How to stop predicting the TOP

maxinger said:
4. Don't listen to news. Don't listen to what people say.
Just focus on your charts and do your own analysis.
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Take the red pill.... Forget about news, fundamentals, tweets and trade only based on charts following how other players perceive the situation and reacting only to what you see.

Take the blue pill.... Blame everything on news, twits and false moves / manipulation. Praise TA when right, blame Donald trump when wrong...

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_eug_ said:
Take the red pill.... Forget about news, fundamentals, tweets and trade only based on charts following how other players perceive the situation and reacting only to what you see.

Take the blue pill.... Blame everything on news, twits and false moves / manipulation. Praise TA when right, blame Donald trump when wrong...

gfcr5Jg.jpg
More...

Take both pills at the same time, and realize you just wanted to go up to Moose lake.

 
My risk is actually greater in scalping/day trading than over night trading cause I hedge. I am not doom and gloom as I am long equities but new contract highs Indexes shorted/hedged. Has nothing to do with what I think, my opinions mean nothing when you have automation. And when I test new systems am a robot truly like Spock. But clearly, most people who attempt this has near zero chance of being successful in first couple of years if not more, and they never back test far back enough in all different climates of intraday action. People deserve to lose if they start trading as soon as they can open an account, and yes if I can hurry them along of helping them lose, so be it, do what the books say to entry or wildly large protective stops to make few ticks by doing breakouts, odds are very small to succeed. Bottom line, get over fears of buying a market retracing back into support in uptrend, and rising into resistance in downtrend, risk ungodly less money and aim to make more than risk if possible. But people like feel good trades, going with the flow but they have no idea that something happening in the past will cause loses in the future.
 
Have a trading desk in trading house.
Then you will meet lots of day traders.
They don't predict the TOPs and BOTTOMs.

AMEN !
 
SunTrader said:
That is all well and good but again if you are daytrading then what does yesterday's or last week's trend got to do with anything.

In the same way if one is swing trading a move lasting a few days the trend last year or decade ago doesn't matter.
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I do not agree, since October, you have more possibilities to make money operating only long. The underlying trend does matter because when you open a trade, what you are looking for is to obtain the maximum number of points. He is interested that the operation has the lowest possible risk.
 
SunTrader said:
That is all well and good but again if you are daytrading then what does yesterday's or last week's trend got to do with anything.

In the same way if one is swing trading a move lasting a few days the trend last year or decade ago doesn't matter.
More...

If this is the case, then how come GOLD is responding to resistance levels from 2011-2013 in the Now?
 
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