jem: >Abogdans concepts if it works will go away. abogdan: >How can you say that if you don't even >know what my concept is? How about he's just giving you a taste of your own medicine? abogdan, you're a real piece of work man. You come here with no knowledge of how the individually successful traders trade and say flatly that much of what is working for them doesn't work. Then someone dares makes a comment about your style and you say "you don't know what I do". How about a little consistency? Most of us don't know much about the other traders styles. Things work for me that won't work for you and visa versa. I know I'd have a lot more respect for your knowledge if you spoke the words you say to others into the mirror once in a while. My sig says it all. JB
When I first started daytrading, I found the holy grail right off. I was trading with free market orders and I started out buying one share of stock at a time. I lost 200 dollars and when I figured out how to trade on price action, I got it all back and then quadrupled my account in two months. I made as many as 200 trades a day and it was great. After only two months, the free market orders dried up so did the system and I've been looking for another lucrative daytrading system ever since which is about 4 years now. I now have another daytrading system that's profitable, thanks to the help that I've gotten on ET. Its also based upon price action. But it has taken a lot of hard work to find it. I am much better at swing trading the Rydex funds (using technical indicators) than daytrading individual stocks. I've never had any luck using technical indicators to daytrade. regards
For those who say that they are successful trading solely on price action and even with indicators, you must understand that that's not what is making you succeed! You succeed because you have trained yourself for a long period of time, you have modified your behavior, you have learned to move with the market and get out fast if you're not correct (if you haven't then your success will be shortlived, or already was). The price action and indicators are merely excuses for entering a position, the rest is all inside you. This is the simple reason for why you can't just learn a setup that is successful for one person and hope to achieve the same results. When I said that indicators are 'useless' (don't remember if I used that word but we'll assume) and are a simplification of price action, I meant that they will not unlock the secrets to profit for you; you are simply looking at the past, and as we all know, past performance is no indication of future results.
This is the case, however, for anyone who lasts, regardless of how and why they trade. Price action, however, provides certain information that indicators may not. Indicators may provide certain information that price action does not. To say "it's all in you" is misleading, as it often leads beginning traders to think that they have to "feel" their way through the waves. But to say that it's all in price action and/or indicators is misleading as well, since one must create and apply a structure to whatever he's doing.
Morning coffee is for old , fat farts, so obviously I do not drink it. How many cups did you get this morning ?
>For those who say that they are successful trading >solely on price action and even with indicators, you >must understand that that's not what is making you >succeed! You succeed because you have trained >yourself for a long period of time, Once again it is being stated what can and can't be done without the absolute knowledge to back it up. If what you are saying it true...how come my computer can do it only off price and volume? >The price action and indicators are merely excuses >for entering a position, the rest is all inside you And what pray-tell is inside my computer? JB
You are profitable due to well thought out money and position management. If not, then you are simply taking advantage of a temporary market characteristic that will soon be gone, impossible to predict when
Saying "it's all in you" has nothing to do about when to buy and 'feeling their way through waves'. "it's all in you" means the ability to trade, meaning you can enter anywhere in any direction and be able to trade, either take a small loss or take a large profit, that's what trading is all about. The indicators and the price action and all other price/time/volume analysis is to try to gain an edge on our entry (since it's easier to trade correctly when we have a good entry) but the truth is, no matter how much of this stuff you're doing, you won't be able to improve your predictive ability by much more (if not a little less due to coms/slip) than 50/50. Face the facts, trading is a losing game, the best losers are the big winners