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Day Trading For A Living Market Structure Based Trading Strategy 2022 [#440887]
Day Trading For A Living: Market Structure Based Trading Strategy 2022 by James Jecool
English | 2022 | ISBN: N/A | ASIN: B0B3QQSXXQ | 65 pages | EPUB | 3.56 Mb
I am sure there are some technical traders that consistently make money, but they are the exception
and not the rule. The reason these traders are successful has nothing to do with technical indicators,
but everything to do with risk management. The best professional traders stick to their trading plan
and never deviate from it.
If you used the same strict risk management rules and your trading plan stated, "I only buy in an
uptrend after a pullback and short in a downtrend after a pullback," I would argue that you could
still achieve the same results.
In many cases, amateur traders use technical indicators in the same way superstitious gamblers
commit to absurd rituals. Have you ever played in a craps game at a casino? From time to time,
dealers will go on break and be replaced by a new set of dealers. This is apparently "bad luck,"
according to the superstitious gamblers. Whenever this happens, you will witness one of the
strangest phenomena-these players will suddenly take back all their bets and sit out. If the dice
shooter's next roll is a seven, causing everyone to lose, which will happen one in six rolls, these
players immediately attribute it to the new dealers coming in. If the dice shooter's next roll is not a
seven, they will jump back in because they weathered the storm. Obviously nothing changed-the
roll will be a seven 16.7% of the time no matter what-but they are confident that they have some
sort of control over the whole thing.
There are many psychological terms for this confirmation bias, gambler's fallacy-but the point is
that people are behaving irrationally.
This might seem ridiculous to you, but it happens in trading, too. A trader might look for a MACD
crossover before making a buy, and then if that trade turns out to be profitable, the trader will credit
the MACD crossover. If the trade turns out not to be profitable, they will blame that on some other
externality.
Another negative of using technical indicators is that professional traders know what technical
indicators are telling people. This makes you a target for professional stop hunters. How many times
have you entered a perfect trade set up only to be stopped out right before the price turned and
went in the direction of your original trade? Professional traders know what strategies are popular,
and they know how to exploit that. They also know where the nearest supply or demand zone is,
and if it is far enough away from the current price, they have more than enough capital to move the
market against you and take out all the stops, allowing them to enter at a better price. By always
placing your stop below a demand zone or above a supply zone, it makes you more immune to stop
hunters.
But I am getting ahead of myself. Let's focuson our topic Market Structure Based Trading Strategy.
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