Day-trade The Dow Jones For Profit

[alan5616]

I would love to give your system a try. I have tried so many ways that I can't even count them. I have worked my fingers to the bone trying to program tradestation systems that work. But I have not achieved any success. I want to be a full time trader more than anything, but I am about at my wits end. If you would teach me what you have learned, I would be forever grateful !

Trying to gain an edge over the market, with a mechanical trading system, is a very tall order. It was only when I ditched all my tech indicators that I started to succeed. It took me 8 years to learn the error of my ways but, worthwhile in the end. A very successful trader, that I know, has never used a tech indicator in his life. It took me a long time to take his advice.

The advice that I would give you, in good faith, is to forget about programming something in Trade Station and study your chosen market carefully.

I'm a day trader so, perhaps my perspective may be different from yours. I look for intraday highs/lows, dominant trend, momentum, swings, current and previous levels of S&R, chart symmetry and that's basically it. One other thing I do is to look for heavy volume, once a substantial move has occurred. This, usually, signals exhaustion and a reversal is going to take place.

You can't program much of this stuff into TS, because the markets are news and sentiment driven. One day produces different chart patterns from the previous day and the one before that etc.

 

[1kperday]

Looking for the correct way to day trade the Dow

Thanks for the reply alan5616.

I am a day trader as well. Your response was very interesting because just today I was searching for more direction for my trading and I came across two other traders that teach courses and they said the same thing. Throw away the indicators and just focus on price action. I guess I really need to purge my brain of all the stuff I've read over the years.

Any advice on where to look for a real day trading education?

 

[jayjay121]

the reason you are not having success with indicators is because you don't know how they work,

 

[Vaco]

i find that just like with price action if you are going to use an indicator you have to get to know it watch how effective it is in different market conditions and learn through experience when to use its signals and when not too.

 

[2George]

Both Jayjay and Elefteros are 100% correct. Knowledge is power and the more you put in to learning, the more you will get out.
George
“Trade what you see and not what you hear or hope.”

 

[alan5616]

the reason you are not having success with indicators is because you don't know how they work,

Wrong. I do know how they work, having used a lot of them over the years. For me, as a day trader, using a 5 min chart, I've been more successful without them. Tech indicators are based on PREVIOUS price action and, as such, they can give no reliable indication of where the market is heading.

I'm not knocking people who use them. It depends on which market and time frame you're trading on. There's some very good posts on T2W by people who do use TIs. My reply to 1kperday was to encourage him to look at the chart, for clues as to market direction, rather than rely on programming a mechanical type system in TS.

If there was a day trading competiiton between two people, one using TIs and the other using his chart reading skills, I know who my money would be on.

 

[alan5616]

Thanks for the reply alan5616.

I am a day trader as well. Your response was very interesting because just today I was searching for more direction for my trading and I came across two other traders that teach courses and they said the same thing. Throw away the indicators and just focus on price action. I guess I really need to purge my brain of all the stuff I've read over the years.

Any advice on where to look for a real day trading education?

Try these. Both have good reputations

Technical Analysis: Hard Right Edge technical analysis, swing trading and day trading tools, education and original strategies for day traders and swing traders
E-mini Trading System | E-mini Trading Education by Trading Concepts, Inc. Since 1994

 

[Pat494]

After many hard years of trading, researching and trading then researching again I started to trade successfully.
I am giving up now but wanted to know if anyone out there just wants to trade the YN/Dow Jones as a business for profit?
To those so called experienced traders who think they know it all and sell their ideas - don't waste time by replying.
Mine is 100% guaranteed and is free to one person only.
George

Let's face it 2George is probably a " wind up artist ".
His so called offer deserves a chuckle and no more

 

[2George]

Offensive

Let's face it 2George is probably a " wind up artist ".
His so called offer deserves a chuckle and no more

I find your remarks offensive and without merit.
Ignorant and stupid remarks of this nature do not belong in the forum.
Perhaps if members were obliged to enter their home addresses and telephone numbers, this kind of abuse would not appear.
George
“Trade what you see and not what you hear or hope.”

 

[nkruger]

Wrong. Tech indicators are based on PREVIOUS price action and, as such, they can give no reliable indication of where the market is heading.

What if.....

