Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

creso

Newbie looking to start trading

Recommended Posts

Hello,

 

I ran across this forum and had a chance to read some of the articles and view the trading videos posted here. I have to say they were very helpful. Im still debating if I should learn Forex or stick to the e-mini's.

 

I am looking for some trading advice that can help me get on the right path. I am currently testing out some indicators with the EMA, ADX, and Stochastics. They seem to work very nicely in hindsight. However, I noticed that soultrader does not use any indicators. Is it possible to trade without any technical inidicators? If so, how would I look for trade signals?

 

Thank you,

 

Creso

Share this post


Link to post
Share on other sites
Hello,

 

I ran across this forum and had a chance to read some of the articles and view the trading videos posted here. I have to say they were very helpful. Im still debating if I should learn Forex or stick to the e-mini's.

 

I am looking for some trading advice that can help me get on the right path. I am currently testing out some indicators with the EMA, ADX, and Stochastics. They seem to work very nicely in hindsight. However, I noticed that J.Lee does not use any indicators. Is it possible to trade without any technical inidicators? If so, how would I look for trade signals?

 

Thank you,

 

Creso

 

Hello, and welcome to Traders Laboratory. Always happy to hear from a new trader seeking for advice. My advice for you right now is to stop whatever it is your studying. Unlearn and learn. If you become too indicator dependant you will never learn how to trade properly. On top of that you will waste time and money. From my personal experience I find indicators useless. Price action is king. Learn to trade price and not the indicator. That being said, I highly recommend you read books on tape reading, pivots, and market profile. I prefer to use methods not vastly used by the trading public. If you need some recommendations, check out the book review forum. I will be updating the forum hopefully on a daily basis.

 

Good luck on your journey :)

Share this post


Link to post
Share on other sites

Hello Creso and welcome aboard :)

 

Automated systems that make money do exist. But many are trend following systems. The markets will only trend 30% of the time so its good to know trading setups for a rangebound market as well.

 

Here's an article I just recently picked up. It has some nice trading tips for a beginner.

 

Forex and Foreign Exchange - Trading with Strategy

Share this post


Link to post
Share on other sites

While not a substitute for experience, I would read as many books on trading as possible. This way you get a wide variety of ideas about trading. Some are good ideas and some are bad. You just have to learn how to tell them apart.

 

I would pick up Winning on Wall Street as a primer on the subject.

Share this post


Link to post
Share on other sites
Thanks specmav.. I will check that book out. How many books have you guys read on trading?

 

I have read about 8 or so.

 

Theres alot of useless books out there in the market. Make sure you read the reviews and find what you need. Some can be challenging while some are geared towards newbies. Good luck

Share this post


Link to post
Share on other sites

I have read approx 150 books in trading, investing, trading psychology, NLP, etc...

 

I have found 75% of them to be useless. However, if you are able to dig out one useful paragraph or line in a book, I find it well worth my money. Alot of tradings books can be overpriced. I suggest you visit amazon. I bought most of mine second hand.

 

Also like Daniel said, make sure you review each book before you buy them. While some traders find what they are looking for you may not. If you need some recommendations feel free to ask me.

Share this post


Link to post
Share on other sites

All indicators that I know of lag the market. They measure what has happened over a specific time period. Some people can trade using them and make money. However, I think it best to observe the market with one's own eyes and learn to read orderflow. Of course you'll have to invest some money in datafeed, charting and a good simulator. But the money you invest will most assuredly be less than you would lose by trading real money not knowing what you're doing.

 

My suggest reading: 1. Support and Resistance simplified by Thomsett,

2. Mind Over Markets, Dalton, Jones & Dalton.

Also, any of the classic work by Schabacher, Wycoff, Edwards & Magee etc you will find helpful.

 

After you grasp the fundamentals of how the market auctions through market profile and understand the basics of S/R, then practice on the simulators. If you can't make money consistently on a Simulator, you certainly can't trading real money. The key is to trade the sim as if it is real money. Never allow yourself to make exceptions. In this way you train your emotions too.

Share this post


Link to post
Share on other sites

Yes, that's what I mean. You'll need to fund an account probably. Though you may find one you can use for 30 days otherwise. TradeMaven, Trade Navigator with a TransAct datafeed is what I use. Cost is $49.00 month and come with historical and real-time data, charts etc. Ninja Trader is good and works with many datafeeds. You can get free Volume profile info at Chart-ex.

 

I agree with soulman that Support and Resistance or pivots should be a better starting point than indicators.

 

Be prepared to study diligently for a good while just like any whorthwile vocation.

Share this post


Link to post
Share on other sites

Thanks luke. I will look into it. I am quite stunned how indicators are the first trading technique taught to newbies.

 

Been looking around the charts in this forum but none of them use indicators. I guess I am far behind on reading price action as it is.

