Chicago trader seeking advice

Someone suggested reading countless books, instead spend that time watching a price action. Do not bother with indicators.
 
Quote from Cesko:

Someone suggested reading countless books, instead spend that time watching a price action. Do not bother with indicators.
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I have been trying to pay a lot of attention to the price action and would be very interested in any action theories you would be willing to share.

Thanks
 
Quote from porkchop_001:

I have been trying to pay a lot of attention to the price action and would be very interested in any action theories you would be willing to share.

Thanks
More...

PREM/DISC tick by tick to FV, and be aware of the pivot points, they tend to be a self-fulfilling prophecy intraday. Watch how they work like little trading troughs.

Don
 
I think I understand what you mean about the pivot points and them acting like intra day troughs, but I do not know what you mean by Prem/Disc tick by tick to the FV.
 
Quote from rcanfiel:

I have had both college graduates and high school graduates work for me. There is little in what you say that is true.

The HS grads mostly thought in black and white, and struggled with grey areas. They were much more convinced their ideas were right, and had much less ability to think outside the box. They tended to be more superstitious and unwilling to change their viewpoint based on the available evidence.

What you call structured learning is the primary means over the centuries for people to become more knowledgeable, critical thinkers, aware of the world around them, build mathematics and communication skills, and a host of other mental and interpersonal abilities.
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look i can see your view can you see mine?


i was asked one time by the worlds greatest biggest trader. what is your educational background he asked? i responded immediately without hesitation, well tell me who taught Einstein?

i was hired and worked for his group for many years prior to opening a cta in which we were named the #1 emerging cta's in the country our first two years.

then my partner got cancer and ran off with all our money. i have been a private trader since.

mb

ps i will go on to say there are many idiots both well and not so well educated, what really matters is passion...
 
Quote from MarkBrown:



ps i will go on to say there are many idiots both well and not so well educated, what really matters is passion...
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I have never found passion to be a match for having an edge. I have also never found psychology nor a lot of other stuff to be much use. IMO, the reason that 95% of leveraged traders lose their money is mostly due to an overoptimistic assessment about their trading acumen combined with lacking a significant edge.

I will agree that education is no guarantee of success.
 
rcanfiel --

you are so right . The essence of futures trading is "odds based" educated gambling. Don't care how much passion one has -- w/out an edge forget it. Plus there aren't that many edges.

recently I had a fantastic edge in the bonds before the one way street markets this past month. It was easy and great while it lasted. What do you think made most of those floor traders $ -- the b/a edge -- that's all!! Simple. W/out it they're out of biz. I even read that Baldwin blew alot of the $ he made. Don't know if its actually true or not. Just curious -- if anyone knows the story about TB I'd like to hear it.

Porkchop -- this racket is ripe w/ tons of disappointment. Do yourself a favor -- get away from that emini. That thing was invented by the devil himself. Focus on stocks or starting a real biz-- your chances of success are much better.

I've been at this for 20+ yrs, i traded on the floor in NY, and have seen a lot. A friend one time asked me to teach him all about options. My reply was to keep doing the conservative investing that you are doing and pretend that you never heard the word "options". He listened. I probably saved that guy a ton of $.

Unfortunately he's not the smartest guy around and he bought over priced RE instead. Hey -- I tried!!

Nevertheless - good luck!
 
Passion is what will get you that edge. If don't give a shit than like you will get no where, much like any other endeavor.
 
You wanna bet jackson... When you have a real edge its so easy -- you can't believe it. Like taking candy from a baby. When you don't -- its back to the same old grind...

Don't believe me. Ask any of the successful old timers.
 
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