Sounds right - it something we've all had to go through When we first start - we have no knowledge..., but trade correctly Then we get some knowledge - think we know something - our trading goes to shit Now it a matter of traversing the circle and returning back to proper trading Knowing..., the knowledge we've gained is for shit.., mostly It is entirely up to you..., and how hard to want to make returning to the beginning Quirky thing.., trading is RN
We gravitate toward that which occupies our head - we've no choice in the matter Be one of the many..., or one of the few RN
Hurricane, if the appropriate time and effort is put into studying price behavior, the fog eventually lifts. At such time, one knows what price is more likely to do and can build a trade plan around those expectations. It will then come down to consistently correct behavior. The tendency is to look for shortcuts rather than do the work. If they exist, I am not aware of them and early on, like most I looked. The behavior part is trickier and can be more painful as one needs to recognize one's weaknesses full on and deal with them. If one can do both then trading for a living becomes a reality. It took a lot longer than I would have expected but it is what it is and I can't imagine going back to corporate life.
I never thought in wildest moments that I be scalping 31 years ago, thought I be like a trend trader like everyone else-wait for the breakout. At some stage, and where indicators have their value, is indicating what can become almost impossible to do by looking, seeing where blocks of orders comes through, now it is much easier with time and sales, a graph every 10 seconds is better now but less so in the 1980s. I started to study, where in bell curve are retail entries and where are professional entries? The Fat parts of bell curve are for slaughter and the thin parts are scary areas as one is waiting for price to come, so like 90% of the time, I wait. So imagine you have a moving average and around that moving average is like 4 ticks above and below, and another set of 8 ticks, but you have to be also thinking, where is price within the overall Swing, some areas where price gets to minus 8 ticks in uptrend is longer than a half of corrective wave, can still enter, but one only want to stay in long enough till retail starts coming in with their small lots. Scalpers feeds retail and other traders that don't often go in the scary areas unless they are thinking they are late getting in or being stopped out. I think most who eventually become profitable are in a way like other profitable traders, they evolve, they go towards one direction and end up totally different direction. One has to find their happy path and of course makes profits.
Yes, and no good thinking bout the past The main thing is keeping the money you make - total waste of time and effort otherwise. So what if the market goes up or down another bit, for one thing is sure - it is gona keep moving, whether we like it, or not. We have a good saying where I come from.. "if my aunt had balls, she would be my uncle" J_S
I remember reading a paper on HFT profitability a little while back. The paper looked at trade data that identified participants. Basically every group of trader was a source of profit for HFT. Surprisingly retail mom & pop was not a large source of HFT profit because their order flow was too chaotic/random to really exploit. The biggest source of money for HFT were what the paper called opportunistic instiutional money. They bled money into HFTs pockets.
Very interesting. Many institutions should have the resource to do HFT if it serves them well, maybe they just want to hedge, or do position trading, etc. and don't care about intraday loss.
What 3rd party education vendors do not want ya to think 99% of small traders lose. They want ya to keep subscribing so they can expand their business. Basically, it is a fraud, but, in a legal way. They know in their heart small traders will lose. More than 90% of small traders lose! They just lose! Reload your accounts
And, who are these 3rd party educationa/system vendors? These guys. with the kind of right personality, they will sell their products well
on ET it goes more like: 1. Take credit card cash advances to fund trading 2. Quit your job 3. Lose all your money 4. ?????