Guys
This is probably the most talk-about subject in the whole entire trading universe. Indicators followers VS price action followers
to be or not to be??
So , market profile is better tha EMA'S?
or perhaps pivot points are better tha big mac with Bollinger bands on top?
Here's a little story
Mr. Mark Rubens. 81 years old, Active trader for more than 50 years. My mentor. Yes he trades electronically like us. If you ever go to his house and check his stuff, you won't find any charts whatsover...anywhere
I told him once "Markie, why don't you throw some charts to make your life easiser" I said
He responded "Raul, to me market is price, not figures"...I shot my mouth, put my tail between my legs and I have never, ever mention the subject again.
Do you think he's wrong??? well after 50 years doing the same, I sincerely doubt it
will I ever trade with no charts??no I can't They make my life easy...That's Markie's fingerprints, not mine.
Listen, every single trader, investor, etc. use some sort of "indicator"
Whatever it is...you gotta have something that pop out a signal, don't matter if is leading, laggin' piggin' shoffin' ...I bet you have to have somethin'
Bottom line: If your EMA is crossing with your SUMA and your CUMA is slopin' down to your OMA for your entry and at the end you are profitable...hey my hats off to you!!!! what's wrong with that?
But if price is violating your S/R line and it has to be done with half of your left eye closed and only while your jumpin' with your left foot at exactly 10:067 AM for your entry ....and you're profitable...my hats off to you.
It's all about profit my friend otherwise, Walmart is always hiring
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People , you MUST have your own edge if you're going to be succesful in this business. That takes time, patience and be persistent to be developed. After that' you will be astute enough for not to let the market(AKA Pit traders) fool you, like it(they) does all the time. If you don't believe me, well keep plugging your umbillical chord to every "strategy" you see outhere and after you're exahusted thousands of dollars , then come back and read my post again.
My system, strategy method etc, will make money for me, but will not necessary make money for you. This is like fingerprints my friend and that's exactly why traders should stop looking for the holy grail because it doesn't exist. Once your develop your own "edge" stop looking for more. You don't need any more "technique" you need to start trading.
Indicators are just guidelines... what are you going to do when you get the signal?? to me, that's the heart of trading
I rely on support and resistance for my trades. Plain and simple. That's all I use since 1983..yes plain vanilla. Should I tell Kiwi that he's wrong becuase he's using MA crossovers? I am not entitled to, besides I am sure he's profitable
Should I put an entry because a S/R lines has been crossed..hell no
It's not the market crossing the line . Its how the market is going to behave once I get the signal what matters. This is my fingerprint. My system. This morning 11/03/2006 ER2 went straigth to the top @ the speed of sound at the opening. Did I trade? no..why? becuase it went to fast and the market MUST give me signal if it crosses the line otherwise I'll stay on the sidelines.
You have no idea how many people got screwed up on that rally thinking that the market will continue trailing up. Iv'e seen that many times. But because I have a system in place and I excise discipline into follow my system to the core, my stack is on my side and not in somebody else's pocket.
My friends, this type of discussions ends up in nothing 99% of the time. Do yourself a favor and keep perfecting what you're already have. Be open to new things. But if they don't work for you, keep moving on with what you already have.
Raul