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I notice that in a lot of your posts about pivots, that you use it using certain market indexes. Can you use pivots with particular stocks. What stock react best with these types of pivots. I would guess high volume ones that move a lot??
Also, I do not want to sound like a cynic, but it seems that a lot of traders are tied down and in love with their ideas, which makes it hard to decipher what information is pertinent. I can find tons of traders who love MACD and stochastics and trade simply off that, and then I can find a ton of traders who say that is garbage and that pivots and bollinger bands are the way to go. It seems that they say to take emotion out of trading, but when it comes to the type of trading one does, they in fact use their emotion and become in love with their ideas. |
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I don't think traders are in love with their ideas. This would make them feel like a genious... and in trading the moment you think you know everything is the moment you have become a fool.
Good traders all have a distinct style of trading that they have come up with over their trading career. They have worked hard to develop this style and have tested their methodology and trading setups. Thus, their unique trading style gives them an edge over others. Trading style is like a fingerprint. No two are alike. Good traders have adjusted their styles to fit their personality.
The most important is that you find your style as well and become an expert in it. Too many traders search for the Holy Grail jumping from one methodolog to another without mastering one method. Study from the good traders and take what fits you. Then adjust it accordingly, implement new ideas..... and that becomes your style.
Also, price based traders like myself are not fond of technical indicators. Like the name states, they are indicators. My style of trading is discretionary but with a systematic approach.
Pivots work well in any market. You just have to test it out, take some data, and see if its suitable. Don't rely on them blindly though. Learning market language and internals is important to your trading strategies.