sick of 'gurus': new trader asking advice from normal traders?

[Balthazar]

It amuses me when people say they are looking at order levels 5 -10 levels away from where trades are going off. There are algos pulling and making those orders every nanosecond. Ha ha ha.

Sure, nobody gona contest that. Freaking punk robots-Algos.

But if you see huge bid siting there a couple of levels away. And it's being pulled when price reaches this level...or not being pulled...that's completely different. And push-pull. And smack back.

As they say in French, crack ma poule

 

[Liquid validity]

Wow, the fun police are out with image editing scissors.
Christ it was a music flyer FFS, even if a touch provocative I admit
It was the Timsk one

 

[ChocolateDigestive]

I was waiting for you to come & defend your ignorance.

I'm still waiting.

Why would I bother wasting my time on a vendor, these people prey on noobie traders. The title of the thread is 'sick of gurus' like your mate Joel '90% of my students are profitable' that guy you promote on your website. Really it's embarrassing.

I am sure you will now say you use order levels 10 ticks off the inside, geez give me a break.

 

[new_trader]

So it wouldn't concern you if you were 'learning' from an unprofitable tarder. the DOM is bollox apart from the inside bid/ask.

DOM is just another tool with pretty colours that clutters up valuable screen space. It makes me laugh when I see so called 'tape readers' calling out numbers on it and saying, "Look here, this is where buyers are doing this" or "sellers are doing that"... etc...idiots..

You can see them on youtube...

 

[DionysusToast]

Why would I bother wasting my time on a vendor, these people prey on noobie traders. The title of the thread is 'sick of gurus' like your mate Joel '90% of my students are profitable' that guy you promote on your website. Really it's embarrassing.

I am sure you will now say you use order levels 10 ticks off the inside, geez give me a break.

well you should bother - because you might learn something.

For instance, you might learn that one of John Gradys students applied to Futex and out of the few thousand applicants, he was taken on. That are now training him and paying him for the privilege. At the end of the training he will be trading their capital.

You might also learn that not all markets are the same. On the ES, I agree that what is 8 levels out is largely irrelevant unless it is exceptionally large. On thinner markets like the CL, it's a different game and exceptional quantities at any level are a something you need to pay attention to. On the thicker markets refreshing on the opposite side of size is important and a bunch of other stuff I won't explain because your argument of "but you are a vendor" means it'll fall on deaf ears.

At the end of the day, the more people that think this aspect of trading is nonsense, the better for those spending the time on it.

Toodle pip.

 

[DionysusToast]

DOM is just another tool with pretty colours that clutters up valuable screen space. It makes me laugh when I see so called 'tape readers' calling out numbers on it and saying, "Look here, this is where buyers are doing this" or "sellers are doing that"... etc...idiots..

You can see them on youtube...

and if you hear morse code, you would probably say "that's a bunch of meaningless dots and dashes"

and you would be right, that is all you'd hear.

 

[BeginnerJoe]

Well I am seeing dots and dashes in my candlesticks. What does it mean ? Is that congestion in the price action or the market is trying to send me morse code ?

 

[Mike Kshemaraja]

Well I am seeing dots and dashes in my candlesticks. What does it mean ?

LOL, It means that we have to consume less dope. :whistling

 

[new_trader]

The analogy is not the same at all. It would be like someone looking at morse code and calling it binary-coded decimal.

 

[DionysusToast]

LOL, It means that we have to consume less dope. :whistling

Beat me to that one.

That "white widow" is too strong - I think a change of brand would do it...

 

[BeginnerJoe]

I decoded the morse code in my candlesticks. It says "looser".

 

[Mike Kshemaraja]

Beat me to that one.

That "white widow" is too strong - I think a change of brand would do it...

I hope it helps. This will definitely do.

 

[DionysusToast]

The analogy is not the same at all. It would be like someone looking at morse code and calling it binary-coded decimal.

I'm an IT guy and you lost me there!

It's a fair point. The DOM is just a tool but it's a VERY popular tool in with professional traders. Pros pay $1000+ a month for XTrader for a reason.

You could say a screwdriver was a useless tool and you would be correct if you were trying to inflate a blow up doll...

 

[DionysusToast]

I hope it helps. This will definitely do.

My weed days are long behind me. Partly because I'm 41 and partly because I'd get my ass kicked out of the country for doing it here.

More the latter than the former... :whistling

 

[Balthazar]

DOM is just another tool with pretty colours that clutters up valuable screen space. It makes me laugh when I see so called 'tape readers' calling out numbers on it and saying, "Look here, this is where buyers are doing this" or "sellers are doing that"... etc...idiots..

You can see them on youtube...

You mean you don't understand a clue when you see a DOM. That's all right. No problems in that, but don't say "they are idiots".

There are lots of psy studies about an overestimation of our own competence in doing some tasks, the perceived competence and the real one.

The highly competent people are usually overestimate the results of the other folks, even if the results are modest and tend to underestimate they own results, because of the high understanding of the matter. The general tendency is: they are very critic about they own competences/results and they always find optimistic results in the beginners work.

People with no or very basic understanding of the question tend to hugely overestimate they own results and largely underestimate someone's performance, no matter if those people are much more experienced than themselves. They always find they own results are simply superb and never see the performance of the competent people or try to lower the perception of they experience. You can find those studies in nearly all the domains.

All that to say, if you did not manage to try to understand what happens on the DOM (or anything else), do not just say "they are idiots". It just shows your basic ignorance. No offence.

 

[DionysusToast]

You mean you don't understand a clue when you see a DOM. That's all right. No problems in that, but don't say "they are idiots".

Actually, a lot of the guys on youtube ARE idiots...

I agree with the rest of it though.

 

[BeginnerJoe]

You mean you don't understand a clue when you see a DOM.

One can easily determine a DOM from her butchness.

 

[new_trader]

All that to say, if you did not manage to try to understand what happens on the DOM (or anything else), do not just say "they are idiots". It just shows your basic ignorance. No offence.

I haven't been offended. I don't care what they or you do and what they or you imagine they or you know, just as long as they or you don't call it 'tape reading'. No offence.

 

[Balthazar]

Actually, a lot of the guys on youtube ARE idiots...

I agree with the rest of it though.

I should have included the full quote

 

[Balthazar]

I haven't been offended. I don't care what they or you do and what they or you imagine they or you know, just as long as they or you don't call it 'tape reading'. No offence.

You get the point, there is a difference between tape reading and reading the market profile.