pedro01
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Dude, that seems pretty clear to me. Not sure why that middle-eastern fella can't get it...
megamuel
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That's not what I'm saying, what I'm saying is that no setup will last for ever, because it will eventually be picked up on by enough market participants that it will no longer work.
On the other hand, most markets are here to stay for a while, and if one setup stops working then you can always find another
Yes so as the setups become more popular, the proffesionals take advantage of them to the point where they no longer work. So do you still use a 'setup' and just change it when it stops working or do you do something different? Basically I'm asking how traders at trading firms trade in dummies terms!
arabianights
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I wasn't being pedantic, I answer based on what I honestly believed your question was.
It's pretty odd you're blaming me for not understanding it.
It's pretty odd you're blaming me for not understanding it.
arabianights
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Unfortunately there is no one answer to this. I would say my style is liquidity and event driven, but that doesn't apply to everyone by any means.
cuotes
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Maybe, first of all, we should agree wtf is a "setup". Everyone of us seem to have a different concept.
That's why cr6196 said that follow the book is a setup. It's not, from my personal point of view. Or personality traits like heavy volume at certain times, or strong reactions to news.
I don't call it 'setups'. But i could be perfectly wrong.
Shall we define what is a setup? :smart:
arabianights
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a setup, in my view, is a reason to enter a trade
pedro01
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OK - allow me to re-phrase.
Do you look for setups across markets or do you look at a market for setups ?
Simple concept. Some people as Timsk said in the 2nd post, like to focus on 1 market & get to know it. Others like to focus on 1 method - Woodies CCi comes to mind. Crabels Orb, Zargobs temple rub, Firschecks dimple sneeze etc, Doobies finger sniff etc..
You can become an expert in a market or become an expert in a method/methodolodgy. I think this concept is reasonably clear. A methodology may have more that 1 setup. I apologise for not spelling this out from the start
pedro01
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For Fuch's sake, stop over analyzing things. Honestly, I work with computer programmers most of the time but I have yet to encounter the level of nerdishness that exists on this forum.
Should we define what 'define' means whilst we are there ?
Let me define it once more for the people who are looking at woods but seeing trees.
Option 1
Method, approach, methodolody, setup, technique
Option 2
Instrument, stock, forex pair, market, future, commodity
megamuel
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Pedro, I'm not actualy trading at the moment, but if I could choose I would prefer 'Option 1'. Have a setup that I could look for on any instrument. I think it would suit me better to have a setup that I could repeat rather than just learning how an instrument behaves and trading it by discretion.
arabianights
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So basically you make it up as you go along
To a great deal it is made up as one goes along, yes. If you can get a rough idea what other market participants are likely to do then you can formulate a trading plan with that in mind iyswim. By events I would mean news, in its broadest sense... one needs a rough idea how the market will react to pieces of news and then one can simply trade accordingly
I should probably remove those journals actually, they're more likely to cause people problems than they are to help them.
arabianights
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Now I'm really confused. It looks like you are asking what I originally thought you were asking
cuotes
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Just wanted to unify criteria in order to keep the thread focused in answering your original question and stop analyzing the question itself
bye
megamuel
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Correct me if I am wrong but the question is - do you look for a particular setup accross multiple instruments, or do you have particular instruments that you study, learn their behaviour then apply numerous setups? There is no mention of whether the setups will work forever or whether they even work at all...
Technically Fundamental
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Why would you miss out on trades by practising one set-up when, as option 2 states, each market behaves differently due to differing participants and/or levels of interest at any given time? You could be leaving yourself open to searching for one sided trades and/or not being able to find a trade when the markets aren't acting in a way you like. a
How can you try to follow one market without considering what is happening in others? You'd have to at least look at information or "events" in other markets to as Ay-Rab said to see what was up wouldn't you. Hot and cold markets, flights to quality... all that jazz. What you do when you know you're market is range bound and there will be many other ops elsewhere?
Does anyone actually trade ONLY pa?
How can you try to follow one market without considering what is happening in others? You'd have to at least look at information or "events" in other markets to as Ay-Rab said to see what was up wouldn't you. Hot and cold markets, flights to quality... all that jazz. What you do when you know you're market is range bound and there will be many other ops elsewhere?
Does anyone actually trade ONLY pa?
arabianights
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well, if that is the case then I stand by my original remarks that it's a no brainer
pedro01
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Now I'm really confused. It looks like you are asking what I originally thought you were asking
Then we are both totally screwed then.
Let's not narrow down 'method' to meaning a single set of entry criteria.
For instance, you may follow price action only - that would be a method in my book. Your method will of course evolve over time but the focus on method over instrument is what I am getting at.
Timsk I think nailed it in the second post. There is no correct answer.
For those Ninja-esque amongst you, waiting like a crocodile with a coiled spring up it's ass may be the method that suits you. For those with the attention span of a Goldfish in cold water, it may be that looking at a bunch of instruments for your grab-bag od setups keeps your mind occupied enough to stop you from hitting the tit every 5 minutes.
For those of you that are still debating what I meant by "WHAT" - never mind, you'll not trade anyway...
Technically Fundamental
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Here's your cause for confusion
If we don't narrow it down the question becomes ridiculous. You've turned it into learn to trade all markets or learn to trade 1 market :-S
