If you want to fail as a trader, study TA

[Fibbin-Archie]

As for those now complaining about the number of posts in this thread (god only knows what you'll start complaining about next), well why don't YOU ***k off then? I would say start making constructive as opposed to destructive posts, but you're not capable.

All your childish little nonsense posts are detracting from what could otherwise POTENTIALLY become a discussion with a little bit of merit, ie. the validity or not of technical analysis.

 

[The Expert]

Quote from tss42:

TE, in my experience (I day trade stocks only from the long side), it's the strength against the market (I use ES as a gauge) that matters the most. In my very simplistic approach, I look for stocks that have moved strongly up since open, and then after the first 5-7 minutes, pulled back a little without any sign of a massive sell-off at the last high, and then I time my entry when the ES is about to bounce.

I also ensure the chart of the stock I am about to tade looks 'tidy' and 'clean'.

Some say that if you take the ES as a leading indicator of market direction, then, you might just get caught out a good few times.

Others say that you need to look at more than one thing to see what is actually happening

TS, you are 100% CORRECT to have a clean and tidy chart, for, it is very important that we see what is ACTUALLY happening, not what might happen.

If you LOOK for something hard enough YOU will SEE it, but, that does not mean that what you are seeing is actually what is happening :eek:

The mind is a funny thing, as we can clearly see from some of the posters here, so, we must not let the mind play tricks on us.

I will now jump ahead and give one of the KEY things that is required, and, as this is very simple, and something that can be done IMMEDIATELY, it should please the PATIENTS

One of the KEY things to helping you make money trading is to GET YOUR CHART COLORING RIGHT.

Many people are unaware that the mind is very susceptible to colors, and reacts differently when it is exposed to various shades and shadows.

This will be different for every individual, as, color stimulation is dependant on many things, some of them hereditary.

Here is a sample of a color scheme I use for identifying short-term changes in market direction.

Can you SEE what The Expert sees?

 

[wrbtrader]

Quote from Fibbin-Archie:

...POTENTIALLY become a discussion with a little bit of merit, ie. the validity or not of technical analysis.

The problem is that there are hundreds of threads at Elitetrader.com all by itself about the validity or not of technical analysis and that's mainly because OPs (thread starters are vague or general) in their opening statements. If not that, their opening statements is intentionally orientated as an attack without any factual information or the subject title is in contradiction because the OP does use TA (just not indicators) and it shouldn't take dozens of pages or days for an OP to clarify his/her statements.

That above allows threads of this type to basically do what it does...I've have never seen a thread started like this get into any in-depth consistent discussion. They always get either closed, deleted, moved to chit chat section or forgotten until the OP or someone else starts another elsewhere with the same basic theme.

Simply, there was no potential of a decent discussion...it was killed in the very first message post. However, I wouldn't be surprise if the OP decides to get specific with details in an effort to regain control of the thread. Hopefully that's the case to prevent this thread from ending up like all the others about TA.

Mark

 

[The Expert]

Quote from odlareg:

Mr. Expert,

I wonder about the ranges. While we daytrade, why is it important to look at monthly and weekly ranges? A part of the answer i come up with is: after narrowing, comes extraction. But I still cant see the relation to the short term....

btw nice to see you and the others back in track....

Hi GO,

Nice to see you Nice

It is important to look the higher timeframes as The Generals operate from there.

It is The Generals that give us the ADEQUATE RANGE we discussed in our social group, btw, apologies for you not being in, as the queenie mod banned me before you could request to join.

If we know what The Generals are looking for, we can then be prepared.

So, the question now is HOW do The Generals operate in the market, for, we can clearly see what they are looking at, but, we must now be able to see when they START to react to price levels that they consider IMPORTANT.

You have heard of arbitrage and programme trading, and, these go hand in hand, with stocks and index futures, and, these events are also fully automated, hence, you see wild movements in TICK and individual stocks.

