I absolutely agree with what you "say". I've been lurking in here for over 2 years but just recently decided to post, so I am very familiar with what goes on at ET. I am also a trader with many years experience. I have seen how people that offer to help have been treated here as well so the jury is out on the overall benevolence of the posters in here. I've seen people try to protect themselves and explain their ideas here and get cut to shreds with only gossip and conjecture to back it up. There are some mean, nasty, stubborn and narrow minded individuals wondering around this site disguised as traders. As far as stroking goes, I do that in private. I will add, to your helpful advice, that no one likes hypocrites either.
FT 71, I read in your previous posts you're a tape-reader kind of trader.. I experienced today the market depth (IB equivalent to the Dome). Indeed very interesting on YM. As a rule of thumb, to capture the general direction (assuming its a scalp.. so i only need the direction for the next 1-2 min) i look at the cum. size between the bid & the ask for 1- the 5 first line and 2- the 10 first line. If both give the same delta sign (lets say at least 50-100 contracts in difference) i know what is the direction to trade (ie direction = place a buy order if cum size of the bid > cum size of the ask + 50/100) then, still looking at both cum sizes, i try to pinpoint on the buy side (lets assume its a buy) the right level to place my order. I look for a price w/ a size of 100 lot or equivalent (or two successive rows of 70-80). and i place my order right above. Stop is right below. finally when im filled, i look at the sell side using the same technique, to find a sell level to close my position. I experienced this system for the last 3 hours. probably 7 trades out of 10 are a win. the win varies between 2 tick and 7/8 ticks each. I can tell this kind of trading is ideal for such a morning w/ no real direction. what about when the market moves quicker ? Im really a newbie using this technique, I'd welcome any comments you'll find helpful. Cheers
OK, Samson said the Trend was UP. I said that depended on what trend you are looking at and explained my view of trend. And then gave an example. He said, wow why not start a journal and then I said no thank you because of how journal posters are treated in here. I then said that the only person I needed to impress was me. The posts in here follow a transitional process correct? Similar to verbal communication?
Charlie just admit it you came off a little high and mighty and that's cool. A good trader should have an attitude and be confident. The only thing that I suggest is to not have an attitude at someone elses expense and try and keep the forum constructive. I know ET is bad at times but try not to let those few morons ruin it. Defend yourself but no need to attack innocent posters. Once again welcome and I look forward to reading your posts.
OK, I just can't resist. It's Friday, I'm bored, and it's not quite time for margarita's. After playing this game for 5 years and at Elite almost as long, I've found out it's all about probablities. That includes determing the probability of who really knows what they're talking about. To a poster, anyone who claims to know which direction the market is going and what it's going to do next is simply full of him or herself. Or just a complete loser trying to feel good. Trading is not about predicting anything. When I put on a trade it's NOT because I think something is going to happen. If you're into predicting that's a fine game to play, it just isn't trading. Ah, so good to blow off some steam once in a while.
I might be mistaken but this sounds like good old Proflogic. Could he be back so soon? I think his theory was based on Dow. I can't be sure because the word "perfect" has not been used yet but similar attitude.
It just happened AGAIN. YM spiked down to 10306 from the 5 min open bar of 10367. It immediately came back but the quotes on the DOM window went all nuts again. WTF??? Happen to anybody else?