Stanley Drunkenmiller says Algos have destroyed his ability to read Price Action, Price Action he learnt in the 70s. Phuckers!
Vital information missing. Did he mention which financial products which session (Asian, European, the US) what type of trading (scalping, Day trading, swing trading ...) .... he was trading? He might not have adapted to the ever-changing market.
A few years/decades ago, there was currency WARS (the US vs the rest). So it was very easy to earn tons of $$$$$$ by trading currencies. Now there is no currency war. So if we do swing/position trading, it will be relatively difficult to earn $$$$$$. A few years ago, there was BREXIT 'crisis'. bonds (Gilt, Bund, ZB ....) moved massively. So it was easy to earn tons of $$$$ by trading bonds. Now there is no Brexit crisis etc etc etc Also, Algos affects those scalpers/HFT. It hardly affects swing/position traders.
Hello Darc, Question please: 1. Who or what stated that Price Actions "works"? 2. What does Price Action means? Thank you,
Yes, he must've been referring to shorter timeframes. He gave the example of an Algo trading off a Standard Deviation formula (destroying the rhythm).
In that same interview Drukenmiller said: “I’m going to trust my instincts and technical analysis to pick up this stuff up. " He did go on a rant on how the algos were causing a lot of whipsaws - those years were super choppy/whipsaw city. https://asymmetryobservations.com/2...n-his-use-of-technical-analysis-and-instinct/
this is the biggest load of crap and you're wasting your time if you believe any of it. someone or something is always making a mistake in the market, don't be the first one to jump. wait for the mistake, identify it and attack.
barely anyone does what they are suppose to do to begin with yet people talking about boogey man algo's. it isn't stopping you from being profitable, not even close. people need to to put together a logical trading strategy and actually commit to following it, that's what's stopping most people.
Yes good point. Stanley Drunkenmiller never really had a logical trading Strategy, probably why he only returned 30% over 30 Years. Seems right to me, all these Algos have changed the Markets on shorter timeframes.