Support Board
Date/Time: Sun, 24 Nov 2024 08:34:06 +0000
Post From: Does SC have an equivalent to the emini-watch indicator, "Better Pro-Am"?
| [2013-10-06 05:18:09] |
| M5amhan - Posts: 468 |
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i feel obligated to tell you this even though it doesn't help answer your question.. following the smart money/hedge funds and fading amateurs to consistently profit in the market is a myth, but its a very good selling point for vendors to sell product because i mean amateurs suck and hedge funds make millions, right? why not just copy the people that already put in their 10,000 hours and cheat off of them by looking at their orders? there is a lot of flaws in this. 1) in today's world hedge funds and institutions can disguise themselves as 2 or 3 lots using HFTs (hitting the market 100s of times with small orders) or hide orders all together with dark pools so they wont disrupt the market. 2) trading for retail traders is a highly personalized profession, and these hedge funds and institutions are trading an entire different game than we are. you dont know if they are getting into a trade or exiting, hedging a larger trade previously put on, how long they are holding for, if they are going to add or even what stage of scaling they are in, and if they are entering pair trades or not. 3) the smart money isnt always right, there are so many firms out there trading pretty decent size and they aren't all colluding together taking the market in one direction, they pay a lot of money for their research and they want to exploit it to the fullest. even if you were to somehow magically know what they are doing, you dont know who is going to be right or not or how much heat they are going to take before they take the loss.. it could be a lot more than we could ever handle. 4) believe it or not retail traders can move markets in mass, and it happens all the time. just because volume is low in a certain direction does not mean that isnt the direction the market is heading, i mean look at this years rally as a prime example. all i heard the whole way up is "these dumb retail traders buying this market up" and "this low volume is going to get crushed by sellers" .. im ranting, i think you can see my point though what you are looking for is overall market pressure and price structure, the most efficient way to gauge that is with basic candlesticks. every single professional trader out there will tell you that, not vendors or educators, professional traders. you may be smarter than the "smart money" and not even know it unless you study the real market and not peoples orders that are studying the real market. ok rant over, i just needed to put that out there because i have seen so many traders brainwashed by this fallacy and loose a ton of money over it |