No B.S. Day Trading

[bnaimy]

Don't waste any more money or time on technical analysis crap. It doesn't work. The biggest day traders in the world are scalpers. They read the order book. They don't buy 3,000 contracts because this is "support level 2". They buy them because they think it's a good spot to squeeze the shorts. I know this because I've swung up to 150 contracts at a clip, sat next to guys who traded 500 at a clip and personally know a guy who trades up to 2,000 at a clip.

Either way, don't spend any more money on anything that talks about technical analysis. Do not pay $300 for any more dvds or software and DO NOT spend $3,000 on a seminar. The only thing you will learn is that you should have used that $3,000 for margin in your trading account. Or taken a vacation to Hawaii.

"Hesitation causes death."

SFL

I dont want to be the one to rain on your parade...but your entire idea is wrong...period.
Big traders/investors buy the amount of contracts at the spesific levels because they see value...they believe they are buying at a discounted price...and when they sell..they sell were they think its overpriced. The market is a big auction place, and thats all it is...no point in making it into anything more special then that. And NO, nobody is hunting your stops....most people just buy at the wrong level...sometimes the solution for a complicated answer is usualy the one that is right infront of our nooses.

There is to much incorrect information out on the internett, and the FAMOUSE THEY dont care were you are long or short....its just a combination of bad entry and using to small stop...people should concentrate to enter at the right level and not at the tops like most do.

If you want excamples, i got pleanty to show you to illlustrate that.

Regards
Bashir Naimy

 

[J Magoo]

What you say is generally true Bashir, big traders do buy because they see value at levels.

However what SFL trader says about big traders squeezing the price through a level to fake a break out is also very common in certain markets. The T-note market and the Bund are two great examples of this.

It depends on the time-frame of the big players. Position traders don't care about where your positioned and have no interested in squeezing the market through a level while scalpers only care about taking your money in the very short-term (people like Paul Rutter (the flipper).

You guys are both right

 

[LittleKnown]

How about getting off your butt and doing some trading, for it is the only way you will learn how to trade.

What kind of useless info is that, what you're saying is stand at my laptop instead of sit at it, trading off of bollingers at minute, two different sets, how about you EXPERT of nothing but winding people up

 

[white_goodman]

I dont want to be the one to rain on your parade...but your entire idea is wrong...period.
Big traders/investors buy the amount of contracts at the spesific levels because they see value...they believe they are buying at a discounted price...and when they sell..they sell were they think its overpriced. The market is a big auction place, and thats all it is...no point in making it into anything more special then that. And NO, nobody is hunting your stops....most people just buy at the wrong level...sometimes the solution for a complicated answer is usualy the one that is right infront of our nooses.

There is to much incorrect information out on the internett, and the FAMOUSE THEY dont care were you are long or short....its just a combination of bad entry and using to small stop...people should concentrate to enter at the right level and not at the tops like most do.

If you want excamples, i got pleanty to show you to illlustrate that.

Regards
Bashir Naimy

guess all us professionals are doing it wrong

 

[A Dashing Blade]

From the OP

Don't waste any more money or time on technical analysis crap. It doesn't work. The biggest day traders in the world . . .

I dont want to be the one to rain on your parade...but your entire idea is wrong...period.
Big traders/investors buy the amount of contracts at the spesific levels because . . .

Spot where you're missing the point bnaimy?

 

[J Magoo]

guess all us professionals are doing it wrong

White_Goodman, you don't happen to be working at Propex in Sydney do you?

 

[bnaimy]

From the OP




Spot where you're missing the point bnaimy?

I am not missing the point, with all respect i dont think you understand why they push price above support and resistance in the first place, its not to take the average joe's stop out. They test the market that way, they are not hunting for stops...forget that urban legende, they push it above and they see if there is buying interest above that level, and if there is market move higher...if not it reverse and it comes back down. The fact that stops get taken out is a result of the move up, when one understands the market internals and understand why a top is a top and why a bottom is a bottom then its gets alot easyer. I could try to explain this her but that would be 25 pages and its to late and i cant be bothered.

And its true, most of the indicators and all that other bull you find on the internett just dont work, you cant expect a blind to lead a blind...and there is always fresh bodies to those shops, its the circle of life i guess.. on that point i do agree with you...most poeple are just wasting their money.

You wont be able to make me agree with you on the big boys taking
your stops out, its just not something i believe in and lets just leave it at that.

With kind regards
Bashir Naimy

 

[bnaimy]

guess all us professionals are doing it wrong

Seems like you took it personal, that was not the intention, i am stating the facts her...nothing else.

Majority of people just dont get it and instead of fixing the main problem...and that is their strategy they would rather point fingers at the THEY. Easyer to blame others is it not, harder to work and fix the problem.

