey, thanks for that reply wsam29. Your right I really don't have a clue what I am doing even after a year of jumping in and out for 3-4 cents. I feel like its pretty ridiculous sometimes to trade this way but I see traders make pretty decent money scalping a few cents here and there. It could just be that this type of trading is not for me. Im more for of an easy going and mild tempered person hyperactive trading really messes with my psychology. Seems like everyday I make a resolution to get my head out of the level II but by the end of the day that is all i look at. I will have to stop trading randomly to stop getting random results. I've tried to use just an MACD histogram to find divergance and then use the level II to confirm any turning points but I just can't sit on my hands and wait for good entries and exits. How did you get out of that churning mentality that the prop firm taught you? Thanks again for all the advice. |
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seems to me like you know what you are doing in terms of level 2, now just apply those skills you've acquired and apply them to reading the tape for say the YM what ever market you decide to trade.
You'll notice patterns within the tape.
Me personaly I DO NOT use technical indicators liek MACD or RSI when it comes to trading the YM, they are too slow.
Try Souls strategy with pivots, sit on your hands and wait till prices reaches a pivot and then decide, that is when you implement your tape reading skills/level 2 to see how the market is acting to that level.
Even watching how the market reacts to a daily high/low, previous day high/low is something you can look into without using technical indicators.
How did I get my head out, I knew if I picked up on that skill and required their execution platform to make a living, I would be stuck with a prop. firm for the rest of my life. Your ideal goal is to trade with your own capital and keep all profits to yourself. Mind you exection is important so you will need to find a good broker that has a decent platform for the way you intend to trade.
I'll elaborate some more, I need to get going now.