Registered: Mar 2010
05-12-12 01:40 AM
trade what you see, not what you think.
I am not a fan about that.
I just trade about what I think, if it is dropping, I feel it is hitting support, I buy.
if it goes up, I sense resistance, I sell.
chase a market is a fool's game. or a loser's game.
I need know what the market is thinking, then I bet. human mind often fools you, what you see lots of time are just your illusions. your mind may filter out those you do not want to see, just those you want to see.
the same chart, that is why different people have different views.
becuase people just see those they want to see, or those they know.
that is why you should not trade what you see. you always need think: what the market is truely trying to do.
Quote from davroz:
Quite a long thread, it took a while reading it and the other related thread 'If you want to fail as a trader, study TA'.
So to summarise what seems to being said:
1. A daytrader requires an instrument with adequate daily range.
2. TA is not needed.
3. Volume is not needed.
4. Trend lines are not needed.
5. Note horizontal S/R levels where the major players react.
6. Enter trades close to those levels for high RR.
7. Set a price target based on measured moves.
8. Set a stop loss based on volatility of bars on the TF being traded.
9. Trading is gambling, so play the odds.
10. Trade what you see, not what you think.
11. There are no experts, except The Expert.