The secret of daytrading

I would be concentrating on the top ranked correlations to your trading product of choice - both positive and negative. That would be a hellavu lot more productive than volume that’s for sure.

I can’t recall ever giving a shit about volume when I scalped Treasury Bonds in the pit - but I sure as hell was looking at the Cantor Fitzgerald OTR cash market screen, and the Yen, the Dollar Index, the S&P 500, Gold, and Crude Oil up on the big boards.

Volume is a red herring. It’s not going to help you in the here and now. But if the third month Eurodollar is following the Yen tic for tic - that’s helpful in the here and now. If CL and 6E are Trading tic for tic... That’s tangible. That’s tradeable.

You need to find out FOR YOURSELF what is driving the order flows in your market of choice.
 
maxinger said:
They study which days are better for trading.
They put more and more indicators.
They read more and more books, surf for more info from internets.
They subscribe to more news.
They look for better economic calenders.
They back test with tons and tons of historical data.
They read more and more trading related forums.
More...

If they do all that:
  • they will have no time to trade anymore
  • they will spent all their profits in buying books and subscriptions
  • their brain will not be able to handle all this "information" anymore
 
schweiz said:
I am far from superman and probably less smart then the average ET member (in most areas, but apparently not in daytrading).
You need to know what you need to know. Not needed to be a Phd or a math wizard.
More...
This is more than to be smart, to have PHD etc - this is to be awakened to be enlightened. Very sad that we lose on ET two very good daytraders Xeal and Handle123.
 
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