Now, for basket trading and arb, The Generals do not do this themselves, so, we now have the Professional Trading Companies acting on behalf of The Generals, and, these fellows are very CLEVER and very SLY. They are not worried about a stock price moving 20 or 30 cent, or even more, for, when they have a BIG multi million $ order to fill, they will make sure that they are hedged and can not lose, so, the whole ORDER FLOW route now suddenly gets complicated as, The Pro's, have many avenues to choose from in order to keep The Generals happy and make money for themselves.

BUT, here is the good bit, in order for us to take GOOD money out of the market, we need not concern ourself with the intricate workings of order flow, arb, basket trading, hedging, or any other fancy method of negating risk, for, WE ARE PROFESSIONAL GAMBLERS, and, as such, we act on OPPORTUNITY when it ARISES

Do you now see why ADEQUATE RANGE is a pre-req to making GOOD money

AR + BE + PE = GM

TE

 

[The Expert]

Quote from wrbtrader:

The problem is that there are hundreds of threads at Elitetrader.com all by itself about the validity or not of technical analysis and that's mainly because OPs (thread starters are vague or general) in their opening statements. If not that, their opening statements is intentionally orientated as an attack without any factual information or the subject title is in contradiction because the OP does use TA (just not indicators) and it shouldn't take dozens of pages or days for an OP to clarify his/her statements.

That above allows threads of this type to basically do what it does...I've have never seen a thread started like this get into any in-depth consistent discussion. They always get either closed, deleted, moved to chit chat section or forgotten until the OP or someone else starts another elsewhere with the same basic theme.

Simply, there was no potential of a decent discussion...it was killed in the very first message post. However, I wouldn't be surprise if the OP decides to get specific with details in an effort to regain control of the thread. Hopefully that's the case to prevent this thread from ending up like all the others about TA.

Mark

As usual, THE POINT is missed by most.

The Expert has clarified EXACTLY what the thread title is all about, and, again, it is all about wasting time and effort studying useless TA indicators derived from math calculations, when, you could be doing actual live trading with small size, which, will allow an astute trader to learn very quickly what is required in order to make GOOD money trading US stocks, and, to be more specific, Daytrading US Stocks.

People should always concentrate on the best way to make money, which, will always be the easiest way, but, if a person is not able or willing, due to individual circumstances, then they must just face the facts, and, they either make a change that will allow them to do what is required, or, they devise a plan that will allow them to do it over a specific period of time.

This ia all standard life circumstance stuff, no rocket science here.

So, for the few that are able and willing, this thread is really for them, and, for the rest, well, like all things in life, what you do is entirely up to yourself, but, you will always get exactly what you deserve, for, that is how life works.

It took The Expert many years of hard work and countless ups and downs, to, finally, SEE what is ACTUALLY required, and, when The Expert saw what is ACTUALLY required, he laughed for a whole day, without stopping, for, if the TRUTH be known, a CHILD can make GOOD money trading US Stocks, for, the difficult part is not picking the right stock, for that has already been covered in detail, but, the difficult part is believing that it is ACTUALLY so simple

So, to summarise, all the journals kept by other traders, all the course on offer, all the coaches and trainers, all the seminars and events, etc, etc, etc, are all nothing but a total waste of time = money.

If a child can make GOOD money daytrading US Stocks, then, surely an adult can do it also:eek:

This is EXACTLY why The Expert is The Expert

TE

 

[wrbtrader]

Quote from The Expert:

...One of the KEY things to helping you make money trading is to GET YOUR CHART COLORING RIGHT.

Many people are unaware that the mind is very susceptible to colors, and reacts differently when it is exposed to various shades and shadows.

This will be different for every individual, as, color stimulation is dependant on many things, some of them hereditary...

I strongly agree.

I always tell people there's arguably more important things than technical analysis and they immediately in error think I'm talking about fundamental analysis or some other form of market analysis.

Simply, they either underestimate or ignore the importance of market experience, money management, discipline et cetera. It's within that et cetera we see other stuff like proper trader workstation (e.g. monitor size, orientation of how charts or setup on our monitors with broker execution platform, computer equipment, room lighting and so on).

