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Account been approved! Going to have my first day of tradingthis week LA
It's fine, no harm done. I'm not one for kids movies, even though How to Train Your Dragon helped me regain faith, I will attempt to watch kung fu panda out of respect for your trading and advice. I'll report my findings in the movie thread
R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
This comes back to what I was trying to originally say to you about beliefs. Most new traders dive head first into the markets trying to find the best moving average cross or indicator setting to start pulling in the cash. They get so blinded by this initial search for the holy grail that they never (or only much later), start at the beginning with developing a solid understanding or belief about how markets operate.
It's like deciding you're going to become a chef but without any experience you simply try to copy the chef down the road who works at the best restaurant in town. You see he's making some really fancy signature dish that everyone loves so you try to copy the ingredients, throw everything together, and then act surprised when it tastes terrible. The other chef's signature dish is the culmination of years of experience and is grounded on his knowledge of how different foods/tastes interact with each other. Maybe a silly example,...but you get the idea.
That is why I suggested you spend a few weeks watching naked charts live and noting your observations. If you think there is nothing worth noting by watching a naked chart,....then this exercise is even more important. Look for repeating behavior and really ask yourself what the market is trying to do as it moves. What are the next few minutes of market action going to look like? What is likely/probable?
Auction market theory is just one way of looking at the markets. There are numerous others and no reason why yours cant be completely unique. The point is that without a grounding belief in why markets operate the way they do that makes sense to you,...you'll likely always be a wannabe chef throwing ingredients together hoping something good will come out.
I'm creating this thread with the purpose of a 'catch all' for any trading related question that futures.io (formerly BMT) members want to ask, but don't want to create a new thread for -- or find an existing thread to reply to.
