It seems to get mentioned a lot on ET, and often referenced with some sort of hidden meaning. What is the big picture? What are all the dumb traders not seeing?
There ain't no holy grail. You should browse for something else. I myself was intrigued by mystical concepts. They'll tell you to look at the big picture, Buy a bull market & sell a bear one. There is no one Big Picture. You don't need it neither. But you should know how it works. You should be able to tell what matters. See what could or has an effect on your P&L. The Big Picture are forces that affect the underlying. It's the environment, what's surrounding your system. Big Picture or not ... Follow what affect your P&L. Directly or not ... Understand how it works. Not everyone has the same system, Therefore not everyone has the same Big Picture. The Big Picture is simply a step back, An order of magnitude above. It's your meta-system. Exemple : It's good to know what's the season, In order to tell what next week weather could be. You won't have the same expectations given the season.
Have you watched the movie called 21? the true story about MIT students who robbed Casino using high probabilities of card patterns? what dumb traders are not seeing is the PROBABILITIES of trading patterns
She is Chinese American, Duckworth is not her maiden name. She is well known for her work on GRIT... PS you have misspelled school....
Well, first of all ...anyone with a worthwhile skill or trait and/or system/formula...is obviously not going to talk about it openly in detail. The 'Big Picture' can have many different meanings to different traders...depending on their style, trading instrument, time frame, risk tolerances,viewpoints, etc etc variables In a nutshell, basically don't gamble blindly. A fool and his money are soon parted. Trading is war...you need tactics; it's not a video game at an arcade. You have to kind of think like an Army General when you think about and deploy a trade.
The Big picture is treat your funds like you suppose to treat your wife and kids with love and protection, cause your funds will support those in your family. You never risk your funds unless you have done incredible amount of back testing, work years and ongoing to study price and patterns it makes, dissect why or what causes price to make certain patterns based on economy. Don't be afraid of going against the crowds as they are usually wrong, it is better to risk small and try sooner than have to risk great amounts cause you are late. Listen to the news but understand they have a job to fill in print and THEY don't normally trade. If you have an itch to trade full time, better to save ten times what you need so family doesn't not have to give up their way of life, and best to have ten times made from trading to show self you can do it already. Trading is like life, spend within your means and risk 2% or less so you don't end your Business bankrupt.
Maybe the big picture is just trade, eventually I'll figure it out. There is no secret, everyone trades their own way. I've literally avoided day trading as much as possible, but all my research observation of the markets makes my strategy best suited to day trading. On this journey I've evolved a lot now I'm just narrowing my approach...there are no secrets huh? Just trade till you become profitable or go broke and go home, I guess in this case the poor house.