Day Trading Setup – Indicators Charting Platforms Monitors and More
Day Trading Setup
Check out our Absolutely Free 5 Day Beginner Video Boot Camp at http://daytradervideo.com
A day trading setup can be many different things so in this video we discuss the different things that it can mean.
What we're going to talk about is indicators and charting platforms. I will also talk a bit about my physical setup. Many people think that you need several monitors in order to accommodate all of the charts but that's not always the case.
What does my day trading setup consist of?
1. Charting Platform
This is absolutely a must. You need to have some sort of professional charting platform. You don't want to use the one that your broker provides because they often are left lacking a lot of the extras that you need.
My preferred charting platform is NinjaTrader. There are two primary reasons why this is so. First off NinjaTrader has a really awesome feature called Market Replay. This allows you to be able to play back any day from the past that you might have had particular trouble trading in the live market. It is excellent for developing skills like executing trades in the live market.
The second big reason I prefer to use Ninja Trader is because of the fact that it has a feature called Chart Trader. Chart trader is a graphical representation of an order that you can place straight from your chart. This is now a must for me because I am very clumsy taking trades from a DOM.
2. Price Bars
There are a ton of different bars you can go with but my bar of choice is the HI LO price bar. Many traders prefer candlesticks.
Day Trading setup requirement #3
3. Indicators
Probably one of the most important parts of your day trading setup. Indicators are mathematical representations of data. I use 3 main indicators other than price. But really the most important thing to use is the way the market moves. That is my primary indicator. Other than that my favorite indicators to use are the MACDBB's, Keltner Channel Bands, and an indicator that I programmed myself to help me calculate the direction of the market movement. I call it the MoneyLine.
I use all three of those in conjunction to determine when I have a valid day trading setup (trade).
Day Trading Setup
Check out our Absolutely Free 5 Day Beginner Video Boot Camp at http://daytradervideo.com
A day trading setup can be many different things so in this video we discuss the different things that it can mean.
What we’re going to talk about is indicators and charting platforms. I will also talk a bit about my physical setup. Many people think that you need several monitors in order to accommodate all of the charts but that’s not always the case.
What does my day trading setup consist of?
1. Charting Platform
This is absolutely a must. You need to have some sort of professional charting platform. You don’t want to use the one that your broker provides because they often are left lacking a lot of the extras that you need.
My preferred charting platform is NinjaTrader. There are two primary reasons why this is so. First off NinjaTrader has a really awesome feature called Market Replay. This allows you to be able to play back any day from the past that you might have had particular trouble trading in the live market. It is excellent for developing skills like executing trades in the live market.
The second big reason I prefer to use Ninja Trader is because of the fact that it has a feature called Chart Trader. Chart trader is a graphical representation of an order that you can place straight from your chart. This is now a must for me because I am very clumsy taking trades from a DOM.
2. Price Bars
There are a ton of different bars you can go with but my bar of choice is the HI LO price bar. Many traders prefer candlesticks.
Day Trading setup requirement #3
3. Indicators
Probably one of the most important parts of your day trading setup. Indicators are mathematical representations of data. I use 3 main indicators other than price. But really the most important thing to use is the way the market moves. That is my primary indicator. Other than that my favorite indicators to use are the MACDBB’s, Keltner Channel Bands, and an indicator that I programmed myself to help me calculate the direction of the market movement. I call it the MoneyLine.
I use all three of those in conjunction to determine when I have a valid day trading setup (trade).
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