The purpose of this thread is to discuss your favorite markets to trade, trading tools, and trade setups. Feel free to mention other things like your trading platform and preferred broker, and elaborate on your reasons.
I think it would be best if folks were to focus on one or two aspects of their trading in each category as opposed to listing everything they do and use. The idea is to distill what you do in your trading to your very best ideas as opposed to creating a long laundry list that loses its effectiveness.
I'll start...
Trading Style: Daytrading
Timeframes: Primarily, I start by looking at daily charts at the end of the day, use 30m charts for Market Profile, and tick/1m/5m charts for fine-tuning entries/exits.
Favorite Market: ES (emini S&P)
Trading Platform(s): TradeStation and Wealth-Lab (primarily for backtesting and EOD analysis, not real-time trading)
Broker: TradeStation (plan on opening account with IB soon)
Trading Tools: Market Profile and Market Internals (Volume, Ticks, Trin, Breadth, and Bid/Ask)
Favorite Setups: Fading the the extremes of a trading range, breakouts, and buying pullbacks in an uptrend and selling rallies in a downtrend.
Best Trading Advice: Determine market condition (bracketing or trending) first and then adjust trading strategy accordingly regardless of your timeframe. Treat your trading as a business.
For me, trading with the trend (retracements) is the easiest way to trade. Fading bracket extremes is psychologically the hardest way to trade because the market always looks like it's going to break through the bracket limit as it approaches it, but the more I take this trade the easier it gets. Breakouts are the most profitable. Fading the extremes is my favorite setup though because the market spends about 70% of the time in a range/consolidating.
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The purpose of this thread is to discuss your favorite markets to trade, trading tools, and trade setups. Feel free to mention other things like your trading platform and preferred broker, and elaborate on your reasons.
I think it would be best if folks were to focus on one or two aspects of their trading in each category as opposed to listing everything they do and use. The idea is to distill what you do in your trading to your very best ideas as opposed to creating a long laundry list that loses its effectiveness.
I'll start...
For me, trading with the trend (retracements) is the easiest way to trade. Fading bracket extremes is psychologically the hardest way to trade because the market always looks like it's going to break through the bracket limit as it approaches it, but the more I take this trade the easier it gets. Breakouts are the most profitable. Fading the extremes is my favorite setup though because the market spends about 70% of the time in a range/consolidating.