Morning Preparation
- Thread starter Duref Mudgins
- Start date
Humility and certainty. Hmm.Quote from mschey:
...however, if you put your self into a state of absolute confidence and certainty...
Just an example, and the opinion of this humble trader.
I take a shot of whiskey and grab some mint M&M's when I wake up. This calms me and gives me the energy I need to start trading right away.
CajunSniper / Puretick.com Administrator-Trader
p.s. just kidding
CajunSniper / Puretick.com Administrator-Trader
p.s. just kidding
Fearless, thank you for posting that chart. No danger of anyone stealing your method. Who could understand it? Kudo's for calculating MA slope. Could one possibly grovel for a brief explanation of why you like what I believe are called "equivolume" charts? It would bug me not knowing what time it is. Things move on the half-hour, doncha know?
Thunderdog, just trying to avoid attracting your ire. I thought that since you don't like arrogance and certainty...
Spectra, I would be more circumspect, if I were you. I sense that the B-Team is wearying of harrassing ET's favorite guru, now that they are making all that paper money. They may start reading your posts, which heretofore they have ignored precisely because you are a sponsor, and turn on YOU.
Persistence.
Why save persistence to last, implying that it is the most important trading quality?
Because the one thing you must always remember is NEVER NEVER QUIT!
I don't care how badly you have fared, assuming you were following your systems. Keep hitting it. Many a down day I have saved in the last ten minutes (maybe we'll talk about that play another time), or holding into the first 15 minutes of aftermarket. Persistence is possible because you started the day sober, healthy, and satisfied. And because you exhibited all the other good trading qualities, you are proud of your strength in completing nearly 390 minutes of close attention to the market.
NEVER NEVER QUIT.
Why save persistence to last, implying that it is the most important trading quality?
Because the one thing you must always remember is NEVER NEVER QUIT!
I don't care how badly you have fared, assuming you were following your systems. Keep hitting it. Many a down day I have saved in the last ten minutes (maybe we'll talk about that play another time), or holding into the first 15 minutes of aftermarket. Persistence is possible because you started the day sober, healthy, and satisfied. And because you exhibited all the other good trading qualities, you are proud of your strength in completing nearly 390 minutes of close attention to the market.
NEVER NEVER QUIT.
Delighted to help DM.
Vol charts are smoother IMHO and better represent my system.
Bear in mind that no matter how clever and how big some of the players are, they always show up at the T&S gate and essentially that is what I am watching.
The DOM is a tricky bugger to follow as orders are pulled as fast as they are added. This is not necessarily the "clever ones" trying to dick you around, but it can be Traders who preloaded their stops in anticipation of a signal which did not eventuate and so they pull their order.
And so, I do not follow the DOM anymore.
T&S ladder is a different kettle of fish as it reveals all positions and so I have chosen to follow the bid/ask strikes and their impact on price.
Basically, in my world, time is irrelevant as the T&S reveals all.
If traders wish to act on a 10 o'clock announcement, their actions are revealed. If it is lunchtime, the volume drops and if the volume drops, it's effect on price is quite different than when it is high.
It has taken me years to figure all this out, just as it took me years to cotton onto preloading limit stops.
In a nutshell.
If the price is rising and the ask strikes are accumulating then the correct side is long and so my long targets are bigger than my short targets.
If the price is rising and the ask strikes are waning then both targets are equal.
And so I find it easier to follow volume charts rather than time charts, even though my trading style works on either.
Not sure whether I have explained this or confused you.
Fearless, makes perfectly good sense, thank you. But I don't believe that volume influences price, so I am off to create an Equi-Price chart. After carefully rereading your post, I noticed that you didn't mention that awkward case where price is rising and the bid is getting the action.
