Wednesday, February 02, 2011

Are We Trading Oil, Gold, Soybean, etc, or Simply Mob Psychology?

An interesting comment by the author of "Price Action Trading Journal" (Yes, he likes Al Brooks too!!!) on DeTrader's blog:

(Steve's blog is new and last updated today. I haven't quite figured out why it's showing on my blogroll as not having been updated since a year ago.)

Steve said...
All of these markets behave differently....They have different personalities.....very few traders can trade all of them everyday...successfully.....and especially someone that does not have alot of experience...and has not been consistently profitable for several years..[just not going to happen]..Its my opinion...based on my own experience over the years......you need to find a market that somewhat fits your personality...and just focus on that.....learn EVERYTHING about how it "behaves"......it will take time....for sure....for me the "turning point" came when I focused purely on "price action"...[Al Brooks]....and focused on one market...."jumping around" 3-4-5 different markets everyday with some simplistic setup....is not going to cut it...[I know because years ago I tried the same thing..LOL] Once you focus on one market...and really learn its personality....and apply a solid setup to it....you can consistently get high win %'s...and when you finally become consistently profitable....you will find it easy to change markets if you wish.

5 comments:

Sandy said...

Completely true and yet possibly completely misleading...A high WR? That statement personally rankles me, because it's a loaded gun...maybe it's just me.

Sandy said...

And furthermore, maybe it's because I have withdrawal symptoms from not having anything to say on my own blog anymore (or maybe because the first two days of trading within the private equity I am down a solid 4% ....lol).

Jules said...

:-) Sandy.

4%'s not that bad...you're using a new strategy I suppose?

Sandy said...

Kinda, just tweaking - the car works, just using better oil, higher octane gasoline - that sort of thing

De'Trader said...

Tq Jules,
You promote my blog lol..