No B.S. Day Trading

Don't waste any more money or time on technical analysis crap. It doesn't work. The biggest day traders in the world are scalpers. They read the order book. They don't buy 3,000 contracts because this is "support level 2". They buy them because they think it's a good spot to squeeze the shorts. I know this because I've swung up to 150 contracts at a clip, sat next to guys who traded 500 at a clip and personally know a guy who trades up to 2,000 at a clip.

Either way, don't spend any more money on anything that talks about technical analysis. Do not pay $300 for any more dvds or software and DO NOT spend $3,000 on a seminar. The only thing you will learn is that you should have used that $3,000 for margin in your trading account. Or taken a vacation to Hawaii.

"Hesitation causes death."

SFL
 
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No. You can't. Which is why you have to anticipate what the guy who trades 3,000 is going to do next. Or what the 100 guys who each trade 30 are going to do next. It's all about which way the most money is going.

Don't feel bad. Unfortunately, I can't squeeze the shorts either.
 

arabianights

Legendary member
Yeah well I've seen a clip for 99999 lots go through before one minute before expiry on a contract that turned out to be half a tick out of line.

Oh yeah and once I saw this woman walking down the street with a funny looking hat and an orange skirt.

I can move the market by trading one lot in the right circumstances;)
 
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Trader333

Moderator
Don't waste any more money or time on technical analysis crap. It doesn't work.

There is one thing fundamentally incorrect with this statement.


Paul
 
Trader333

You mean other than the fact that it's my opinion and not an absolute truth?

You know anyone who trades 2,000 up? Do you trade 2,000 up? If you do and you make all of your entry and exit decisions based purely on technical analysis...hat's off to you.

Arb...
Anytime, baby.
 

Trader333

Moderator
It depends on what you are trading. Grey1 makes consistent profits day in and day out trading US stocks by technical analysis. 26 of us sat in with him yesterday and all of us that took the trades made good money. That was the fourth day trading seminar he has given that I have attended and which he has always made great profits on. He used to post his executions daily and was making between $2K and $10K a day every day. I and many others have visited him at his home where he again made these kinds of profits trading in front of us in real time. He uses TA to do it so it must work and he doesn't charge to show others. He has a private forum on this site called Technical Trader where he has shown us how he does it.

So TA can work and it has been proven to myself and many others to do so beyond any reasonable doubt.


Paul
 

Lee Shepherd

Senior member
Trader333

You mean other than the fact that it's my opinion and not an absolute truth?

You know anyone who trades 2,000 up? Do you trade 2,000 up? If you do and you make all of your entry and exit decisions based purely on technical analysis...hat's off to you.

Arb...
Anytime, baby.


It good to have an opinion and hope that you respect my opinion. My opinion is that you dont have one.:LOL:

Fundamental analysis is crap and technical is the only way to trade.
 

Grey1

Senior member
Don't waste any more money or time on technical analysis crap. It doesn't work. The biggest day traders in the world are scalpers. They read the order book.
SFL

This statement is not correct. The attachment is the result of PURE TA ( time series modelling . Friday Program Trades ) . An excellent display of TA with totally ignoring the order book as you put it. I am also going to go an step further to say,, you cannot read much into an order book with the existance of third party VWAP codes )

I trade live once a month for my group on pal talk ( applying advanced TA ) with the best of traders on this site . .. The last session was this Friday . TA does work but you have to understand

1) its limitation
2) its domain


Grey1
 

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  • VWAP100Ver1_Log_1080822.txt
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Mr. Charts

Legendary member
Technical analysis works when used properly and understood properly but only in conjunction with other elements.I've been trading for a living full time since 1999 so no, it isn't "crap".
Richard
 

Grey1

Senior member
Fundamental analysis is crap and technical is the only way to trade.

It is vital IMHO that one understands the fundamental side of the market . friday rally was due to OIL falling and Warren buffet buying into AXP . Just before mr buffet's comment on AXP futures were heading down and a pure technician would have shorted the market as there was no up side catalyst.

Traders must neither ignore fundamental analysis ( Analysing the daily catalysts which are fundamental to market MOVES ) nor reject TA in a sweeping statements like our friend SFL TRADER


Grey1
 

Mr. Charts

Legendary member
What really matters is consistent profits. There are many ways to make money from the markets and general statements denigrating the ways others trade are usually made on poor evidence and poor understanding and lack of specific knowledge about the techniques employed.
Just because an individual can't use a particular approach doesn't mean that approach is useless.
Grey is quite right to suggest that context and usage at the appropriate times are crucial.
Richard.
 
I'm not "denigrating". If it works for you, more power to you. I've never met a single person who makes a living trading purely on technical analysis. Notice, I said, makes a living. Some guy in another post said he trades once a week. I'm impressed.

Grey1

I looked at your attachment. I see that two of your trades were break-even trades which you entered and exited within the one minute. That's called scratching. Technical traders don't scratch. Traders who read the order book scratch which means you must pay attention to the bids and offers. A person cannot blindly buy and sell based on support, resistance, etc. It is unlikely that you blindly buy and sell based on TA. You use TA as an aid. I'm saying, you don't need TA at all and for most traders, it's more of a hindrance than a help.

Mr Charts
"When used properly". That's a famous line by TA people. If you didn't make money, it's because you didn't read the charts right.

Lee
Ur da man
 

neil

Legendary member
Grail sale

I'm not "denigrating". If it works for you, more power to you. I've never met a single person who makes a living trading purely on technical analysis. Notice, I said, makes a living. Some guy in another post said he trades once a week. I'm impressed.

Grey1

I looked at your attachment. I see that two of your trades were break-even trades which you entered and exited within the one minute. That's called scratching. Technical traders don't scratch. Traders who read the order book scratch which means you must pay attention to the bids and offers. A person cannot blindly buy and sell based on support, resistance, etc. It is unlikely that you blindly buy and sell based on TA. You use TA as an aid. I'm saying, you don't need TA at all and for most traders, it's more of a hindrance than a help.

Mr Charts
"When used properly". That's a famous line by TA people. If you didn't make money, it's because you didn't read the charts right.

Lee
Ur da man

I expect SFL wants to sell his courses/books so please don't denigrate his methods or the fishes will not take his bait:cool:
 

Grey1

Senior member
I'm not "denigrating". If it works for you, more power to you. I've never met a single person who makes a living trading purely on technical analysis. Notice, I said, makes a living. Some guy in another post said he trades once a week. I'm impressed.

Grey1

I looked at your attachment. I see that two of your trades were break-even trades which you entered and exited within the one minute. That's called scratching. Technical traders don't scratch.

The two trades were cross orders which the code closes the trade immediately should this happen .. so it is irrelevant and has nothing to do with TA and Technical trading what so ever.

As seen on the LOG technical analysis made a handsome return on friday ,,, Just trying to point out that TA is a useful tool ,,,


Grey1
 
 
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