Quote from NoDoji:
Actually a batch of day traders doesn't move the market as much as we day traders like to think, so I don't believe traders sharing their edges somehow removes their edges, unless they're participating in some quirky trading method with thinly traded stocks.
Institutional/hedge fund buying and selling moves the markets. There are certain patterns that work with a high level of consistency because of the psychology of crowds. I believe by learning the buying/selling price action patterns of the "crowd" (the big money that moves price) as reflected in price bars gives you the tools to trade anything.
Hi Nod......been awhile since we chatted after you closed your journal and magna dropped an elephant from me posting in P?L.
Your post above is spot-on about us pikers.........no one is going to worry about our trades. Sure are a lot of myths many new lads bring to the party that hinders their performance from the git-go. Fat chance they will progress as fast as you did.
I will drop this tidbit to others as well as refresh myself as i still do this mistake and believe i always will..........hahahaha.
How many times have we all wanted that one more tick to either enter or exit a trade? How expensive can a single tick get? I have to just say "SCREW IT"..............and whack the mouse, that is the one and only answer to that trading error we all have surely wrestled with.
Concerning your above statement about the "crowd" and your own trading. I noticed in your journal you mentioned numerous times about ADD, ha. Let me drop a hint..........concentrate, focus as you said on fewer crowds. Yes, the crowds move the mkt. What needs to be focused on is "WHAT" crowd. You know where i am going with this,
Crude crowd is an entity in itself, Soybean crowd are doing their own thing, etc, etc. MEE crowd have the mine explosion on their mind and are sweating bullets about lawsuits, tighter regs etc on their mind.
ES is a full time job, today was a whippy start in a triangle, sym type, then dropped out for 4 handles max, back up 4 handles into a boring range that then narrowed before a small pop up to make a KEY bar then settled back down for a small range again at 1183.00 area on the botton line of the previous up channel line from the then days low bar up channel line that ended in a doji at 1105 est. 1182.50 was game over for the bulls as price dropped below that channel line and also dropped below the down trendline from 0945 bar of the opening small sym triangle upper line which dragged down to 1183.00 at 1355 est double crossed to down with the bottom of the mentioned channel line..........also crossed in that area the 20 ema line which you liked from Brooks book. To wet your whistle even more..........those crosses were 4 "WITH TREND" bars to start the down move where yours truly added 3 more trades on the way down and quit at 1174.00 as last profit. Did not take the bottom KEY bar up because was satisfied to just add another 10 3/4 handles on the day on those last 4 trades.
My point to all of this is quite simple.........follow less, be bored, watch court tv if needed, ha. Be agravated that the action is slow...............BUT, stay in their heads........inside their heads even when it is slow will KEEP you attuned to what THEY will do when the time comes. Thats what concentration is about.
I have a vision of you by this time next year knocking down a couple grand a day. It is ohhh, just a little bit away, "close but no cigar" SOON !!!!!
OK, back to fighting those damn "i want this last freaking tick" tomorrow. ha
PS: Canada and many other "normal" countries would never allow a bs CEO like that asswipe blankenship i think his name is at MEE to fuck with the regulators to operate a mine that is unsafe for the workers. he needs to be jailed. ok, i will not get into how i was a Teamster Organiser, chap.
