Trading is best done without being influenced by outside opinions?
- Thread starter SethArb
- Start date
that I missed the move up
in partdue to my fear of taking swing positions
since 9/11
also do to my style which is scalp / arb / daytrade
also do to my being influenced by a so called
guru mailing a few months ago that
stated that we would make a new low point this summer
in the major averages ...
maybe this guru laid a goose egg (?)
in partdue to my fear of taking swing positions
since 9/11
also do to my style which is scalp / arb / daytrade
also do to my being influenced by a so called
guru mailing a few months ago that
stated that we would make a new low point this summer
in the major averages ...
maybe this guru laid a goose egg (?)
Now I just need to keep in mind that your question is about "market opinion". While that could be a number of things, I'll assume that your talking about "what to do next". With that...
I look to no one other than the market. Yes, I do have a few friends and associates that are great traders, and they almost always point out something that I overlooked. I always make sure that I confer with traders who are as, or more successful at trading. Now success has a VERY SUBJECTIVE definition from one trader to the next, so I always defer to whether they have similar "trading disciplines and practices" as a factor.
As far as CNBC is concerned, I really don't get much from it. Frankly, I see it as a distraction. My OPINION of CNBC is that since they're owned by GE, (GE is the largest publicy traded stockholder of publicly traded stocks, next to BRK). So their coverage and slant is biased. It would not be good business for them to scratch more than the surface of company in which they have a major holding, despite their most recent CYA question, Mr./Mrs. (analyst) are you long/short the stock you're talking about? I listen to Bloomberg radio webcasts, and music that I find motivating. There are times, when I listen to and watch nothing other than my screens.
One of the best ways to achieve trading discipline and success is to simulate an environment that is made up of nothing but you and your workstation. This allows you to be fully in tuned with the market. It may sound weird, but if you do that long enough, you'll actually hear the market speaking to you. Once you have mastered that, you will be able to trade in any environment.
Good thread, Setharb.
I always look at other people arguments to see if there isn'st any context I missed to consider. If it is just opinions based on pure faith and not a long based experience coupled with a methodology I won't take it into account. I read as much as two dozens of market analysis everyday statiscally there is little chance that they always agree with each other so it is not really for their opinions that I read them but to feel the overall sentiment of market's analysts and I am particularly amused when sometimes they almost agree with each other and the market did exactly the contrary hee hee !
At the end you are still the only responsible and must not blame others if you followed them and it happened that they were wrong.
At the end you are still the only responsible and must not blame others if you followed them and it happened that they were wrong.
Quote from SethArb:
that I missed the move up
in partdue to my fear of taking swing positions
since 9/11
also do to my style which is scalp / arb / daytrade
also do to my being influenced by a so called
guru mailing a few months ago that
stated that we would make a new low point this summer
in the major averages ...
maybe this guru laid a goose egg (?)
**********************************
SethArb;
Figure one key is to do your own work & chart work first;
as super helpful as most of Jack Schwager 's top traders were + is, most of thier leverage is too much for me!!!
Airlines have always been tough;Seth did you NOTICE that the trend was down & went down more 9/11?????????????
5 minute candles may be more jumpy since 9/11; but they have always been jumpy.
In other words, I swingtrade more than daytrade some .
DIA,SPY,QQQ, were below 20 period moving averages & bear market by any measure.Trend kept going down before during ,after 9/11
Notice how in bull trend market ignores most terror; I thought DIA would do much worse than thy did also.
''In all labor there is profit''Solomon , Proverbs 14;23
Opinions from other traders can be a valuable confirmation or to sway you to another possible outlook ..
You just have to know how to filter out the pretenders and respect the proven traders.
Ultimately, you are your own best influence.. but I wouldn't go so far as to live in a cave and ignore everything.
You just have to know how to filter out the pretenders and respect the proven traders.
Ultimately, you are your own best influence.. but I wouldn't go so far as to live in a cave and ignore everything.