Traits of Elite Traders: What Sets Them Apart?

Illini Trader said:
I hear what you are saying but there is something about the fib retracements that resonates with me. It is like an itch that I keep having to scratch. I look at them periodically on a chart and after a trading day is done I ask "now why did that move reverse at this particular fib level? Of course much of the time it blows right through a level but then again when it retraces sometimes it stops right there. I don't want to start an argument with anyone as I have been involved in 3 or 4 Fib discussions and many on ET think they are random rubbish. But, "Not so fast my friend" as the guy on ESPN Game Day says. Sometimes I look at a choppy market and what is it doing but bouncing between the .386 and the .618 retracement of a prior high-low swing.
More...
Yup, I'm not saying Fibs are nonsense, what I should have mentioned, 'My brain can't process Fibs'.

When I sometimes look at individual stock charts, I sometimes see major volume reactions at exact tops and bottoms and I wonder whether these are Fib levels or some other method being utilised.
In the meantime that's my quest quietly running in the back of my brain, is there a major tops and bottoms method, not 'near' tops but 'exact' tops? Probably not but......
What I seek could be imagination or coincidence as frequently tops and bottoms frequently too have no volume reactions.
 
Illini Trader said:
I hear what you are saying but there is something about the fib retracements that resonates with me. It is like an itch that I keep having to scratch. I look at them periodically on a chart and after a trading day is done I ask "now why did that move reverse at this particular fib level? Of course much of the time it blows right through a level but then again when it retraces sometimes it stops right there. I don't want to start an argument with anyone as I have been involved in 3 or 4 Fib discussions and many on ET think they are random rubbish. But, "Not so fast my friend" as the guy on ESPN Game Day says. Sometimes I look at a choppy market and what is it doing but bouncing between the .386 and the .618 retracement of a prior high-low swing.
More...



I have been trading Fib retracements for about 4 and a half years, and i believe the Candles are painted (if not) why are the patterns so repetitive on retracements (the waves of the market)
 
Illini Trader said:
I do not understand what you mean when you say "I believe the Candles are painted"
More...

Apologies a little late with you reply, What i mean regarding the candles are painted is i believe ,apart from major news releases the charts are readable.
I trade tick charts with Fibs nothing else.

As i said before Pattern recognition and recognising the waves of the currency pair.
 
I've always been an empath trader, feeling the movement, even before I understood what was going on in the markets. So trading without emotions is impossible for me short of automating everything, which has proven to be more of the impossible. The more I feel/fear, the stronger I know to oppose what's going on. Over time, I've learned to grade my fear and use that to help gauge how much opportunity I have (along with using other analysis.)If I'm not afraid, it's rarely a market move I want to counter.
 
Illini Trader said:
SML You are probably the only person on ET who is not familiar with Schwager and his two books. You give counsel without knowledge when you run him into the ground with your comments. The books are an interesting read and each chapter is about mostly successful traders and their approach to the markets and the ups and downs in their trading experience.
More...
I've read The Disciplined Trader but nothing else educational regarding the markets. Everybody has their own way of approaching things.
 
You must log in or register to reply here.
Back
Top