Keep in mind, we are likely dealing with old bored retired pensioners here. These gents don't mean any harm--- just take their words as dreams and fantasy. There are several on this site. Mostly hailing from AZ the land of the elderly. As you can see from above, self contradiction is rampant , just leave the old folks alone.
Dunno why this forum now become full of pensioners or college kiddos. What happened to those traders trading in their prime age, we used to have tons of them around before the financial crisis?
Just find trades which have positive expected value. Let's say you want trades that give you 3x your risk. Figure out a trade that has that technically on the charts (A) and then work out the odds of hitting that target before you are stopped out (B). If B is less than A, do the trade! (The rather hard part is working out B )
Yes, it is. And the number of traders who trade with a plan is about the same as the number who consistently buy low and sell high.
Yeah, even Nitro has left for greener pastures. It's retired pretenders, and young third world type dreamers.
The man who "broke Atlantic City" wouldn't play until the casinos tilted the odds so far in his favor (due to their cash flow needs) that he knew he was almost certain to come out ahead. The same is true when leveraged price chasers get shaken out of their latest failed breakout buy and then capitulate en masse, all the way down to the SMA50 or lower trend line, where they meet the invisible wall of strong hands who have been waiting to relieve them of their pain :eek: There are many casinos, and some are just too easy.
Yes, but don't forget that the "dumb" money is usually wrong but only at the end of an extended move...
For those who cannot see the intelligence behind Db's words, here is a chart of yesterday. It shows the pre-market range, blue lines, the mean, dashed blue line, and the red vertical dashed line shows where 09:40 falls. I can't tell you what specific entry criteria he used, whether it was the break of the of overnight low, whether it was a rejection at the price level of 98, just below the mean of the overnight range, but no matter the reason, it set up the short. The rest was just waiting for it to, as Db said, reach the end of its run.