|
PureBytes Links
Trading Reference Links
|
RT's,
Those who haven't been here long haven't been around for the previous
discussions between Bill and I. Bill has a very valid point about Indicators
not truly leading the market in any way and I agree with him that it is a
fruitless pursuit to try and find something that will truly tell you exactly
what the market will do tomorrow or anytime in the future. I also think that
you can't replace the gaining of experience in dealing with "the leading
edge" when it comes to day trading.
However, reading price alone will not make a good trader of anyone. I like
to think of the markets as an over sized game of Simon Says. The market
makers are always trying to get you to jump in the wrong direction before
they say; "Simon Says". If they get you to fall for a head fake they have
done their job and made their money. After writing a huge number of Show Me
studies to identify every kind of bar, I came to the realization one day
that trading the markets is like an inexperienced pool player walking into a
pool hall one day to play pool with a room full of pool sharks for money.
The players here(in the markets) have had a very long time to get expert at
taking you to the cleaners.
Although I agree with Bill that nothing will truly tell you exactly what the
market will do tomorrow. I feel that certain Indicators do a good job of
staying even with the market. I like indicators that show you things that
are not readily apparent or hard to see. In previous discussion Bill said
that he uses some sort of Support and Resistance levels and Fibonacci
retracements in his trading. Why? Possibly is it because they show him
something that is not readily apparent as he is trading? I know people that
can read the relationship between price and a moving average probably as
well as he uses the levels that he has referred to.
In short I believe that there are various ways to milk this cow, it is
important to focus on finding the best method for you and there is no
replacement for doing the work yourself if you are going to actually do your
own trading. You can beat a pool shark at his game but don't figure on doing
it the fist time you pick up a cue.
Brent
|