Generally people clearly have to few information in my view. If they would have enough information they wouldn't make any mistakes. People are not stupid. If they had enough information they would act accordingly. The problem is just they do not know for which information to look and they discard valuable information without receiving something for it (like e.g. looking at 5-min bars). It is like in the pictures added: 1 - To few information. Picture cannot be recognized surely. 2 - To much additional useless information. Picture cannot be recognized too. (Like with many senseless "indicators") 3 - Much information but all helpful. Picture is recognized in parts of a second. Even by people that are not brilliant.
it is believed 95% of new traders will manage to lose their money. But 100% of them start out thinking that will be someone else...
maybe 95% of the traders give up when they lose all their money. Hmnn, good reason to quit, too much work, nothing to show for it, except a glance in the mirror at a loser every now and then. It might just be the way of human nature. "I can't do it and my bank account proves it". What more confirmation does anyone need? Human nature of your associates will re affirm this losing attitude, basically because they can't do it, never tried or someone told them they couldn't. I think people don't like what they discover when pursuing trading. I think they do not like who they are or what they become or everything peripheral that encompasses the market. They lose perspective. It's easier to quit.
From where I sit those comments regarding cherry picking could also in general be applied to indicators and charting! Most people end up " baffled by the bullshit ". Regards Johno
In fact, when I first wrote the post you quoted, I was under the mistaken impression that it was another thread specifically about volume. (Hey, it's Friday.) I quite agree with your assessment regarding indicators, at least as it relates to my own trading. I feel the same way about any chart patterns that try to finesse much beyond higher lows or lower highs. But maybe that's just me.
Correctamundo! However, most of the morons couldn't tie their own shoelaces... The moral of the story is this: - Do not believe anything that you read and hear until you have thoroughly tested it yourself. - If the "guru" tells you that backtesting/forward-testing/OOS-testing/statistics does not work or is bad, then run away fast. - If the "guru" does not mention Risk-management methods and how they are an integral part of any strategy, then run away very fast. - If the "guru" talks about perfect trading methods (ROFLMAO), then run away very phucking fast - also feel free to give the prick a good kick up the arse 'cause he deserves it. You're welcome.
Correct Johno. Bullshit baffles brains. We have some pathological liars on ET - expert bullshitters. Sad but at the same time funny when you consider the mindless drivel they spew here.