I have been told that to be a trader, you need to use both charts and something called level 2. I have found lots of books covering charts, but none covering level 2. From this, can I infer that actually you do not need to use level 2 when daytrading?
You just can't expect most people who write books to know anything about the interrelationships of markets and their leading indicators. As you read further you will work your way out of being able to learn to trade. Potential learning traders do not follow the path you decided, unfortunately, to take. One very amusing thing on ET is the ET members who are on the "fixation" path. Indicators are in existance for a specific particular reason: They are leading signal generators. A person either knows this from successful experience or he doesn't. Trading is very cut and dry. It is a binary vector experience when a person is taking the full offer of the market all of the time. You excused yourself from this pathway. Too bad for you.
Charts, level 2, and time and sales are all essential. You can trade very short timeframes without the latter two, but you wouldn't last long.
OP got it completely wrong. You can trade with Level 2 (or DOM) supplemented with T&S with laser shaped precision on turning points without the need to look at a chart. That is if you know the sequences of events for where to look for and what to look for.
Phillip, I can see that you have spent a great deal off time getting a statisitically significant data base to form the basis of your questions. Also I respect that it only took you 8 hours to learn SCT. No one does know where I live as shown by the incorrect addresses and incorrect photos and incorrect locations of government filings. I live in Tucson, Arizona which is in Pima County. I am on Joe Arpio's hit list and his county deputies who have approached me (I dine with friends who live at the Boulders) have had to take courses in communitiy relations and turn in their report cards to Maricopa County judges. 1. My sample is not as good as yours. I do not have a stratified random sample. I only know about very successful local users and those that attend our international annual meeting by invitation after being vetted. You are excluded from that set from what you say. 2. Most of the failures students of my oreintation have is a result of not doing the work to attain inference pieces and then have their minds (while they sleep) form the spectrum of inferences to become fully differentiated. They can, if they wish, conquer this failing by deciding to do the drills to work. Some, as you, do not know they failed. 3. It may not be my giving. Check your data base and see if it was "a taking". 4. Again, this was done over long periods. The data base you have is different and better than the actual record as it shows, statistically, you are correct somehow. The answer is probably in the book "How to Lie With Statistics. All my formal academic students had to read this and produce a collection of published lies for each chapter. No one failed this multi week assignment. Of course they were incentivized because they were finding others who were wrong in what they did. You would have loved the course. 5. By design. The design is well known to you I'm sure. I use NLP to sort readers and those who study my works. Tthe two categories are A and B. If I want someone to not use what I have invented; he never finds out he cannot use it. The longer he phishes the more he gets "fixated" by my design. Those who do make it through my design come to three "one pagers". Anyone from fifth grade on up can use the "one pagers". 6. I am a reciprocator. It is simply another chicken and egg story. Anyone who has intentions different than my intentions for them, is going to suffer. They do not get rich easily, for instance. A person has to help me out by helping others to become really rich. He has to help solve local problems using his free time and some of his profits. You are not going to be allowed to do that. 7. I have a lot of doctors. They do regard me as special. At night, when I sleep and plot my efforts, I need three machines attached to me. I have to have a cell phone that tells others when I get in trouble. I have a night light too; it is 5,000 watts. A month's recorded data on me is 6,000 pages long I am told. 8. No, instead I pay for protection and I have some very old Spanish guys bring me water from a remote area in Florida as yet not made public. Finally, you spelled gibberish incorrectly. Sorry, I only speak swiezadeutch from my living in Switzerland when I was young and rich and carefree.
Wow! Jack, I have no prior dealings with you, nonetheless, please read the following. en.wikipedia.org/wiki/Obfuscation
hey jack: how have you been recently? staying healthy, wealthy and wise? did you remember to get your prescriptions filled? wishing you and yours a very prosperous new year, K?
Do you have a word for your friend's questions and his data base that supports the questions. I replied in kind for the humor of it. I can afford to.
Why would I need a word for "(my) friend's questions"? His questions were for you and not for me. Anyway, Jack, my best professors at University while I was completing a B. Math, could always reduce complicated concepts into easily understood ideas. When I look back at some of the proofs I had to complete in my Analysis course, the best solutions were always very simple.
Sorry to have to write this, but my thread has been sabotoeged by a person called Jack Hershey. Whoever you are, please leave this thread alone so that people can explore my OP. Thank you. Dusty