[phoenix01]

Hey guys,

I was just looking for any genuine advice out there for day trading the eminis After 3 years i still have not reached a level where i can make any money. Ive done the usually, learnt all the lessons about money management, emotions, implies etc etc. Currently i try to trade the 5 minute chart using just price action, with one moving average on the chart just as a reference point (quiet like al brooks). And all i seem to do is break-even, some days i believe I've mastered it and then some days i just want to give up.

I just don't believe i have an actual edge. I have so much knowledge about technical analysis and price action but not been able to create the edge thats needed to change from break-even even into profit. I try to risk no more than 2 points (which i find extremely difficult) and create some type of risk to reward ratio greater than 1 to 1. Try to stick to the intraday trend and buy pullbacks and reversals in the first hour.

I just feel like I've hit a wall and not sure where to go next. I'd appreciate some genuine advice for where to look or what to look for. If anyone is actually willing to provider information on how they make there living. What i should focusing on and trying to improve to gain that edge?

Thanks

[Tams]

Originally Posted by phoenix01 »

Hey guys,

I was just looking for any genuine advice out there for day trading the eminis After 3 years i still have not reached a level where i can make any money. Ive done the usually, learnt all the lessons about money management, emotions, implies etc etc. Currently i try to trade the 5 minute chart using just price action, with one moving average on the chart just as a reference point (quiet like al brooks). And all i seem to do is break-even, some days i believe I've mastered it and then some days i just want to give up.

I just don't believe i have an actual edge. I have so much knowledge about technical analysis and price action but not been able to create the edge thats needed to change from break-even even into profit. I try to risk no more than 2 points (which i find extremely difficult) and create some type of risk to reward ratio greater than 1 to 1. Try to stick to the intraday trend and buy pullbacks and reversals in the first hour.

I just feel like I've hit a wall and not sure where to go next. I'd appreciate some genuine advice for where to look or what to look for. If anyone is actually willing to provider information on how they make there living. What i should focusing on and trying to improve to gain that edge?

Thanks

I would start here:
The Price / Volume Relationship
http://www.traderslaboratory.com/for...ationship.html

[Ants88]

Originally Posted by phoenix01 »

Hey guys,


I just feel like I've hit a wall and not sure where to go next. I'd appreciate some genuine advice for where to look or what to look for. If anyone is actually willing to provider information on how they make there living. What i should focusing on and trying to improve to gain that edge?

Thanks

Good honest post, friend. We don't or can't have an edge and never will. So forget about the edge talk (and don't believe the SoS). We either follow Goldman or we suffer, that's our choice.

[Tradewinds]

Are you trying to 'Play it Safe' in how you trade? The market is not about being safe. The market can NOT reward anyone for safe bets. If the market starts rewarding people for safe, easy bets, then the market will cease to exist in a very short while. If everyone made money trading, then the market would cease to exits very quickly. It would be all over with in a matter of a few weeks. If everyone could easily make money in the market, then everyone would do it, and then all the money would be sucked out. It's like a gambling casino. How long do you think a gambling casino would stay in business if everyone made money? A day? A couple days? A week? It wouldn't be very long.
No risk, no reward. The market is about risk. Investing is about risk. But we all come programmed to avoid risk an any cost.

[TheNegotiator]

Hi phoenix,

One piece of advice to you. Use your accumulated knowledge and time reading price action in CONTEXT. Know what the backdrop to price action is for the market and trade when both fit together. If you haven't started doing this yet, it is your next step.

You probably have seen it already as it's another active thread like the one Tams suggested, but I would say look at what is being said day-to-day in the e-mini thread.

e-mini day trading thread

Don't bother reading it all, just start from today. If you don't get it straight away, don't worry I am sure you will soon enough.

[NowTheMoment]

Originally Posted by phoenix01 »

Hey guys,

I just feel like I've hit a wall and not sure where to go next. I'd appreciate some genuine advice for where to look or what to look for. If anyone is actually willing to provider information on how they make there living. What i should focusing on and trying to improve to gain that edge?

Thanks

Phoenix; have you tried following the big players in the market?

This chart may help from today's pit SP session...the up arrows are where Goldman and others bought, the down arrows are where they sold in the SPz1 contract. The chart is ESz1.

[gosu]

Originally Posted by Tradewinds »

Are you trying to 'Play it Safe' in how you trade? The market is not about being safe. The market can NOT reward anyone for safe bets. If the market starts rewarding people for safe, easy bets, then the market will cease to exist in a very short while. If everyone made money trading, then the market would cease to exits very quickly. It would be all over with in a matter of a few weeks. If everyone could easily make money in the market, then everyone would do it, and then all the money would be sucked out. It's like a gambling casino. How long do you think a gambling casino would stay in business if everyone made money? A day? A couple days? A week? It wouldn't be very long.
No risk, no reward. The market is about risk. Investing is about risk. But we all come programmed to avoid risk an any cost.

Amigo, I hope for your sake you were in a drunken stupor when you wrote that rambling pile of stink that you won't remember when you sober up. If you actually believe what you wrote, you will be chasing your tail for a long while.

[MightyMouse]

You've gone 3 years without making money?

You need a back up plan.