Conflicting information | Traders Hideout


futures.io - futures trading strategies, market news, trading charts and platforms


Traders Hideout


Discuss day trading practices and futures trading strategies on this forum for all markets. This forum is also for discussing and reviews for brokers, data feeds, and commercial or third party add-ons




 

Conflicting information

  #6 (permalink)

Geelong Victoria
 
 
Posts: 113 since Jan 2015
Thanks: 45 given, 90 received


Grantx View Post
This is a preventative maintenance strategy. Instead of imagining trade signals on this Friday afternoon and taking stupid trades which Ill regret later Im going to distract myself by typing this post. Here is an observation from earlier today.

I was watching a video journal and noticed the chap had quite a few different charts open. Tick charts, time charts, volume profiles, lines, indicators. This is all fine if the information gives you an edge but I must say that it is quite taxing on your mind having to continuously process multiple streams of data.

I have tried watching various different things on a single instrument and in my case it was unsuccessful. The problem is that the more you attempt to complement your decision making by using more tools, the harder your brain has to work (not the other way around).
The more confirmation you seek the more conflict you create.
This is entropy. Things are always getting hotter. The more you try and control, the more chaos you create.

There will ALWAYS be something conflicting with your idea and your job is to remove it. Cut it away like ts a cancerous growth on your method. If it works sometimes then bomb it...you donít need it. You might find that you end up removing everything and relying on one or two simple signals and your own intuition. Thats not a bad thing.

What do you think?

My favorite quote is from Leonardo Da Vinci "Simplicity is the ultimate sophistication"

Here it is 1.30 pm saturday, I am just having a lunch break from comping out the markets I trade after the O/N close in preparation for mondays' entries of tuesdays' trades, I am already set for monday, during the week I am up at 5am preparing for the 9.50am open. I don't use charts, everything I do is spreadsheet based so I can't comment on the best approach to charting. I find charts to be so far behind the curve as to be almost useless to me. Before one of the fanatically religious chartists jump on me, I said "for me, what anyone else believes is up to them". lol

Ultimately, all I look for is several reliable S/R levels, the predominant trend and and the immediate short term trend, evaluate the risk in order to work out trade sizing and Hail Mary Stops.

What else do you need, during the day trading is a continuous decision making process. It is what we do.

Don't let the B-llsh-t baffle you.

Cheers John

Reply With Quote
The following 3 users say Thank You to Johno1 for this post: