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to daytrade, or position trade
-I think if they were also to do a study on position traders, the numbers
would
be much worse, as most people who start out bought some course claiming
one can make a killing with as little as 5k, a lot of these courses mention
very little about liquidity, I always wondered how many newbies got fried
in the bellie market,
goodtrading /TED
The system vendors are, in the main, aiming at position traders. Systems
need a decent time frame to be able to offer something. Most people who
try to predict, do so longer term for a better bet. Short term, you have
to follow the market and understand how it works and that is very, very
difficult, if not impossible, to systemize. (I'm sure all the corrections
will be flowing on that one!)
Take today in the bonds. The market gaps down and hits the contract low -
from which, if you
understand these things - it was more than likely to bounce. It did. It
also gave about 10 to 15 minutes to get long. Then off it went with an
Oops trade, to boot. The first retracement was bullish. Very bullish,
when you measure these thing correctly. Then it went up to yesterday's
high, which it failed to penetrate. The market gave you over half an hour
to take your profit and get short. Thank you. You stayed short to
yesterday's low and took your profit. So, what did this impossible
business of day trading the bonds add up to: You took two trades worth
half a big point times how ever many contracts suited your bank account.
It didn't require a system seller to tell you what to do. It didn't take
some divergent oscillator or rocket scientist to predict what was likely to
happen, and, what is more, it all happened the day before the total
eclipse in England....
The rot that is talked about day trading and how it can't be done, is quite
astounding. But then there is no money in it for the system boys, the
purveyors of, etc. In a very liquid market like the bonds, the market
becomes readable and tradable. Not always. Let's be quick to say that.
But often enough, with the right money management and r/r/r to put bread
on the table. Consistently. Come on, the beauty of the whole business of
day trading is that you are out of the clutches of all those who want to
tell sell you a service, a system and all the other wonderful things.
Of course newbies will get fried on pork bellies and drowned in orange
juice. But as soon as they buy a system, rather than learn to trade, they
are also dead meat. That is why the system boys are constantly looking for
newbies. Dear O dear, it is all so obvious...
By the way, I will not respond to the flack, but those that want to absorb
what is said can and those that don't, won't. But please look at the bonds
price action today. Look for yourself and see the facts. Not opinions or
predictions. Hopefully, you will agree that you had all you needed to
know, in good and proper time to be ablt to profit. Furthermore, there
really wasn't anything else that would have told you better.
Happy trading,
Bill Eykyn
www.t-bondtrader.com
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