Bar-by-bar is but one type of ANALYSIS. Suitable for some, unsuitable for some others. Neither grouping is right or wrong in their decision. Attached to this decision is the personality and other traits and preferences of the user. Importantly, getting from A to B is not one-size fits all. Sure, making money is the ultimate goal. But starting point A is different for everyone. And the measurement of reaching point B is rooted in one duration, or some combination of periodicity. Point B is not stationary. But time is not a factor. LOL. None of this is about being a noob or a veteran. I enjoy having my trading accounts in all cash at the end of the trading day, which I have defined it be. I also enjoy starting each day fresh. Obviously, these things: analysis-type, EOD-cash, and freshness go hand in hand. YMMV.
Anyone trading on demo is a noob. The person could be 10 months into trading or 10 years. There is a difference, however. If you are 10 months into it and think you can learn to trade from someone on demo, you are CLUELESS. Everyone starts out clueless so this is not necessarily fatal. But you need to figure out what is what and do it quickly. You can easily blow through your stake and years of your life and still remain clueless. If you are 10 years into it and think you are learning anything but continued failure on demo, you are HOPELESS. You need to give up the ghost of getting rich from trading. If you decide to stick around or can’t let go, trading will be a hobby for you. To put food on the table, pay your mortgage, put your kids through college, etc., you’re going to need a steady source of income like a pension or social security or a working spouse. If you are a sociopath, you can also go into teaching the clueless as a business. That will give you an opportunity to finally make a lot of money as a “trader” while funding your hobby at the same time. Who knows, you might become famous too.
BECAUSE.....IF...JUST IN CASE....UNSEEN BUMPS...NAILS...ROCKS....POTHOLES... If you have a flat on that big tire you will still be able to truck on. If you have a flat on one of the little tires...still truck on...if a flat on both little tires still truck on..translates into high win rate and destination reached. Simple is not always best. ROFL
We are down in cajun country traveling around in the Motorhome. First went to Florida beaches..then Mississippi..now in Louisiana aka cajun country. Eating mud bugs aka crawfish..crawdads....etc and making new friends. Will be gone for another month or two or three. Our trips are often a product of the wind..the sun...the rain...the people....never know how long..how far....how close...the destination will be. Much like trading....PT is adaptable. SL when motorhome refuses to go any more. Averaging down is backing tracking to see something we missed on the initial visit. Haven’t much in the mood for trading commentaries. Time to travel and enjoy new sites. I am quite confident the trading bug will bite again just don’t know when.
An Indian reservation we visited. In cajun country. They have a hotel and casino. We stayed in the RV park. I not a gambler although some say trading is gambling..ROFL
I want to make a few statements about trading implied PB’s in broad bull channels. Remember, implied PB’s are PB’s that are not actual PB’s on the time frame one is trading but they are actual PB’s on a smaller TF of the same price action. An actual PB is when a bar goes above the high of the previous bar in a down move. Or below the low of the previous bar in a bull move. Go back to my post #941 and study several pages and posts forward from that point concerning PB’s and implied PB’s to refresh one’s memory of what they are and some techniques for trading them, like I like to trade them. Ok, here goes today's statements: In BROAD bull channels I like to fade implied PB’s WHEN they happen on a bull move up towards the top of the broad channel and they show up in the top 1/4 of the channel. In any bull move one usually would go long and scalp on an implied PB. However when this type of PA is at, or near the top of a bull channel, I like to fade it. That is, instead of going long I prefer going short. Now for the bottom of a broad bull channel: When I see a move down towards the bottom of a broad bull channel and I see an implied PB at the bottom or near the bottom of the broad bull channel I like to fade the implied PB. Normally, I would go short but since I am fading it I go long because this implied PB is taking place on a bear move, in a broad bull channel, and is taking place at the bottom of the bull channel. So I fade it. Try to figure how this works in broad bear channels. Think about it. Then think about which has greater probability fading implied pb’s at the top of a broad bear channel after a move to the top or fading an implied pb at the top of a broad bull channel after a move to the top. Which is the higher probability trade and why? Now look at it from the standpoint of a fading an implied pb at the bottom of a broad bear channel as opposed to doing it at the bottom of a bull channel. Which is the higher probability trade and why? Good luck trading. One generally makes their own luck. Remember that! Still in Louisiana. Good night! man those crawdads...aka crawfish..aka mud bugs sure are good with all that spice....and especially when chasing with a beer makes them even better.
Volpri, can I ask you a question? Why do you never trade raw materials? Sometimes the price action is interesting as for example now sugar