Mentors and education

bone said:
You are definitely on the path to enlightenment.

Trading is very difficult and extremely competitive. I know that what I am saying will be controversial, but I think it has to be said: why try and compete with automated trading firms that spend many millions of dollars per year on ECN speed and programming ? And we know that many of these automated trading programs are designed to deceive and to trick - just look at the rash of spoofing cases that have been brought by the CME the past few years. And that's just the surface of it. What fools think is "order flow" is flipping, order crossing, DOM stacking, and spoofing on an industrial automated scale. It's a mirage. Just read the CFTC complaints - "order flow" and the DOM is a lie. And according to the CFTC complaints the automated bots are designed expressly to create deception and squeeze.
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I was listening to a podcast lately,
The guy featured was a well known veteran.

He said he was trading monthlies only,
because most of the industry is monthly based.
As they have to close and report to their clients on this basis.

So there is less competition extra than intra month.
 
Sekiyo said:
I was listening to a podcast lately,
The guy featured was a well known veteran.

He said he was trading monthlies only,
because most of the industry is monthly based.
As they have to close and report to their clients on this basis.

So there is less competition extra than intra month.
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Wait, a MONTHLY CHART?

EDIT: Oh monthlies as an options I am guessing?
 
Sekiyo said:
Yes. Monthly. Weekly and Daily for precision.
Mainly a holding period > 1 month
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Oh ok adding daily and weekly in there.. making more sense now. I mean trading a monthly chart, that's 12 bars per year. That seems a little excessive and a little more like managing a retirement account. Not saying he didn't earn the right to do that, but that's not really something the average intra-day trader can do.
 
trdes said:
In my experience equities are a lot easier to trade and be consistent at than CL. Unless you have some type of edge or particular reason you trade CL. Someone else can jump in and correct me if this isn't their experience as well, but out of all the traders I know only one was really successful with CL and even he moved away from that in favor of equities.
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Hello trdes,

By equities you mean stocks or ETFs correct?
 
bone said:
I know that what I am saying will be controversial, but I think it has to be said: why try and compete with automated trading firms that spend many millions of dollars per year on ECN speed and programming ?
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I think it's controversial, at least to me, because you are saying nothing about the cons of spread trading. Who are you competing against? I don't think there are many places in the markets which are both liquid and unexplored.
 
bone said:
You are definitely on the path to enlightenment.

Trading is very difficult and extremely competitive. I know that what I am saying will be controversial, but I think it has to be said: why try and compete with automated trading firms that spend many millions of dollars per year on ECN speed and programming ? And we know that many of these automated trading programs are designed to deceive and to trick - just look at the rash of spoofing cases that have been brought by the CME the past few years. And that's just the surface of it. What fools think is "order flow" is flipping, order crossing, DOM stacking, and spoofing on an industrial automated scale. It's a mirage. Just read the CFTC complaints - "order flow" and the DOM is a lie. And according to the CFTC complaints the automated bots are designed expressly to create deception and squeeze.
More...

Thanks for compliment. It is needed.

All of that could be avoided by picking a position and swing trading to avoid the noise and pony and clown show from the bots playing around with the dom prices.
 
trdes said:
but that's not really something the average intra-day trader can do.
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I dispute that there exists a substantial and meaningful population of “average intra day traders” - beyond ‘new’ money. They’re on the endangered species list.
 
trdes said:
Hi, I just mean NQ, ES, YM and RTY etc. Whether that be an futures form, micro futures or yes ETF SPY/QQQ etc.
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Thank you for the clarification trdes,

I could be wrong, but I read somewhere that ES is not good for intraday swing (targeting 4-6 points per trade) trading, only scalping.
 
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