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Online Share Trading

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Im feeling a litttle bit of a sqeeze coming on.

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Frequent Contributor
Surely Chartist if your system works for you, great. Im sure it s not the only one that works. If everybody would be using just your system, there would be no more profit for anybody. It might be that yours is a bit more profitable than someone else's, it does not make the others wrong though?
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Super Contributor
To put my systems profit in context I am currently up 350 points on my MTM position (I was Short over the week end)
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Not applicable
John ...this is not a competition....dont try and personalise everything..."Hit on a nerve?" ...what are you on about? the advice I gave was very sound advice....your system may be your system but there are still some principles which apply to everyone...
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Super Contributor
fair enough. Everything you say is valid but I figured that if pit traders use price only and they are trading in an emotinal pit then I can, sitting in the sun at the pool listerning to music.
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Not applicable
this has nothing to do with my system.....it has everything to do with the experienced traders taking money from less experienced traders...I offer no comment about peoples systems no matter how idiosynchratic they might be.....which is exactly my point...John seems to have a system which he has devised which is very unusual and may or not work for him...the point is it will work only for him....this does not mean that he has invalidated the very good principle that one should wait for confirmation of a price for a few more trades than just one....and that the preferred and less risky trade is to wait for a test of a level...there is no argument about this....John is however not a daytrader....
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Frequent Contributor
In short, The system might work for now, but it would come with alot more risk when the system has not waited for enough confirmation to take the trade?
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Super Contributor
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Frequent Contributor
I agree. Each person has got their own e empotions etc to deal with as well as risk profile. As long as the higher risk pays off with higher returns.
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Super Contributor
Chartist, I personally agree with you, and think that the time-dimension is important, particularly using multiple timeframes to filter trades. However, there are approaches that seek to filter out time, and look at price only, most notably users of Point & Figure charts.
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Super Contributor
Conventional wisdom also has 80% all traders losing money. So prehaps challenging coventional wisdom has some merits. Look if I was scalping or trading Shares I would always wait for comformation.. This is my alsi trading system which is designed to be automatic and therefore a price trigger is respected simply because there is no way of telling the computer to not take a trade unless it has retraced. Most importantly I dont wait for a retest on my stop loss level.
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Not applicable
John...you are obfuscating the issue..."conventional wisdom" this is really going off at a tangent...John when you trade you know as well as I do that there are very few certainties so don't confuse facts with probabilities ....what you are doing is in fact using the "conventional wisdom" modality of thought by thinking (and seemingly acting) on the first print of a price....the non conventional wisdom modality is a contrarian one which believes that the market does not show its hand at any time...the market loves to bait/tease/lure out and ultimately devour those that fail to see beyond the first print of a price....as for your point about a test of your stoploss...I dont have a clue what u are talking about... how can your stoploss be retested if you haven't even enetered the trade yet?
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Super Contributor
Check the bid volumes on TOPDWQ... someone is expecting us to tank!
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Not applicable
John...on the point of pit traders ....they use much more than just price to tell them which way the market is going....one very important thing they do is look who is buying and selling...in fact you there are criers who will shout (for example) "merryl buying big Merryl buying big" ...they want to know who is buying and whether there is conviction behinds the buying....which is why you can actually use pit noise to help in determining whether its just a few small buyers or part of a bigger move....for these guys it is def not just about price...
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Super Contributor
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Super Contributor
its better to know a traders style, so that one can have the benefit of understanding when they say something to the effect of "now I'm going short".
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