Like anything in life, it makes sense to learn from people who already have experience and can provide suggestions. If you look online long enough, you will find many experienced traders who eventually turned to something called price action. Price action is the art of trading based on what is right in front of you all the time, price movement. Using price movement and time, the basis of a trading chart, to make all decisions may lead to better results than other types of trading. These other types of trading may also be more complex. You may have heard of the phrase, “keep it simple.” That also applies to trading.
So, here we have a new video that focuses on keeping it simple. How so? Step-by-step instructions for setting up the main thing you need for day trading: a trading platform. This video focuses on NinjaTrader because it is one of the few platforms that is both feature-packed and allows for real-time simulated/practice trading at no cost. Why would you practice trading with old data? It’s best to practice trading during the time of day when you, as a pro trader, would be sitting at your computer. Some people will tell you their brain works differently in the morning. So, work with incoming, live data at that time to replicate the experience as closely as possible.
After you get the NinjaTrader platform installed with real-time data, what comes next? Learning how to open a chart. A chart is the main way to see what a given instrument (market) is doing. The data feed that you’ll get will be for futures markets. The main futures market in the world is the E-mini S&P 500. The abbreviation for the E-mini is ES. A 5-minute or 1-minute ES chart is recommended. These are time-based chart types. That means the bottom axis is based on regular intervals of time. Other chart types such as tick or range are based on accumulations—or totals; a certain amount of price movement must occur for that bar so a new bar can appear and “fill up” toward that given total amount (whether that be 250 ticks or a range of 2, for example).
Now that you have some sense of what this video is about, it’s time to watch! DayTradeToWin can continue helping you from there. Follow the instructions in the video. Here’s a direct link to the DayTradeToWin day trading courses and software.