I Still Don't Get It

[tony1d]

Information overload is a reality and you can get lost and confused with it. I found when i started trading it worked against me as i constantly looked to modify what i do based on this article or indicator. Everybody is selling the single method that will make you rich. I know, i bought some of those myself. The light finally went on when i learned to trade the psychology of the tape. I learned to use time and sales to tell me whats really going on. If i see a trend line break in a down market, i'll look at the prints and see all the 1 and 2 lots buying the TLB cause some book told them to. I'll look for for the big lots to come in and fade those and immediatley short myself. what happens is the price pulls back to the trendline, pierces it down, hits all those small lot buyers stops propelling it down more and the downtrend continues. Now that comes with experience and no lagging indicator will show you how to do that. Everything you need to know about whats really going on in the market is on the price chart and reflected in time and sales. Follow the money...... open 2 T&S windows, one showing all prints and one filtered showing >50 lots for the ES. Watch what happens when the 500-1000 lots hit the prints, jump on for the ride, usually good for at least 1 pt on the ES.

good luck

[darthtrader]

	Quote:	bakrob99
	When I first (re) started trading a couple of years ago ... I was surpsied at ALL the information compared to my last trading ventures in the mid and late 80's. For me - success only became possible by specializing and learning one market very well... I gave up Forex, Swing Trading and concentrated on developing a winning strategy for the YM/ES. My suggestion for any newbie: conentrate all your resources and learing efforts on one trade market and only 1 ro 2 setups. Once you can trade them consistently - you can add more variety.

great advice to us newbs bakrob. Thats something ive just recently realized after spending 2 years jumping around to different styles and having easily read 100 books, 99.5% being completely useless. I have no question that the hardest thing starting out is simply filtering out all the noise as far as information goes. Its pretty interesting to me that if i go to my local barnes and noble or borders, i dont believe there is a single title of any of the books reviewed on this website.