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Showing results for tags 'proprietary trading'.
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Trading is one of the most fascinating, challenging and rewarding businesses on planet earth. But it perplexes me to hear the vast and varied vehement opinions from the bulls and bears in the media and elsewhere. Are they trying to talk themselves (and their followers) into being correct to save their ego - and wallet? Are they trying to become heroes by saying, in retrospect, that they "nailed" the market direction? (Note: you will only hear from that minority after the fact, with most disappearing into the night.) The Pristine Trained Trader (PTT) focuses on the only thing that matters: objective candlestick price and volume data. Period. Pristine President and CEO Greg Capra, confidently and succinctly states it this way: "It is what it is. You must react to what is happening in the moment, or you will be trading in the past, in a 'mirage'." Traders are bombarded daily with market opinion from a plethora of other traders, analysts, and commentators, all offering their opinions on stocks and market direction. And so many of these traders struggle with this deluge of information, trying often - in vain - to make an objective decision by processing massive amounts of subjective data. My approach is direct and simple: give me a compelling chart setup and sufficient liquidity, and I will trade anything that moves - just ask my students! In the bigger scheme of things, the source of the news is irrelevant to me, unless, of course, it gives me insight into other stocks or sector plays. The market offers tremendous opportunity for you to assert your views through money -- through your buy and sell orders. So when I hear these people touting their view and stocks, my immediate reaction is, "Blah, Blah, Blah. Just hit the mouse." Point your mouse to your order execution module in your trading platform and hit either the buy button or the sell button. That's it. If you think a financial instrument is going higher, buy it; if lower, short it. When all is said and done, price movement will dictate who made the correct choice. Unfortunately, the financial markets are designed for only the minority to win consistently -- not the majority. The uneducated public is unfortunately part of the latter group. I want to be buying when my technical analysis shows that demand is overtaking supply with the larger time frames on major support. When the stock becomes well known after a robust rally, good company news, and even becomes the cover story on some business or financial publication, that is the time to sell at the first sign of slowing momentum. Jeff Yates Contributing Editor Interactive Trading Room Moderator Gap and Intra-Day Trading Specialist Instructor and Traders Coach
