No... I disagree... their job is to make money for themselves.... They're not doing a charity event, if they truly were in for the customer, then they wouldn't charge any commission. They are always selling service. Who actually said broker's job is to make clients money? Morally, it would sound good but that's what they claim but it's not. Let's expand your thoughts to traders. We add liquidity to the market. Is that our job? No, liquidity is only the resultant of us wanting to trade well and make money.
I'm sure there are some who truly wants to help customers make money. Morally, they would be great guys... But doesn't that seem awkward? I wonder... what did you guys do right after 9/11? Did you go short or long? As a trader, if you felt that it was an opportunity, you should have shorted. OK, what about Enron, when the news came out did you go short? I'm sure most wouldn't hesitate to do so, but behind that there were a lot of employees who hooked their retirement money in Enron... was it "morally correct"??? These types of double standards actually hurts a trader. Even though I hate brokers in general, I would respect hardcore churns than guys who are in it to help other customers. As a Trader. PS. I didn't go short after 9/11. Why? I'm a trader but I'm also a person. I try to make peace as myself as a trader and myself as a person.
As a self-proclaimed best trader in the world who everyone in the trading industry looks up to. I would like to conduct a class on surf report. Simply, I'll call it, "Beginner's guide to - Surf Report for Dummies - 101" First, surf posts his Neo-Gann Channel Level every once in a while. Now, I'm not going to get into what that is, but I'd like to get into how to trade it. First, it shouldn't be looked at pivot points or simple resistance lvls. The nature of the channel is different. I'm notl going into that too. But as long as you know they're different it's fine. Now... there's 3 patterns how a price reacts to this lvl. 1. Passes. 2. Tops or bottoms. 3. Retraces. Well, pretty much like any resistance lvl. But as I said, the nature of the signal is different so there's a few trading strategies that work. 1. It passes. Usually, the prices consolidates at the lvls, if it does the it's a 50/50 change between 1 and 2. If it just passes without a consolidation, it's 50/50 chance of 1 and 3. So what can we do? Simply, when it passes without initial consolidation just enter. Then place the stop loss right under the lvl. Monday, it was like that for me. I grabbed the nice upwards move from open without getting my stop hit pyramiding each time it consolidates right above the lvl. 2. This is basically the hardest using discretion. But it's simply, follow your trend-following system. After it bounces off the level and if your trend-following signal comes out take it... It will help you pick out bad signals. 3. Retracement is same as 1. I've simplified the concept but I guess I'll leave you off here. More deeper use will come when the conceited A-hole feels like it...
I could care less about providing liquidity. It is not my function nor my goal. Making money(buying low and selling high) is my function and my goal. According to your methodology, it is a waiters function to make money, soley because they do not work for free. But making money is not the function of a waiter. But it is probably their personal goal. Same for a carsalesman. Their job function is to sell cars. A broker provides a service to a client. That client is attempting to make money.
I didn't short either. I don't respect the churning brokers more, BUT I feel no remorse for their victims either.
Well, first with a little brag and a little humbling... Please check the today's Chat log around 10:03 am. I was pretty close with figuring the Range and lvls for Compx (I don't do much with NQ because of a few factors and Cash is more reliable for me). 1412 (Mid day major resis.) and 1400 (Around the closing lvl). Yes, I am good. I also called that any market below 1416 at open = shorting day... But I ended up with drawdown of - 4.5. I left the chatroom to concentrate on my trade. Lost another 2 handles making my max drawdown for the day - 6.5 handles. Not good... Well, the market eventually took it's course and ended up with a + 5.5 with a help with pyramiding. Now, I had a good idea of the lvls but I traded bad. I had a good road map but I was a bad driver. Today's a complete example of why a prediction is worthless. Sure, I ended up positive but if you look at my chat log thoroughly, I had a good target of the market but I still ended up becoming trigger-happy and took trades more than I should. Good thing is that I have a mechanical money management model I use. With my psychological state at the time, I probably would have lost a lot of money. Also, lucky that my Gann levels were working, if it wasn't I would have probably lost more because I would have traded with a wrong rode map. So who said, edge is important? Trading is psychological... today's trading is an undeniable proof.