(Trader NQoos posted this
advice to the e-mail thread. Many have found this to be the shortest and cheapest
route to profitable trading.)
1- Get Ensign
(You can playback any day to practice. Buffy in the Bline room on eChat, is often available for great commentary and instruction on high % setups. Ensign is the best tool an unprofitable trader can have. If you already have another charting program get Ensign also. Its only $40/month, playback ability only. Better, is get Ensign realtime version. If youre still working a 9/5 job as you learn you can trade the playback anytime.)
2- Only trade with simbroker (Ensign)...no real $$ trades allowed.
Great to have arrows automatically placed on chart showing all your entries and exits. When youre done it will show how many trades you took, % winners and total profits. Really GREAT.
3- Trade only 1 setup, high % trade with the trend.
(flag break...1-2 bar setup----slingshot. MOF or whatever works for you. Find your high % trade setup)
4- Keep all screenshots and simbroker results each day.
(Study your good and bad entries and exits)
5- No posting allowed in chat rooms.
(Most unprofitable traders can't concentrate on trade execution/management and post at same time or simulate trade and learn effectively at same time. Chatrooms can be a great place to learn from moderators and some posters that explain why they entered and exited a trade. Chatrooms can offer a wealth of trading related information. Unfortunately there is also a wealth of misinformation dispensed in chatrooms. So...verify all yourself.)
6-After market, mark trade entries and exits you missed or those that would have maximized your bottom line.
I believe marking charts trains the brain to see it easy and fast realtime.
When you can show 4 profitable weeks in a row, youre ready for a new setup high % trade and can trade for $$$.
Last updated 04/12/2005