Yeah, there are factual studies/research about how colors, graphics and the orientation of such impact our perception, decisions, reaction speed after looking at something. Thus, I just can't imagine how traders staring at their monitors many hours each day will be any different than someone else in another career that spends a lot of time in front of their monitors.

Lots of info on this topic on Google but not specific to traders.

Therefore, it's more than just colors. It's about the how we orientate our charts on our monitors, location on the monitors and so on...it does have a profound impact on our decisions while trading in stressful conditions.

However, it's more than just that if you look at how we explain our TA or any other type of analysis to others. We show nice looking maximized charts when in reality this isn't the same chart size on our monitors and the price action on the chart looks different at the time of a trade signal in comparison to a maximized chart long after the fact.

Thus, be very careful in learning TA only from nicely maximized hindsight charts because it can easily instill slow reaction to trade signals and other perception problems when trying to do it in real-time as it is occurring.

If you want to fail as a trader...use only TA and nothing else.

Mark

 

[Fibbin-Archie]

Quote from wrbtrader:

The problem is that there are hundreds of threads at Elitetrader.com all by itself about the validity or not of technical analysis and that's mainly because OPs (thread starters are vague or general) in their opening statements. If not that, their opening statements is intentionally orientated as an attack without any factual information or the subject title is in contradiction because the OP does use TA (just not indicators) and it shouldn't take dozens of pages or days for an OP to clarify his/her statements.

That above allows threads of this type to basically do what it does...I've have never seen a thread started like this get into any in-depth consistent discussion. They always get either closed, deleted, moved to chit chat section or forgotten until the OP or someone else starts another elsewhere with the same basic theme.

Simply, there was no potential of a decent discussion...it was killed in the very first message post. However, I wouldn't be surprise if the OP decides to get specific with details in an effort to regain control of the thread. Hopefully that's the case to prevent this thread from ending up like all the others about TA.

Mark

All I'm saying Mark, is that if people weren't to feel personally threatened by a conceptual statement then maybe it wouldn't have been killed off in the very first post.

And what is really finishing it off and stamping repeatedly on it's metaphorical head are all the snide little comments and posts, which offer no meaningful input, are scaring off all the intelligent posters and quite frankly smack of a five year old on YouTube's level of thinking.

Jon

 

[wrbtrader]

Quote from Fibbin-Archie:

All I'm saying Mark, is that if people weren't to feel personally threatened by a conceptual statement then maybe it wouldn't have been killed off in the very first post.

And what is really finishing it off and stamping repeatedly on it's metaphorical head are all the snide little comments and posts, which offer no meaningful input, are scaring off all the intelligent posters and quite frankly smack of a five year old on YouTube's level of thinking.

Jon

I understand now what your saying. However, here's an analogy via a job interview...it doesn't look to good if our first commentaries are orientated to negative problems at a prior place of employment.

It's just best not to mention that other baggage and get into the topic of discussion unless specifically asked about the prior baggage.

Mark

 

[The Expert]

Quote from Fibbin-Archie:

All I'm saying Mark, is that if people weren't to feel personally threatened by a conceptual statement then maybe it wouldn't have been killed off in the very first post.

And what is really finishing it off and stamping repeatedly on it's metaphorical head are all the snide little comments and posts, which offer no meaningful input, are scaring off all the intelligent posters and quite frankly smack of a five year old on YouTube's level of thinking.

Jon

The reality is that very few are cut out for the hard and fast world of gambling, for, to say that risking money is not gambling, well, is just a childish statement.

GOAL > OBJECTIVES > PLAN > ACT > DO

This is the proven approach adopted by ALL successful business operations, and, trading is no different.

If you meander around in a fantasy world, then, you will get exactly what you deserve, nothing but dreams.

Grab the BULL by the HORNS, give him a good kick in the b.a.l.l.s, and tell him if that if he thinks he is getting some of your money, then he can think again

TE

 

[Airwaves]

So we choose stocks with a big daily range.
how do we know whether to go long or short?
If not TA, then we are looking at the fundamentals of stocks?
How do you daytrade using fundamentals?