Imagine that a foreign power took over the world (I won't name names). You don't know its customs or language and you have to survive among them. There's no way out! There are others like you who were there for awhile. Most of them claim to have experience in dealing successfully with the occupiers. They all are very secretive and self important. Almost all tell you: "When somebody hits you, retreat" = use stops; some prefer "grunt", "punch", "hit you twice", etc. "When you get a slice of bread, take it and run" = use targets; some prefer "half a slice, "three crumbs", etc. But they have different plans: "Do what others do" = follow the trend "When others do something be ready to do the opposite" = enter for counter-trend "When you hear 'wa' twice, try to take that slice of bread" = use indicators "Watch only the bread slices, nothing else" = use price action Others wisely caution: "Occupiers behave always unexpectedly, there's no rule" = market is random Some that seem even wiser say: "To get a slice of bread don't risk more than a slap, for three crumbs run at the first grunt" = money management There's also an old man who speaks in very long and contorted phrases; you stretch your brain and patience to understand what he means; he seems to say: "I'll teach you the occupiers' language and customs, and they'll become your friends; no strings attached; you just have to do the work" Obviously there are also plenty of trolls jumping around you, shouting concerned with your well being. What to do? Whom to trust? Whom to follow? How to survive? How to do it better?
That old man is more like "you do all the work, follow me around, i'm homless but i'm a mystic and i can tell you everything about the occupiers, even though they hate me and imprison me quite frequently. so i've come to know them quite well, because they hate and i'm starving." it's just a homeless person trying to sound important if you look more closely, hoping to share some of your crumbs if you fall for giving him any donations. i think he's referring to one of the forum members that has a thread designated to asking him questions.
Lol Here's my simple answer: Find someone who has adapted, and learn from their behavior. Do it again with another successful adaptee. Do it again and again. Then you will have several winning behaviors you can emulate. After having this information, you will have several successful strategies for fulfilling your objectives Then you will know enough to mix them up and incorporate some of your own ideas. Then you can test them and keep the ones that work. Keep doing this and stay ahead of the competition. -Japanese manufacturing strategy
Assume nothing and TRUST NO ONE,...If you mother says she loves you check it out!! Seriously,... in this business you can only trust your own analysis. You have to learn as much as you can from everyone!! Even the village idiot has something to teach you....but that may be what NOT to do. So when someone says do this or that...pay attention and try to learn. In time you will see who has morsels of knowledge that suit your personality and help you trade. But in the end you have to trust your own instinct and analysis. I have lost as much if not more $$$ listening to "knowledgeable people". You will still lose money listening to your own analysis but then only you can take responsibility and you will find a way that works. So in the end,...listen you YOURSELF 99% and EVERYONE else 1%. Good luck in finding your way.
http://trading-naked.com/FloorTraderMethod.htm It works. FOR ME. Basically Price Action, the Indicators are just there for some visual framework, imho. Don't just take my, or ANYBODY"S word, when it comes to the Mkts. You'll read/hear some say nothing works, or only THIS method works, and what they always fail to add are 2 words. FOR ME. So take everything with a truckload of salt. Except this: Learn what works for YOU on a decent Simulator.
just do what everybody else is doing. How could it be otherwise. Please, I'm dying to hear how you make money buying when everybody else is selling. How could that ever be possible. I'm a little low on logic but even I know it is impossible. I watch these science programs on tv and they talk about some pretty wierd stuff, so maybe in some kind of parrallel universe you can make money buying when everybody else is selling but not in any world I trade in. How can you even ask the question? And don't forget, everybody is buying dips and selling rallies. How are you going to make money doing the opposite? Can you please name for me just once in the history of all mankind when anybody made money buying when everybody else was selling? What are you going to do, buy all the way down until they start buying and then sell? What kind of a strategy is that? Just do what everybody else is doing and forget the rest sure you need some money management but what's all that other stuff. It's hard enough trying to figure out what everybody is doing, why in the world once you figure it out would you do the opposite? Buying when everybody else is selling, I never heard such a crazy idea, who comes up with this stuff?