Daytrading based soley on technicals in nyse is stupid...

Quote from Spxdes:

After all of my researching and studies, I have come to the conclusion that technical indicators in nyse stocks simply do not work. Tape reading and price action is the ONLY way to go. I have looked at nearly everything...RSI, ADX/DM, stochastics, MA crossover systems, money flow, etc.
Am I right?? Does anyone have a profitable system that doesnt involve strict tape reading in nyse stocks??? No! I am sticking with the price action...

-Spxdes
More...

You sound very frustrated. Sorry for that. To answer your last question, yes I have a profitable system that does not involve strict tape reading in nyse stocks. In fact, I have never been a tape reader.

You might want to take some time off. I think we are all concerned you might walk into a post office or McDonalds with a loaded gun...
 
Meanwhile, in the luxiouriously appointed basement trading room of a profitable trader, the trader is reading this thread and thinking to himself: "You guys just keep on thinking that technicals don't work and that will be less competition for me"
 
You know, I find it very degrading that most of the people on these boards want to chastise someone for making a random comment. Yes, the comment may have been dumbfounded and made out of frustration. Or maybe the individual has a story that he would like to share from his analysis. I for one have shared my analysis of such on another thread with concrete examples. Heres what I had to say:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=57986

No one really responded, but one person. Why? Because I concluded that most people around here, except the knowledgeable few, want to discuss anythign tangible. Theyd rather sling insults. It could be because they know what they are doing and making millions and dont want to share their secrets. However, I highly doubt that because if they did theyd probably love to share the knowledge or wouldnt be wasting their time on such a site. The site was created so taht people could interact and learn from one another, not disrespect other members. This problem is due to a fundamental lack of respect for one another.
If you want to help the man/woman out, then do so. Otherwise, he didnt start the thread to hear you insult him.

I for one would like to hear why it is you think what you think concerning NYSE stocks. Go ahead and post a message telling us with concrete examples, exactly what you ahve uncovered.

Regards
 
Quote from Hook N. Sinker:

I just do the opposite of what people on this forum say they are doing and usually I make money.
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So what do you do?
Some say tape reading works and others say TA works?

:D
 
Quote from Investorsources:

You know, I find it very degrading that most of the people on these boards want to chastise someone for making a random comment. Yes, the comment may have been dumbfounded and made out of frustration. Or maybe the individual has a story that he would like to share from his analysis. I for one have shared my analysis of such on another thread with concrete examples. Heres what I had to say:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=57986

No one really responded, but one person. Why? Because I concluded that most people around here, except the knowledgeable few, want to discuss anythign tangible. Theyd rather sling insults. It could be because they know what they are doing and making millions and dont want to share their secrets. However, I highly doubt that because if they did theyd probably love to share the knowledge or wouldnt be wasting their time on such a site. The site was created so taht people could interact and learn from one another, not disrespect other members. This problem is due to a fundamental lack of respect for one another.
If you want to help the man/woman out, then do so. Otherwise, he didnt start the thread to hear you insult him.

I for one would like to hear why it is you think what you think concerning NYSE stocks. Go ahead and post a message telling us with concrete examples, exactly what you ahve uncovered.

Regards
More...

First of all,most traders that have a profitable system don't tell how they work.
And secondly, if someone is so stupid (like i was ) to explain extensively how he trades and why, he gets bashed.

So my conclusions:
Don't share your knowledge with others because most of the reactions you get are negative.
I will never again post anything about the way i trade.
 
Bottom line.

There are a lot of ways to trade the markets.

Each of us has to find his own path and trade according to his personality and life view.

For most, I believe the answers are there inside each of us.

Good luck to all.
 
Why is it that so many traders want to box things up in neat packages?

Price Action is GREAT but why would you not take every tool available to you and use it?

It's ok to have some carbs with your protien and some indicators with your price bars ... lol.


All I am saying is stay open minded and use everything that you can without confusing yourself.
 
Quote from Investorsources:

... I concluded that most people around here, except the knowledgeable few, want to discuss anything tangible.
Theyd rather sling insults.
It could be because they know what they are doing and making millions and dont want to share their secrets.
However, I highly doubt that because if they did theyd probably love to share the knowledge
or wouldnt be wasting their time on such a site.
The site was created so that people could interact and learn from one another, not disrespect other members.
This problem is due to a fundamental lack of respect for one another.
If you want to help the man/woman out, then do so.
Otherwise, he didnt start the thread to hear you insult him.

I for one would like to hear why it is you think what you think concerning NYSE stocks.
Go ahead and post a message telling us with concrete examples, exactly what you have uncovered.
More...
You have some points, but, two quickie thoughts in the middle of an up trading day:

The thread-starter could have helped this discussion by leaving "stupid" out of his thread title.

(Some of the more positive responses here reflect this trading observation by NYSE trader Cash Coyne.
You can leave out his trading firm's name and the stated facts still reflect a universal trading theme.)

Spxdes, you first checked the Strategy Trading forum or ET's Search function for some concrete examples to bounce off of other NYSE traders?
 
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