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DbPhoenix
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Everything posted by DbPhoenix
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We get what we ask for, but no one is willing to admit it. Here, for example, we whine about government, but we want everything that government provides. Which would be fine except that we don't want to pay for it. And haven't been for forty or fifty years. Which brings us to where we are. I see nothing wrong with taxes. Happy to pay 'em. But I also believe in fairness.
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On the other hand, you "do not see how one can trade successfully , for any extended period of time, without using order flow , DOM and T&S." Those who have been at this for a while have attempted to show you how one can. Seems like a wash to me.
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While the vendor who started this thread is probably wishing he hadn't, yes, saying that "'39% of Traders are profitable' is just so much crap". In fact, saying that 39% of traders are anything is just so much crap. Plus, nobody ever defines "profitable" or "successful", so whatever one might say on the subject is meaningless from the outset. The distribution of "success" in this pretty much follows a standard distribution, with minimal success tending toward the mean and substantial success at the tail. Therefore, the majority of traders are going to break even. If one includes those from the bottom of the distribution who can't even do that, you've got about 80% who break even or worse. We then get into the right tail, with about 18%, or 2SD from the mean who do pretty well. That brings us up to 98%, the remainder of whom actually make a living at it. So if one believes that he is or can be part of that 2%, great. But those who take great comfort in some nonsense remark like 39% of traders are profitable should understand that that may mean no more than those traders can barely cover their commissions.
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Okay. At 50m/day, it would take 10 days to acc a half billion shares. It would take 20 days to accumulate a billion. That's less than 10% of the float. Is that enough to prevent large-scale selling when whoever is accumulating this stock tries to mark it up?
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So how many days would it take for someone to accumulate 80% of the float?
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What is the average daily volume?
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And if the stock is to move up without too much opposition, one would have to accumulate quite a lot of the float, correct? What is the float of this stock?
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Okay, here's your chart. Now. What is accumulation supposed to accomplish?
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Incidentally, I'd like to apologize for posting here at all. This is not the Futures Are Better Than Forex thread, it's the Reading Depth Of Market thread, even though it's three years old. What I think about DOM and all of that is off-topic, and who cares? So, I'll just go get a Snickers or something and as you were.
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I doubt that anyone is misinformed about the info by now. However, you continue to insist that one cannot be successful unless one does it your way, and you have absolutely no hard data to support that position, perhaps because you define charts as having to do with indicators and candles and so forth. If you're successful with this and can continue to do it for years and make a living with it and set aside plenty for retirement, then great. But do not continue to advance the case that you have discovered the keys to the kingdom until you have something to offer beyond personal opinion. We get it. We really do. But we're doing just fine without it. Thank you.
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Well, you can daytrade it. I just don't see why one would want to when the potential is so much greater. Oil, for example, has a limit both up and down, so there's no percentage in B&H. Gold, however, has potential for substantial trends. A large part of this, of course, has to do with chart reading and whether or not one knows how to do it. I used to be naive enough to believe that beginning traders wanted to know and to understand how to read charts. Charts, after all, were the stories. You want to know what's going on with a stock (or whatever)? Then learn how to read the story. That's one reason why I was so pleased when the LOC made the Wyckoff course available (I'd been given a copy a number of years earlier). I assumed that beginners would flock to it like ducks on a June bug. That did not, however, turn out to be the case. I learned instead that few, make that very few, beginners had any interest at all in the chart. They had no interest in why price moved here or there or even had any idea how to tell up from down. They were interested only in red and green lights and candles and arrows and bars and the quickest way to those piles of moolah promised by the guys who sold them that course or DVD or software or subscription or whatever. And here it is almost twenty years later and it's only gotten worse, primarily because of forex. *sigh* But if one understands basic chart reading, he'll see the need for treating each available opportunity differently. Airlines have to be treated differently from utilities. Banks have to be treated differently from semiconductor makers. The ES has to be treated differently from the NQ. Gold has to be treated differently from oil. And all of this brings one back to the central question of what one wants from his trading.
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Yes, I understand. But (a) you're not attending to the discussion, my remarks have nothing to do with indicators and I used the phrase "slim to non-existent", not just "slim" and (b) it's all theory and conjecture anyway. And unless you want this exchange to end abruptly, please stop with the caps and the exclamation points. All you missing is the lols. I get enough of that from people who aren't nearly as smart as you are.
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Well indicators definitely lag, but indicators are very recent in technical analysis and do not define it, regardless of what the kids think. If a T&S display of one sort or another is being used on one side of the comparison against some indicator or other then of course, the indicator is past and the display is more current. But nothing one sees on a display is "is". Most of that came to a head and got squoze. Maybe you could help bring them back to life, or think about creating new ones. Though I don't think the emini daytrading thread is salvageable. That went way off course almost from the start.
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By the way, I wish you'd hang around more. You're missed.
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Though when you get right down to it, and I believe somebody else pointed this out way back, there is no "is" on a data screen. Once you see it, it's already "was". This distinction between is and was is largely silly, and implies an advantage that is slim to nonexistent.
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I didn't choose it. I'd just as soon get rid of it. I think it's stupid.
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No. Sorry. What I was referring to is statements along the lines of "professional traders do this" or "always do this" or "never do that". Ditto with retail traders. Anyone who makes such statements just doesn't know what he's talking about. He is rather looking for the cachet that "professional" allegedly provides.
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A general tutorial from me, though, isn't going to do you any more good than what W goes into in Sections 7-10. I certainly can't do a better job. Is there a particular stock that you're interested in? Something in particular in your stock scans that prompted your question in the first place?
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Any statement that begins with "professional traders" is untrue. As for that, so is any statement that begins with "retail traders".
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Sections 7-10 ought to tell you pretty much everything you need to know. If there's something in particular that confuses you, just copy and paste the passage or section here. But it might save time if you were to say why you're particularly interested in accumulation?
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Depends on how you define "problem". Plutocrats have no problem with a two-class system: the privileged class and the slave class (or worker class or whatever). This is how the world operated for millennia, until the beginnings of the rise of the middle class after the Black Death. Why should the wealthy care about provisions for the poor or the handicapped or the elderly? Why should they care about clean air or water? Why should they care about climate change? None of it will affect them before they die, so . . .
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Have you consulted the course? That provides far more detailed information that you could get in a post, and with charts. Just use Ctrl+F and "accumulation".
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True. "Fledgling traders" should run from Forex as fast as they can.
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There appears to be some sort of javascript issue with the chat ap on the Forums page. While it's loading, navigation on that page slows to a crawl. This is not the case when accessing chat from the button on the home page. Since there's no reason to have the chat window on the Forums page, why not move it to the home page and do some shifting and re-sizing of the current windows there to make room for it? It would for one thing make the homepage much more active.
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Since all the regulars have had a chance to see my notice, I'll leave this open till the end of the day for comment. If no one objects to merging it with the AMT thread, I'll do so tonite.
