Yes, he states that some day traders trade at such a short term that adding is impracticle, however if you are able to it improves your performance quite a bit...
I did the same thing when I started a few years ago. This cycle finally came to an end for me when I developed a structure of the markets and price movement that worked for ME. It takes a long time. Don't get discouraged, I can't emphasize how important it is. It is nothing more difficult than a model that says price is moving closer to or away from some significant reference point. Thats what makes the market so exciting, there are so many styles of trading that can work, but ultimately, you must decide on one the is uniquely yours. The reason you must decide on one is because you must "see" it happen over and over again for you to BELIEVE you have an edge. Once you believe you have an edge, you must learn to take EVERY trade that your edge offers and allow your edge to play itself out over the next 1,000 trades. Once you get to this point, you will probably find that the holy grail is in yourself and following your rules. Good Luck, DTP
Do you believe that the Holy Grail of trading exists ? If you believe it and you will keep searching, you will find it . It exists. Walter
This is one area where Douglas can be of help. Apparently it is fairly common for beginners (and not so beginners) to take a failing trade, then avoid the next out of frustration or fear or whatever, which of course turns out to be a winning trade. This frustrates them even further, particularly if they don't take the next after that, which also turns out to be a winning trade. So they jump back in, guns blazing, just in time to take the next trade, which turns out to be a losing trade. The emotional component here is obvious. But beyond that, you've got to have a strategy you can trust and you HAVE to take every trade. Otherwise, you're relinquishing control to the market rather than taking control of the situation yourself.
Please click on the post number under my name on the left hand side of any of my posts. I think I elaborated there enough. Just don't want to start this discussion again.
That's ridiculous. Most indicators are simply an expression of price, time and/or volume, and when properly applied can be valuable in any trading decision. The mistake that new traders make is they think the movement or position of a single indicator can signal buy or sell, which is NOT how indicators are best applied. But to say that indicators don't work is the same as saying price, time and/or volume has no application in trading decisions, and that simply doesn't make sense.
the funny thing is that we have some people saying price and time indicators do not work in the long run. Do you think quant models last forever. Or buying pressure lasts forever. I traded off price action and tape reading. As more of us started to do it the specialists changed the rules and emini arb guys came in to take away our jobs. Abogdans concepts if it works will go away. The computers will find it and suck it out. There may be no grail, but there is some very good watering holes along the path. By the way I do not even need volume in my current set up.