I can relate to the comment about letting trades fall in your lap and staying out of the noise. I find some of my best trades are the ones that I anticipate and then just wait. If they show up under the right conditions you hit em', if not then you don't do anything. I get in trouble when I look for excuses to trade, I get fooled by randomness. Many times it is just not possible to anticipate and trade a product profitability. Don't be fooled by randomness and wait for opportunity, truly a great mindset to adopt.
You know, in professional golf they have a saying, "drive for show, put for dough". This implying of course that the deep long drives off the tee are the sexy shot and the ones guys like to show off with, but the real money is made on the green putting. So my trading quote will be "scalp for show, spread for dough".
your input is very informative and i'm sure we all appreciate it very much - I sure know i am grateful. Someone with 15yrs experience sharing so much wisdom doesn't come around that often. So if your not looking for a short/long or looking at the products that most people are looking at - then what would be the best advice you'd give traders that do not trade ''trades that fall on their lap''? Speaking for myself, i read price action very well but do trade the noisy products and do relate to what your saying very well, so i wonder, how can i make my life easier? ACD is a nice, though i'm far from applying it properly at the moment, but like everything else, it's a work in progress.
I think ACD will help you find cleaner traders. It should be used to reduce your noise level. If you trade stocks, it should help you focus on only the strongest and weakest stocks. If you trade futures, it should keep you from over trading all the random noise all day. I don't know what you trade or what your style is so I can't comment specifically. The idea is use ACD on top of what you are already doing.
I know I'm beating a dead horse, but why trade CL when one can trade the USO/QQQ spread. Same thing, long oil, but straight up with hardly a downtick. I'm just sayin...
fyi, i trade futures. I had a general idea that ACD would allow me to find cleaner trades and make my life easier, which i'll take in a heartbeat in this game. Thx again Mav
I have just recently added ACD concepts as I get back into shorter term trading. It has been very helpful in selecting WHAT to trade and WHEN to trade it, but not HOW to trade it. As has been mentioned before, it does what it is designed to do very well (the what & when), the how is up to me.