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Hi Centaurer
I have to say this is one of the most important posts that any site(s) have had posted on it.
Well said and displayed too.
thank you for that
In searching info online always look at WHO is talking or writing. People who are trying to sell their stuff are obviously biased and their promo talk is often too good to be true (duh).
Not that their stuff is bad or worthless but there is NO holy grail, no “secrets”, nothing new that the pros dont want you to know, that kinda BS marketing talk.
For futures, I believe orderflow is the way to go. Why? Just think of this, what do you think algo’s are based on, chart patterns? Ofcourse not, I wish it would be that easy. Institutional algo programs are written on order flow and thats where we want to be.
Yeah it requires time and effort to understand it and trade on it but in the end it pays off.
Futures is order flow
Options is volatility
Stocks are an investment tool, for daytrading mostly a gamble, hardly an edge.
Every trader I've met has had a winning streak of some kind at some point. There's always that short time period where everything clicked, and their strategy seemed to work every time. Then all the sudden it stops. That's why the question people ask is not about profitability, but consistent profitability.
The problem is the switches. The context created by the unique factors affecting trade that day will flip around your signals. What worked 80% of the time will now only work 20% of the time because its not the right context anymore. If you understand the context correctly then you can adjust your strategies and setups accordingly. That means you need to understand your market, and not just blindly follow a signal. Which also means it takes a lot of time and experience to develop consistency.
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
Thanks Given: 7,341
Thanks Received: 4,518
Work on developing a probabilistic mindset....it’s the key to this business. Everyone is all worried about finding the greatest entry. Thread after thread here, in one form or another, talk about this or that entry system.
Very few make it in this business. Those same few think in the way the market exists .... probabilistically. The vast remaining can’t break from thinking in terms of right and wrong. They say things like, “I didn’t see things clearly today”, “my analysis was off”.
Any trading system will produce both trades that work and ones that don’t. It has nothing to do with analysis.
Inevitably those lacking a fully developed probabilistic mindset will think after 5 (insert some number) losers in a row it is their fault, their erroneous analysis.