Registered: May 2008
12-18-11 07:30 PM
Quote from JunkbondS:
You must be very new or one of those folks who never change ( the TA cult from 1990s) to honestly believe bots never chnge thus leave predictable "footprints". bots are built to evolve and constantly change thus the effectiveness.
Please stop leading others down th primrose path with ignorance.
Day trading is not dead but your version of it is long gone.
You are correct, I am quite new, having never traded before 2008.
However, in the 2 years since I learned to trade price action, certain price patterns have resulted in minimum price moves with such a high rate of positive expectancy that I believe programmed trading has to be responsible. Institutional traders and investors move price, not small retail traders, and these large players tend to utilize programs that trigger buying and selling.
If you have a better explanation of it, please share.
My mentor's been trading for a couple decades and he's provided me with ample charts showing the same price action setups I use to trade. So these patterns appear to have been working much longer than just the brief time I've been trading this way.
FYI, I do not care one bit if my version of day trading is long gone because it has produced an unbroken run of profitable days as long as I've been aware of it.
Just as I don't care whether my mentor has ever traded, or whether Al Brooks has ever traded, or whether Mark Douglas has ever traded, or whether Jack Hershey lives with a llama and has a tax lien against him. Every one of these folks and the "cults" they promote were key influences in my current profitable understanding of price action.