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How about focusing a little more on fundamentals and macro? The way I look at it is that there is no one alive today that has traded this environment before. We are in a full blown sovereign debt crisis that hasn't been seen since 1931. This is only going to happen once in our lifetime and we get one shot only. I don't know how you backtest for this.
I think it is very likely that there will be some huge moves ahead. Maybe it is best to decrease leverage, widen stops, and try to get onboard in size when these moves happen.
I am trying to focus on staying patient and being ready to take advantage when I can. I don't know how to smooth this out to make a profit every week or every month, so I am just trying to make a profit every year. These are truly amazing times!
Can you help answer these questions from other members on NexusFi?
Okay I am with you. I think the key is learning market structure and order flow based trading. Finding where inventory is stacked and trade with the orderflow and using market stucture to establish high probability moves. This is not setup based trading but requires market understanding and orderflow.
Not really clear where you are going with this but - a 'setup' is generally some combination of price bars and indicator readings happening in an area of interest..often defined by support/resistance levels of some kind. So I f I were not to trade a setup perhaps I would trade general market conditions. For instance if there was an identifiable trend then simply enter in the direction of the trend or if there was a clear consolidation then just fade the extremes with blind entries. Perhaps these would qualify as 'setup free' trading?
Or I might trade the news?
non setup trading would require that you have a good feel for market dynamics. And trade management, money management would be as important as ever
Let's say it's just me. No books, no forums, no Paltalk rooms, no Skype, no web sites selling systems... Let's say there are just line charts. I know nothing about indicators as they do not exist.
What would I do?
It is unlikely I would invent TA. Trust me on that.
What I would do eventually, is ponder the following...
1 - Who are all these people buying and selling this stuff?
2 - What makes the price go up and down?
3 - If I am to buy, why would other people buy after me at a higher price than I brought?
Now - the result of me considering throwing all the other stuff away, including my beloved DOM/T&S - is that I'm thinking about the players and not the methods.
I am sure we all have different ideas on what we'd do in such a scenario...
hello dionysus toast. if you don't mind, i would like to put forward a hypothetical situation for you to consider (haha don't worry it's just for fun)
without any tedious elaboration...your nearest and dearest has been taken hostage by the local mafia. to get her back alive you are given a trading task chart only, you have four weeks of trading every day (you must make at least one trade per session on the es).
your goal is to make a net profit after four weeks, otherwise...
using a chart only, how would you devise a plan to get your loved one home and safe?
by the way, liam neeson cheated, he used guns and grenades, this is strictly not allowed thankyou!
I'd probably start a company that would sell tools (widgets) to other traders so they can find some setups. Also, i would make sure to use some modern expressions in my tools like order flow, VWAP etc. just to be sure i get the attention of experienced traders as well as newbies.