Well, it simply comes down to the fact that 90-95% of people who are engaged in this profession should never be in this, they simply do not bring what it takes to the table. Its like someone with bad vocal chords wanting to be a singer. Sure, one can improve on almost anything in life through practice, but most only get that far. Unfortunately, in trading the bar where profitability starts is usually a lot higher than where most people get even with their best own efforts.
This is a good message. Most of the trading advice out there is BS. That skepticism comes with experience and self confidence. The grace part, that is difficult, want to expose the crooks not be graceful.
Most of the trading advice is dead nuts on - rooted in hard learned lessons - and the only way to survive / thrive in this business Let me provide an example of what CS is saying There is the PA..., on whatever given chart - staring you dead in the face There is the underlying PA..., which caused / supported the PA staring you dead in the face Which one should be heeded ======================= For grins - lay some of that BS trading advice on me - lets see if we can rebuke / debunk your thinking RN
RN, what I think of as trade advice is the parade of market prognosticators especially on TV, who for example as this market in stocks keeps rising, are telling me the sky is about to fall. I have just seen stuff like that over and over,for so many years. I really make an effort now to ignore market opinion of most others. Now, there are trading rules I do like, but those are different. Linda Raschke had a long list of them which I carried around years ago. As far as your question about PA-- I'll have to think about it. My quick response would be they are both important but not equally so. I tend to pay attention to change, in the here and now but the setup sort of determines that. For instance, the current stock market,seems to be swimming along fine. I would pay more attention to very large moves which indicated a change in balance either way. Selloffs should be relatively short and sweet, so anything else would give me pause.
What are you even trying to say? What is PA? The only PA I know of in my 16 years of prop trading at banks and hedge funds is a personal account. And most trading "advice" that is out there is utter garbage. Only one of my many seniors was a world class mentor whom I learned most from, though the hard lessons were mostly learned in the daily grind as well as occasional battles. Nassim Taleb's Dynamic Hedging is probably the book that held the most value relative to page count in the book category. But again, what are you trying to say here?
I remember Mimervini from one of the Wizard books i believe. He was a pure stock guy. One who went beyond the classic chart patterns to pattarn within patterns and so on. Not likely he would disclose this stuff specifically. One could at least start with his book rather than 20k seminar to see if his style suits you.