You were to turn them from 'lagging' to 'leading' indicators ?

 

[rathcoole_exile]

now Nick, that would appear to be a revolutionary concept that could even lead to profitable trades !??!!?
although i realise that there is o such thing as a Holy Grail, i am a keen student of trading and am willing to listen to the advice of people who are successfully trading for a living.
I have read Douglas and Carter and now feel competent to stick my toe into the water...
Please do tell us more about these mysterious "leading" indicators.
Can such a thing exist ? Surely if they did, it would make trading that much easier ......

 

[rathcoole_exile]

Let's face it 2George is probably a " wind up artist ".
His so called offer deserves a chuckle and no more

Pat, I rarely disagree with you, but I'm prepared to give George the benefit of the doubt.
I was extremely cynical (as usual) at first, but after a couple of PM's, I'm happy to keep an open mind.

The thing is - if he is genuine and his offer is genuine, then he has been treated appallingly here.
If he is a fraud, he knows it in his heart and knows what Judgement is awaiting him.

Garry

 

[chilltrader]

spread your light of wisdom George!

humble minds, hungry for knowledge wait with bated breath!!

 

[1kperday]

I always believe in listening to others who are more successful than I am. That's the best way to learn. Take what they teach you and use it as is, or adapt it to fit your style. This process often makes both parties better traders.

 

[jayjay121]

ive been trading with george on a regular basis and just laugh at the ignorance on here, i seriously think trading forums are now a complete waste of time and to be honest have probably set me back as too many people who just don't beleive or think everyone is a scammer and remember proabably less than 500 of the 100k members are successful at this, actually ive been on here for a few years now and id say it's much lower......so really by keep on following the crowd and forums i can now see why professional hardly use them and why my trading has gone around in circles for the last couple of years..................Im actually now starting to have some small success at trading by keeping things simple and following strict disciplne and methods that traders on here have said would never work, just goes to show you

 

[jayjay121]

What if.....

You were to turn them from 'lagging' to 'leading' indicators ?

no offence but this is exactly what i mean by he clearly does not understand how they work, because you and i both know and have seen the leading divergence patterns and how powerful they are..................people think they don't work simply because they try to follow every turn with them to the price, it just don't work like that. But if you use them to see divergence and other powerful patterns they can be unbeliveably good especially when you factor in other confirmers such as nearby s and r, trendline break and watching the dom.


Pin bars get alot of credit on here to and rightly so, but a certain divergence pattern on an indicator can give exactly the same results and same proabability's............so they both work. so to say indicators do not work is clearly ignorance of how they work.

 

[Trader333]

2George is Genuine

I rarely get involved in arguments of this specific nature but I think on this occasion it is only right that I do.

For what it is worth I too have corresponded a lot with George in realtime about his method of taking trades on the Dow and he is most definitely not scamming or conning anyone. His offer is genuine and his trading results exceptional. He has never asked for money or anything else and when he says that he only wants others to trade on his behalf that is the case. There is a great opportunity here to be trained in how to trade FOC and whilst I understand the scepticism, in this case it is wholly unfounded.


Paul

 

[Lord Flasheart]

George is there a reason why you will only teach one person and has the slot gone yet

 

[timsk]

I rarely get involved in arguments of this specific nature but I think on this occasion it is only right that I do.
For what it is worth I too have corresponded a lot with George in realtime about his method of taking trades on the Dow and he is most definitely not scamming or conning anyone. His offer is genuine and his trading results exceptional. He has never asked for money or anything else and when he says that he only wants others to trade on his behalf that is the case. There is a great opportunity here to be trained in how to trade FOC and whilst I understand the scepticism, in this case it is wholly unfounded.
Paul

I'll second Paul's comments. I've also communicated with George via PM and I'm satisfied that he's not a scammer. If I'm eventually proved wrong on this front - I'll eat my hat! George - if you're reading this - please contribute more to the forum and be assured that there are plenty of peeps here who will listen with an open mind to your ideas, me included. I say that as someone who isn't a huge fan of indicators, be they lagging, leading or otherwise!
Cheers,
Tim.

 

[Lord Flasheart]

clearly credibility has now been established, I will follow closely and hope more appears on this thread as opposed to PMs. Got to be quicker for george to talk to us all at once.