Make Money Everyday - A Guide to Short-Term Trading

Thank you aknews001.

Your rules make total sense.
Looking back at the chart my entries seem non-nonsensical. I guess that is the power of hindsight.
Now, if my hindsight become my foresight I would be truly happy with my trading results.

Keep putting up your charts, I am learning from them too.
I have some more to upload soon. Been really busy.

Thanks for this Mongolian, fair play to you putting in the effort.

Haven't posted in here in a while. Thank you to everyone who has contributed to this thread. There has been a wealth of knowledge shared here and in other threads on FF. I have been trading futures lately. Lots and lots of ways to take a beating there if one isn't careful.

There are currency futures to trade as well. I have two charts to put up - just to show you. I have not traded either one for the record. One is called Micro-EURUSD. It's micro because of the size - the amount of margin required and the $ per tick. To day trade this - it's about $100/contract and each tick is $1.25. I marked the chart with my quarter lines and there is 25 ticks between say 1.140 and 1.1425. This is chart M6EH19 (That's the contract #).

The second chart is Euro FX. Essentially it's a similar thing - except the value's are bigger. Day trade margin is $500 and each tick is $6.25. One key difference is the # of ticks. Between 1.14000 and 1.14250 is 50 ticks. So lots of ticks, lots of opportunity. Second chart is EU6H19.

I read something today that said the difference between a pro and an amateur is the ability to keep working when you are bored. This resonated with me. There are many times when Price Action just is lulling me to sleep and it's easy to go do something else. But sure enough - when I do that - and I come back to my screen - Price has moved nicely without me. Enjoy your weekend.

M

Hi Mongolian,

Great post, clear explanations. I don’t mean to be rude but want to know the answer for my own expectations: making money everyday for 7 years by compounding you should have enough to trade full time by now? Thank you in advance for your reply.

Lucy

Not rude. Fair question I suppose. Don't take the fact that I haven't posted on here as a sign that I stopped trading. I just haven't traded spot forex or any currency pairs in quite a while. I do primarily trade ES (S&P 500 e-mini), NQ (NASDAQ 100 e-mini) and occasionally the RT (Russell 1000 e-mini).

M

Hi good to hear from you. That's what I'm curious about, you've been trading all the time and you mentioned in a previous thread that you couldn't afford to trade full time still. I would think by compounding you should have had a significant account size by now?

Regards,
Lucy

This is just great. For anyone who needs control, needs discpline around their trading, this is the one for you. Find a way to define a trend, one that works for you & just own it. Then trade the Mongo way. Especially good on hi volatilty days like last Friday (NFP). It's just so controlled, I love it. Again, thank you Mongolian.