Proprietary Trader has a very interesting post here.
I have a lot of respect for PT, but I'm still going to say what I have to say with regards to the topic in question.
Like I've mentioned more than once before, I trade patterns that I see, and they might not be what others see too, but that's not important. I need to have a pattern to work with so I know at which point I should exit my trade. I don't know how longer term traders use their patterns - I used to think that's exactly how they would use them, but now I'm not so sure anymore.
Besides charts, I believe many intraday traders follow market depth and other indicators like the TICK, TRIN and such. I personally NEED the market depth.
As a daytrader, my need to get into the market is really a NEED and not an emotional WANT. Daytraders trade for INCOME. I will trade for a living one day (right now I'm not living off my trading income). And when I do, I definitely won't want to sit on a losing position overnight. I'd be much better off cutting my loss quickly, and start afresh the following day.
Just a topic that I feel very strongly about.
Really wanting to hear from seasoned daytraders on their experience with daytrading - has it all been a waste of time for them?
I have a lot of respect for PT, but I'm still going to say what I have to say with regards to the topic in question.
Like I've mentioned more than once before, I trade patterns that I see, and they might not be what others see too, but that's not important. I need to have a pattern to work with so I know at which point I should exit my trade. I don't know how longer term traders use their patterns - I used to think that's exactly how they would use them, but now I'm not so sure anymore.
Besides charts, I believe many intraday traders follow market depth and other indicators like the TICK, TRIN and such. I personally NEED the market depth.
As a daytrader, my need to get into the market is really a NEED and not an emotional WANT. Daytraders trade for INCOME. I will trade for a living one day (right now I'm not living off my trading income). And when I do, I definitely won't want to sit on a losing position overnight. I'd be much better off cutting my loss quickly, and start afresh the following day.
Just a topic that I feel very strongly about.
Really wanting to hear from seasoned daytraders on their experience with daytrading - has it all been a waste of time for them?
1 comment:
The patterns are just representations of supply and demand. That's it. On a smaller time frame, I guess, it's easier to manipulate price on lower volume stocks, but if you follow the patterns you should still be able to have a fairly good idea of what's going on.
As for news affecting the price, you should still be able to see how it is affecting the price in the changes in the patterns.
I may be missing something...I do like to mix long term patterns with shorter term patterns, but I don't see anything wrong with applying TA to smaller time frames.
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