As for professionals, sure they make good money...there is 1000 ways to make money in the market and if you are...then great on you. I never questioned your ability to you trade the market or the professionals... i am talking about the retired joe the plummer who trades futures.

With kind regards
Bashir N

 

[fugly]

bottom line: did anyone in here buy the book and does it work?

 

[SM_1]

Yes I bought the book, and no idea, everyone I have seen trade like this have all said it takes months to get the "Feel" for it and to know what to look for, I haven't had the book very long, so I'm still learning, I find it hard for this style not to work, you are watching the raw market, every transaction you will see, its only a matter of time before you will start seeing the games that go on.

The book and the video that comes with it are fairly cheap considering what else is out there anyway, so if you want to know, just go buy it, read the book and watch the video yourself, if you can't afford that, you shouldn't be trading at all.

 

[tommason]

well I agree partly, because i think fundamental has role in it.
TA alone is not enough. did he monitor or listen or watch to any news during trading ?
did he know if that week is option expiration ? did he look at what time when he trade ? etc ?
all my questions are related to fundamental.

It depends on what you are trading. Grey1 makes consistent profits day in and day out trading US stocks by technical analysis. 26 of us sat in with him yesterday and all of us that took the trades made good money. That was the fourth day trading seminar he has given that I have attended and which he has always made great profits on. He used to post his executions daily and was making between $2K and $10K a day every day. I and many others have visited him at his home where he again made these kinds of profits trading in front of us in real time. He uses TA to do it so it must work and he doesn't charge to show others. He has a private forum on this site called Technical Trader where he has shown us how he does it.

So TA can work and it has been proven to myself and many others to do so beyond any reasonable doubt.


Paul

 

[wallstreet1928]

To trade successfully, think like a fundamentalist; trade like a technician.

 

[Gerardo Cabrera]

I bought the book and I think it is very good. I did not like what I read at first, because it was against my technical trading style and I was reluctant to abandon it, read it twice and have recently read it for the third time to try to understand it better.

After second read decided to pay attention to the tape, to try to find clues on what the big traders were doing or attempting to do and certainly find correlation between the big orders and what happened next.

The chart attached shows dots green (big buy) and red (big sell) with the number of contract traded at certain levels and I am pointing with big arrows where I think the price will head based on those dots and divergences with an indicator that plots the trades of big traders and all traders.

Interesting> Notice how a little after 10:03 a big order of 389 contracts buying made the price break previous high (resistance) and almost immediately above another big order selling of 728 contract appeared and stopped the movement for a quick reversal. That seems a trap to the buyers to me, the same guy that bought his last hand sold above it. Or Maybe he ran the stops of the shorts and then decided to short himself.

You will only get good advise reading that book.

Good trading all

 

[redart]

I have the Ebook that a friend sent to me. I didn't get anything out of it personally.

 

[tommason]

your chart is confusing as hell. I don'tt think newbie would understand just by looking at the chart. i wish someone can explain this better.

I bought the book and I think it is very good. I did not like what I read at first, because it was against my technical trading style and I was reluctant to abandon it, read it twice and have recently read it for the third time to try to understand it better.

After second read decided to pay attention to the tape, to try to find clues on what the big traders were doing or attempting to do and certainly find correlation between the big orders and what happened next.

The chart attached shows dots green (big buy) and red (big sell) with the number of contract traded at certain levels and I am pointing with big arrows where I think the price will head based on those dots and divergences with an indicator that plots the trades of big traders and all traders.

Interesting> Notice how a little after 10:03 a big order of 389 contracts buying made the price break previous high (resistance) and almost immediately above another big order selling of 728 contract appeared and stopped the movement for a quick reversal. That seems a trap to the buyers to me, the same guy that bought his last hand sold above it. Or Maybe he ran the stops of the shorts and then decided to short himself.

You will only get good advise reading that book.

Good trading all

 

[tommason]

could u send it to me please ?
I heard that you must see the video as well.
Thanks

I have the Ebook that a friend sent to me. I didn't get anything out of it personally.

 

[fugly]

SM_1 & tommason thx for your reply, could you also tell me if you're both using x-trader to trade this method.

 

[tommason]

i only use ninjatrader

SM_1 & tommason thx for your reply, could you also tell me if you're both using x-trader to trade this method.

 

[SM_1]

IB with ninjatrader

 

[fugly]

thx for thr reply. i was under the impression the strategy could only be used with x-trader & x-trader costs around $700 a month. So if i was to sit and watch the screen for 7-8 months paper trading this strategy it would cost me around 5k. When i begin trading live I'd lose money for atleast a couple more months so id probably lose a few more grand. Thats why i didnt buy the strategy.

Could any of you tell me how much a license for ninja trader costs per month? Or is it a one time fee?

thx again