 

By the way... how did you get those trader specs under your username?

Share this post


Link to post
Share on other sites

My suggest reading: 1. Support and Resistance simplified by Thomsett,

2. Mind Over Markets, Dalton, Jones & Dalton.

Also, any of the classic work by Schabacher, Wycoff, Edwards & Magee etc you will find helpful.

 

Interesting... I thought I had read most books. Never read Support and Resistance Simplified, by Thomsett. I am actually looking for some advanced trading materials. How would you rate this book?

Share this post


Link to post
Share on other sites

I am pretty sure I have toppled the 100 book mark. I don't really bother counting on the slim chance someone might ask me. I would have to agree with soultrader on this. I would even say close to 90% of trading books are useless. One of my requirements was that the author actually be a trader.

Share this post


Link to post
Share on other sites
I am pretty sure I have toppled the 100 book mark. I don't really bother counting on the slim chance someone might ask me. I would have to agree with soultrader on this. I would even say close to 90% of trading books are useless. One of my requirements was that the author actually be a trader.

 

Wow. That is quite alot of books. Im still on my third one. If you were to pick one book for a beginning trader, what would it be?

 

Thank you

Share this post


Link to post
Share on other sites
Interesting... I thought I had read most books. Never read Support and Resistance Simplified, by Thomsett. I am actually looking for some advanced trading materials. How would you rate this book?

 

I picked this up for just a few bucks from Trader's Library a couple of years ago. Of the books I've read, it helped the most of any. It's just a primer on S/R, not for the advanced student. However, since I don't think there's a more important subject than S/R, I would recommend any new trader to include it in his early arsenal.

Share this post


Link to post
Share on other sites

Interesting. I completely agree that by mastering support and resistance levels you will have no problem eating for the rest of your life. I will check this book out, I am sure I will find something to gain. Thank you for the recommendation.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • MNST Monster Beverage stock, top of range breakout above 60.45, from Stocks to Watch at https://stockconsultant.com/?MNST
    • ...hallucinates.... Student: “What if we gave the monkey LSD?” Guru: “The monkey already did LSD”
    • Question: To those that had/have cancer, what were the signs that made you think “something is not right here” to make you go see a doctor? Answer: So, 5/25/2018, I woke up, got ready for work, and as I walked to my car, I started gagging. Like something was stuck in my throat and I needed to clear it. And then it went away.   But 10 minutes after that, I was T-boned at 40mph on the driver side door. But what made me see a doctor was while my muscles felt better and bruises were going away, the gagging still continued, I started having fevers, my neck felt swollen, I was having such a hard time breathing, and I'd have random sharp pains in my chest, but not from where the seat belt saved me.   2 weeks after the accident, I finally see an urgent care doctor, who looks me over, tells me I'm fine, but luckily requests a neck X-ray. And I ask for a chest X-ray, which he rolls his eyes but let me have (most of my pain was in the neck, so I understand).   The very next day, he calls and says “So, that chest X-ray shows there's a 4 inch mass on your heart and lungs, and your lungs have been filling up with fluid, as well as in your pericardial (heart) wall. We need you to come in tomorrow.”   Turns out the big mass, due to the accident, caused my heart and lungs to tear and fill with fluid, the swollen neck and gagging was caused by 2 metastasized tumors, and the fevers and weight loss were symptoms. Stage 4b Hodgkin's Lymphoma.   But thankfully, we went very aggressive with chemo (and had a lot of bad side effects that don't normally happen to patients), and now I'm about 16 months cancer-free. Yay lucky X-rays! Rachel Jurina, Quora Source: https://www.quora.com/To-those-that-had-have-cancer-what-were-the-signs-that-made-you-think-something-is-not-right-here-to-make-you-go-see-a-doctor   Profits from free accurate cryptos signals: https://www.predictmag.com/  
    • As a man, the reality of life is the harshest part. I don’t mind looking older or becoming weaker over time; it’s nature.   Have you ever heard that the only people who will be loved unconditionally are women and children? Men will only be loved as long as they can provide until they are no longer needed. It doesn’t matter if you already did your best to get your kids to the best school or get the best things for them, if you stop before they’re done with it, there will be no thank you. The only thing they will remember is that they have to quit school at 15, ignoring all the previous 15 years of life you provided for them. The only people who will accept you, no matter what, are your parents. But in this situation, you might be that ungrateful child.   EDIT: Wow, I didn’t think this would get so much attention.   For those who disagree, I can only say that everyone has their problem. If you don’t get the chance to face such a thing, be grateful. Remember, sometimes what you throw in the garbage is something that someone wishes ever to have.” – ElZee, Quora   Profits from free accurate cryptos signals: https://www.predictmag.com/    
    • The good thing i had noticed so far is that the traderpot value is also on the rise..
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.