Traders make it complicated, price action is king! Thats it, all these SCT threads and such are pointless, indicators are for amateurs and paper traders Watch price action and trade accordingly.. simple
Don't give away the grail, I love the 1000 reply stochastic threads... they tell me the majority is following the wrong footsteps
The most common fallacy Price goes up and down, it's a 2 horse race! But lets watch 20 different screens and 50 different indicators and hang on every word CNBC says
For a while I made my TA too complicated and missed out on a lot of moves, and made a lot of dumb moves. For some reason I thought the market had become more complicated after the correction so I needed more indicators.. dumb I know. Then I went back to what I did, and made it simple again. Now I'm doing great again, weird huh
The truth is actually quite easy to understand. If a daytrader wants to make 10 times in one week what he/she (women are coming into the game fast and furious) were used to making in a regular profession, then the daytrader must be prepared to UNLEARN most of the traits that were necessary for success in the previous job, profession. Daytrading an animal like the ES, ER2, NAZ etc require the trader to cut through the BS as fast as possible, a need to recognize as fast as possible a wrong trade no matter what the cause why the trade turned to a dung pile as fast as possible, excuses are not excepted, the only acceptable action when one screws up is to get the hell out and regroup for the next opportunity. KISS.........as the author of this thread says. Those that use MORE than price are fools, (most not all) in general a trader that can pull consistent profits from the mkt has been in the battles and knows what is required to come out ahead. Fast decisions, pre-planed setups, spots for action etcf are the tools of PRICE. Volume usage is for "johnies come lately, indicators like volume are followers.......to win in daytrading you must be a leader of PRICE. Do not be a follower. Ok, you get the idea.........BOTTOM LINE, daytrading requires a lot of decisions every day, taking NO position is a decision. Many, many regular everyday ordinary people roaming the earth can not operate like that, they can not handle the pressure. One simple mistake (loss) or two and they totally fall to pieces, they can not comprehend why they are making the mistakes , they rework the indicators, they reread jack hershey and his ramblings of tick trading for triple the range etc. Etc, etc. They fail to understand that papertraders are just stroking them to the max, they fail to see that those calling trades do that because they failed in the real deal of actual trading warfare. KISS..........PRICE RULES, if you need a bunch of worthless indicators and volume to tell you what to do, you are to slow, you are destined to lose. if you can not win with price alone go look for a gal that will support you. good luck
Yes all applies to day trading ! But you would be the greatest fool around if you were to ever enter a longish term position on Soybeans or say Sugar #11 Contract without any knowledge of underlying fundamentals. I am quite sure for stocks and equity indices you might be pardoned once in a while for being a slave to price action alone, but in markets like Lumber or Live Cattle or German bonds ( Schatz, Bobl, Bund ) penny chasing techniques in front of steam rollers will make your instant fodder !