Considering that every day is different, how can you trade the same every day? I mean if you just play it all like a bullish day, clearly you will lose on down days or ranging days. And if you know well enough to trade a trend or a range/chop, then it means you're not trading the same every day. If you trade it like a range and its a trend, then you will lose, and vice versa. They actually say that price tends to range most of the time, so its almost better to trade it like this and keep losses small if you indeed get a raging trend in either direction.
Same tools, approach, methodology to understand the market and execution based on the conclusion from this analysis. Of course market looks different every day but I believe that previous order flow patterns and current price action can explain with what kind of market condition we deal today.
Currently what really costs "traders" - those who only trade long - is trying to continue going long when the trend isn't.
Hello Noah, I respect and appreciate your well written response. Thank you for responding. I believe you are a student of Al Brooks right? I am an ex-student of him as well. I only listen partially to all his videos. But the one thing I remember Brooks say is "Learning to trading consistently profitable" takes a long time. He did not place a value on "long". If I did not take anything from that video course, I took that. Learning to trade consistently profitable takes a long time. For me, even longer as my time is limited due to other priority in life such as paying the current bills at home. Now that I know that, business sense tell me, do not risk a penny with a hole in it trying to trade live money if and only if, I can trade consistently profitable in SIM/Paper and triple my account balance. But I respect fully what you are saying too. Good conversation
Hello Leob, You are 1000% correct. If you can not trade consistently profitable for 4-12 months in SIM and grow an account during those months, the probability of growing an account with real money is probably 1%. Demo then live.
No, I don't really follow anyone anymore. I do my own thing and maybe pick up bits and pieces along the way.
Hello NoahA, Me too as well sir. Me too as well sir. I am now the trader and teacher. I can teach myself by just starring at the chart in real time.
Staring at the charts in real time can be more entertaining than watching TV. It can be a cool hobby generating cheap thrills. To make money from it, however, you need to figure out what the game is. Most people are screwed permanently after 10,000 hours of screen staring. You can invent or reinvent a lot of ideas during those 10,000 hours. Packaging those ideas and selling to others is one way to profits. How did people trade before screen staring became commonplace? Everything is faster now. Still it’s just prices changing.
Are you referring to the ticker tape machine? Not sure what point you are making in your reply. My memory is that is the pattern with you when you reply to my posts. Our minds do not connect. Maybe I should have quoted SimpleMeLike.