Sam Seiden? Currently studying his stuff.
Finding an Edge
- Thread starter Alfing
- Start date
Sam Seiden? Currently studying his stuff.
His stuff is all price action! Why study his stuff and not the other 5 million other people teaching that?
You need a scientific method. mine started with data collection from completed trades..I analyzed each trade on the weekend using a replay application and going over and over the moments prior to entry and then following the trade to its completion. The market replay program had a speed feature. From 20% to 400% of actual speed. Slowly, started to identify mistakes in my reasoning.
Found out something strange. Doing the opposite of what I did to produce a losing trade still didn't produce a winning trade Damned either way.
I then sought out whats know as order flow. Must understand the workings of the market you are trading in and what factors over the price.
It changes as the years goes by, in beginning you "think" it is entry, then five years later it is MAE/MFE then ten years later it is risk management, and now it is a concept of how to steal better from those who can't. Do you like game of Baseball? They have stats on each pitch, each pitcher against each batter, in other words you better LOVE stats, but most of all, you need to know how to read charting like using a microscope and drop of blood. You have to be able to learn deep into a chart, dissect it, you learn as many ways "retail" normally use to get into and out of the market, so you can be taking the other side to get in/out. It is easier to figure out where retail goes in than trying to discover when algo's gets in as many breakdown after so many months. But by able to read a chart in a nano second and knowing the stats of what price is more likely to do, you are basing what you need to do next off probabilities. Some will say it is nonsense and you should swing from the hip, many don't realize they have memorized stats or they doing off emotions.
Supply/Demand? Always thought this:
lack of supply=slippage
too much supply= get in 1-2 ticks better
lack of Demand=I am going to get creamed
too much Demand= getting out better
yea, imbalances
I watched a NT video about Order Flow indicators and another video how a guy made trades using a combination of Order Flow and supply&demand levels. Can you PM? I have a few questions.
See what price does and do the same. When its going up be long, when its going down be short. Get out when it isn't doing either.
Having your trades follow price will also mean you are doing the contrary to most losing amateur traders, who look to profit by shorting against uptrends and buying against downtrends.
If this is Price Action, there are quite a few guys who promote it. Whom do you prefer? Brooks, Volman, someone else?
Agreed. But then there are trend changes and no-trend times. How to do about those?