Mark's Price Action Course

[Scataphagos]

You had to open that can of worms didn't you? You don't NEED anything, but if you are telling me that 100 shares/contracts traded at a price is the same as 10000 shares/contracts traded at a price, I disagree.

Doesn't tell you what you'd like to believe it does. How do you know the "big trade maker" is smart and knowledgeable? What if he's dumb, acting on a gut feeling, and just has a lot of money under his finger? Important highs and lows are made on both high and low volume. On a volume spike, one side of the trade is wrong. Do you know which?

 

[SimpleMeLike]

Good for you.

An anecdote....

Years ago I used MetaStock software... many times voted "Best Software" by trading magazines. They were promoting an upgraded version... paid upgrade, of course... and came to town for a seminar at a hotel to make their pitch. Must have been 80-100 attendees... all current users and all experienced traders. (MetaStock costs ~$1500, so it wasn't a seminar for noobs.)

The presenter was polished and knew the lingo. Obviously had much trading experience.

MetaStock had at that time around 130 "prepared" indicators which would load into RAM for you to choose, + had a "custom indicator" section where where you could massage whatever data and variables a gazillion ways if you wanted. (The user's manual was like 650 pages.) When he got to talking about the "indicator section", he made a semi-statement, semi-question... "If you use indicators, ONLY ONE, RIGHT?... BUT NOT VOLUME. Show of hands of those who agree". Nearly every hand went up.

Interesting insight here...

1. KISS (Keep It Simple Stupid)

2. Indicators are NOT essential... but if you use them "only one at a time".

3. Volume considerations are detrimental to your success

Scataphagos,

LOL HAHAHAHAHAHAHAHHAHA. I mean, it's just too much work looking at them indicators down there, then you have to choose the right settings too.

Thanks for the story. I agree with you. I was in a paid trading chat room for awhile and the trading owner had about 4 indicators down there. Man, for me, it was just too much work waiting for all that stuff to line up.

I mean, just think about it, ThinkorSwim has about 300 indicators a trader can use. There is no way one person can trial and error all those indicators by themselves, it's just not enough time for the regular old trader at home.

KISS, I agree.

 

[padutrader]

I am sure he will include some gems not available in his free videos)

i have had the experience that they include some gems in the free videos...knowing you will think exactly that.
i have taken a few courses and i have found that there was nothing new there ,just old hat ....

i have experience of 30 years and the markets are what they are....
what makes something good.. bad..... ugly or beautiful?

you.

you do not make the world but you define it.

in the same way the gurus do not make markets but they define it......each in a different way and their students go 'aha!'

 

[Scataphagos]

300 indicators? Can't even imaging there to be that many variables.

 

[padutrader]

KISS, I agree.

yep

think like a 5 year old and trade

 

[qlai]

think like a 5 year old and trade

Yep, first spend 10+ years trying/learning to trade and once you got it, trade like a 5 year old going forward. KISS indeed.

 

[padutrader]

Doesn't tell you what you'd like to believe it does. How do you know the "big trade maker" is smart and knowledgeable? What if he's dumb, acting on a gut feeling, and just has a lot of money under his finger? Important highs and lows are made on both high and low volume. On a volume spike, one side of the trade is wrong. Do you know which?

volume is just transactions....if more transactions take place what does it mean?

more liquidity, that is all.

the big player needs volume and he will enter when he can get liquidity at a given rate/ price.
he may be buying with a holding time of weeks months or years.

so there is a spike in volume,and the price may continue doing, what it was doing, before his transactions took place.

that is why you cannot use volume to trade.

 

[Mr. TNA]

In general the comments regarding volume do not seem to be very thoughtful. Why should one big volume bar be more or less useful than one big price bar, if no technical analysis is employed on the volume.

 

[padutrader]

In general the comments regarding volume do not seem to be very thoughtful. Why should one big volume bar be more or less useful than one big price bar, if no technical analysis is employed on the volume.

good question but i am not bothered with taking time to answer or even in trying to find the answer:because i get my profit and loss, by price.

volume supposedly leads price and this may be true but unless you know and can measure exactly by how much, volume leads price, it is of no use to me: "if you cant measure it,you cannot manage it"-Ed Seykota

 

[Money Trust]

Only volume indicator I've found to be useful is wave volume. I use it for identifying turning points in markets. IE: Tops, bottoms and trend reversals. I can also somewhat say that individual bar volume is useful only in identifying a short-term buying or selling climax. Aside from that, volume is a waste of time except to tell you how actively traded a market is.