Actually there is, there are things like Elliot waves (is that what they are called?) and phase of the moon and what not.
Didn't see it mentioned yet, but sentiment can be good. The old "blood in the streets" mood when everyone is in fear of the system collapsing, or the way it feels at the top when everyone is afraid of missing out...... Key element: fear is at its peak at the major turns
LOL. From the quotes in the Opening post from this apparent trading God, I can say with 100% confidence that he's not referring to either of those things!!!
What did Paul Rotter aka The Flipper use ? (Google) Neither TA nor FA ... He played with the people iw market participants and their behaviour Just some food for thought
None of them are trading with out a computer doing it all for them, stick one of those guys in a room with just a phone and brokers number, see how far they get without using price or charts..
I've read that the average actor in America that considers themselves a professional made about $5,000 last year. At the peak of minor league baseball (1949 or thereabouts) there were thousands of professional ballplayers and most carried their own gear between stops and the living expenses where OK if you skipped one meal a day. Why be surprised that in a field that is potentially lucrative with what at least seems like a low cost of entry that the overwhelming majority lose. Not many years ago -- say six or seven -- most that washed out started trading FOREX. They weren't really trading as they played against a fixed wheel. Are they in the numbers? You had to be dumb as a post to stay with these firms for any length of time. This is not a profession where a professional qualification will assure a high probability that you will at least earn a living. A recent post talked about 10,000 of screen time. I's love to know how many wash out that have 2,000 hours, 5,000 hours and 10,000 hours. BTH, I know 10,000 hours has become "The Magic Number" since Gladwell's TIPPING POINT. But most are forgetting that he was looking at the best of the best. My guess is that there are a number of guys earning a nice living after three or four thousand hours. A friend of mine who earns his living traiding and is quite a brilliant guy that is headed toward very big numbers (in my opinion) once said he thinks it takes about as much time as a college education and that frequently the tutions are similar. I don't know if he was talking about a state school or an ivy school but the point is easy to grasp. Why would anyone think this would be easy to learn and not leave a whole bunch of road kill behind?
Forget context and all those so called "REASONS" why price did what it did. Do not get wrapped up in different names for the same item: Example: a trendline defined as a demand/supply line. Who is demanding or supplying what? Who cares? If the trendline or the moving average is going UP, you should be LONG, that is all you need to know. This mkt axiom still hits home and is more valid than ever. Decide if you are a trader or an analyst, the two DO NOT MIX. A trader needs to be in the here and now, the analyst needs to give you the why, what, when, how and timing. An analyst will try to make sense of what she is telling you sitting on a bar stool, a trader will just get a room. Sure there must be a method for the madness, to tack on reasons will only complicate the whole process and cause the "trader" to get lost in a never ending search for reasons. It was written in the book about bonds where the head trader said to the traders: paraphrased: "look you guys, do not try to intellectualize this, just trade this stuff or you guys will be truck drivers" Let those words get inside your head...........trade it, find your way and screw the reasons.......... :eek: A shorter version of the sardine clerk at the CBOT that got hungry and opened a can of sardines to eat. he was a clerk for a sardine trader... http://doublest.blogspot.com/2012/03/trading-sardines-and-eating-sardines.html
well well well if you follow agricultural instruments, moon phases and astrology makes sense as there is some agricultural cycles.
These people you speak of have a magic crystal ball. ... I can sell you one for a modest price if you like. Why do you believe anything any one on an internet forum tells you. Common sense is the Holy Grail.
That's a good question. Generally I am very skeptical. For example, I can tell you that there's a fair few people on this site (without naming names) who give the impression of perfect price action entries day-in, day-out, complete with perfect hindsight analysis, who I don't believe for a second. That being said, the person I quoted didn't make my bullshit-o-meter fly off the scale. I got the impression he was trying to throw people a bone. He didn't do it to scam anyone, because he completely ignored a few private requests to swap payment for more info (not from me) There was also lots more dialogue that I didn't bother to quote in my opening post that further cements my view that he knew of what he spoke. Not to mention that i've thought for a number of years now (in fact, after as little as a few months of trying to make it work), that there is something out there that real pro's use that takes out nearly all of the guess work and has real predictive value. I don't think charts are that useful in real time. Along with, according to 'him', everything else that i'm aware of.