I want to be an intraday trader. Can I just buy Level 3 of Pro Development Series?
Only if you've already achieved profitability as a swing trader. Intraday trading is the least forgiving form of trading. If you only buy level 3, it's likely you won't understand the concepts behind it. Level 3 also includes our specific terms and setups relating to S/D, market profile and Q points. Traders never go from not knowing how to trade to successful intraday. Just like you don't go from not knowing how to even play a simple scale on the violin to a concert violinist in 3 months. Be realistic with your trading expectations. Honing and mastering new skills takes time. Trading is one of the toughest jobs in the world. There are so many issues that a trader must deal with before attempting to lower the timeframe they're trading from as well as lowering the trade durations down to a few hours. In addition to this, you also must ensure that your psychology and emotional resilience is in place to be able to handle the pressures of live trading. You are effectively battling your natural instincts and fight/flight response while trading. Learning to control this is of pivotal importance for intraday trading.
How can I read Supply/Demand exhaustion intraday?
S/D trading intraday is not enough if you have no idea of that days particular institutional sentiment. You HAVE to know where the distribution curve was yesterday and then base your intraday direction/plan off that. Larger timeframe trend frequently has little to do with intraday movement.
Intraday is the toughest form of trading. We highly discourage intraday trading
until a trader reaches profitability in swing trading. Yes we know it's a long process, but here we don't claim that trading is easy. It's anything but!
Reading institutional order flow through market profile, rather than pure SD, as well as knowing your Average Daily Range exhaustion prices for that particular day AND reading price action at the CORRECT daytrading timezone is the only way to be a success as an intraday trader. In order to reach success as an intraday trader, ALL THREE LEVELS of Pro Development
MUST be understood and PRACTICED to perfection. You have to learn how the markets behave from session to session.
On top of this, each instrument and each asset class have their own quirks and behaviours that must be learned through sheer experience. There's NO WAY AROUND THIS.
Why am I not profitable?
Profitability of your performance depends on many many factors. To name a few:
Inconsistencies in positioning, stoploss sizes, number of trades per day/week, holding trades too long, mixing up intraday and swing setups, not having a trading plan (!), holding trades too long, only using one small-ish timeframe for your trading plan, not knowing where you are on larger timeframes, flimsy trend reading skills, becoming biased and losing all objectivity whilst you're in a trade...
Until you start a DETAILED journalling, keeping records of trades, outcome of trades, time of day you entered a trade, how long was the trade for, whether a trade was in profit or not, etc, you will struggle to find profitability. Trading successfully is about dealing with YOUR weaknesses. The majority of traders fail because of their own psychology and not because a method doesn't work. It takes an average of 4-5 years to become consistently profitable and that's only IF you ACTIVELY work on eliminating your weak points.
I move my stoploss to breakeven, but I'm frequently taken out of the market, only to have it go my way. What do I do?
Stop moving your stoplosses to breakeven. You've taken a risk based on your analysis. "Protecting" the position by moving your stop too soon is false economy and means you're either not confident in your analysis or you're afraid of taking a loss. Both issues need to be actively dealt with. They won't go away on their own. Try practicing NOT moving your stops on a demo and see what outcome you get. Then use that experience to do the same in the live market. Backtest backtest backtest, practice practice practice, forward-test, forward-test, forward test. No other way.