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Beansforme
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I will go along with Price as my favorite indicator. Most other indicators are simply derivations of price, so price is in essence, the most important indicator.
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Just imagine if you would've shorted these markets. Then, they wouldn't seem so dark!
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Will Gold Prices Double Five Years from Now ?
Beansforme replied to Larry1234's topic in Market News & Analysis
Forget opinions and just let price tell you which way it wants to go. Look at all the idiots they trot out on CNBC on a daily basis giving their opinions, and yet how poorly the mutual fund industry performs overall. No one knows the price of any instrument five years from now, or even five days from now, and you don't need to know to make money. -
Over time I've done a good bit of research into the kind of trader that makes money in the long run. When it comes to commodity trading advisors, the traders who have made the most money over a long period of time are trend followers. In other words, they don't pick tops and bottoms. The other group of traders that has experienced long term success are short term quant traders, but they are not trading as short term as you think...usually holding positions for 1 to 3 days. They can be consistently profitable, but once they get a lot of money under management, they have difficulty making more than single digit returns. Those that do are involved in much more complex strategies and trading across thousands of instruments. Just my two cents
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With a good money management strategy, you can be very profitable with 50% winners, or by flipping a coin. With that said, I tend to agree with you. I don't understand the desire to sit in front of a computer screen all day trying to scalp for tiny moves. Given that the vast majority of day traders trade this way, and LOSE, maybe it's a better idea to try something different.
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The trend is down, so I would stay short. Good trend following strategies have been short from 1,600 to 1,700 range. 1,425 is likely first place some systems will start covering. If this reverses, it won't happen very quickly. If you want to go long, be patient and wait for a good set up, such as a double bottom. Just my two cents