Hey paul its amazing how different our daily charts look aye?
ok after a second look i think the colours on your bars r reversed?
How To Trade: Full Stop
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Hey paul its amazing how different our daily charts look aye?
ok after a second look i think the colours on your bars r reversed?
DionysusToast
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BTW, this type of chart is not what a professional trader uses, and by the looks of things it will be a while before we get into chart lessons.
Interesting on your view of the charts.
I went to lunch today with a guy who's on a team of 5 people trading a hedge fund that does 90% of it's trading intra-day. I didn't realise how similar our trading styles were until we started discussing in detail. He imparted some very interesting tidbits of information that I'll be looking into in more detail. Nothing rocket science - things that are quite obvious in retrospect.
After lunch, we stopped by at my place as he was interested in how a small player like me was set up.
Guess what he really liked about my setup ? Yup - the charts !!
Would a guy running an 8 figure account not qualify as a professional ?
The Expert
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You must learn patience in this game and that is what I will teach you. You might not thank me right now, but by the time we are finished you will be down on your knees begging me for more information, which I may or may not give, depending on how you act during the progress of this thread. I can see by the tone here that nearly all have been brainwashed by the usual rubbish that is used by so called "professional trading houses". I am telling you now, and it is up to you to take heed, that it is all bs and will not make you good money as a lone trader, which is the best way to operate. I am done trading for today and must now attend to other business. We will speak over the weekend.
Oh, the chart with the ATR was not what I meant. Please have some tables posted for when I return, as sometimes it can be better to look at numbers than to look at charts. The search will do you good and it should take no more than 30 minutes to compile the tables with all the relevant information.
Oh, the chart with the ATR was not what I meant. Please have some tables posted for when I return, as sometimes it can be better to look at numbers than to look at charts. The search will do you good and it should take no more than 30 minutes to compile the tables with all the relevant information.
timsk
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Hi The Expert,
To my mind (and perhaps I'm the only one?), this is a sweeping and generalized statement. Could you be more specific please and list what you mean by the 'usual rubbish', as I'm not clear what you're referring to? Could you then explain why 'it is all bs and will not make you good money'. Thirdly, having done that, if you'd care to outline your ideas and techniques, that will provide a useful and concrete foundation upon which to build.
Cheers,
Tim.
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Tim, every trader has to start somewhere, and nearly all start from the same point. This is due to many reasons, the main one being money. I have traded with people that have tried every technique under the sun, and having tried a lot of them myself over the years I have come to learn what is valid and what is bs, or rubbish. I do not have to list the many techniques that are made available to the public by print, courses , or online chat locations like this, as everyone knows what they are. But, what everyone does not know is that what they are focusing on is of no real value in relation to an individual making good money when trading alone, which I believe is the best way, and many more like me. My ideas are simple and effective. I trade intraday only and do not expose myself to risk overnight. If I was to expose myself to risk then I would have to reduce my size drastically, and this reduction would not yield a good risk reward ratio, which is the prerequisite to profitable trading.
Of course, knowing this and doing this are not one and the same. I am now The Expert and I have sufficient knowledge and experience to help those that can see they need help. If a person thinks that they are OK, then that is fine, and if they are making good money trading then I say to them do what you do and keep doing it, but, if the person is not OK, and needs help, then The Expert is the person that can help.
BTW, I am not a person that charges anyone for sharing info, just in case anyone thinks so. However, I will only help those who are willing to help themselves and others.
The Expert
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30 days or prices showing the running average 30 day price next to the daily price. This can be set up with live data feed or done at EOD. Same for 10 day and 5 day. This is a basic step and will just make a point that needs to be known by those who put their money at risk in the market. For clarity, we are only discussing US stocks, as Futures and Commodities behave differently, due to obvious reasons. I consider all non US stocks to be too risky, but that is my personal opinion.
timsk
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Hi TE,
Thanks for the swift reply.
I'm sorry to press you on this, but I for one am still not clear. I could of course list all the things that you might, possibly be referring to, but that would make for a long and tedious thread. However, in a bid to get some basics established, can you provide a yes/no answer to these two questions please:
1. Is some or all 'conventional' technical analysis (TA) rubbish?
2. Is some or all 'conventional' fundamental analysis rubbish?
If you answer 'yes' to either, please specify the elements that are rubbish and explain why. If you'd then care to outline what you think is 'valid' - to use your own word - that would be very helpful.
Cheers,
Tim.
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We will take a step back and start from the beginning. What does this graph show?
The Expert
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And what does this graph show?
The Expert
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And the last one for now?
And the last one for now?
Volume again..but this time under different market conditions
The Expert
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Ok. We are not investors and we have no desire to hold overnights. We finish each trading day flat. Our main aim is to take as much out of the market as we can each day. On the days we get caught out, as we will have those days, we must only give back a small amount of what we have taken.
So. What is the most important thing we must look for if we are to take money out of the market each day?
Give me any US stock symbol right now.
DionysusToast
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We will take a step back and start from the beginning. What does this graph show?
Tough question based on just the chart, so I'll hazard a guess based on new information released.
As you have now told us you are mostly intra-day, I'd guess this has something to do with the daily price range of an instrument or maybe some other volatility measure. It does not look like something as simple as number of cents moved - the scale doesn't look right for a US stock for that. It could be a representation of daily range in relation to average daily or a std deviation on daily range.
DionysusToast
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The Expert
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Do not guess. Look at the graph and see what it is showing you, not what you think it might be showing you.
High volume
The Expert
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We must be more specific.
The Expert
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Volume is misleading at the best of times.
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