You know, since I run this website and communicate with lots of my course students as well as other traders on a daily basis, its amazing to me how some folks seem to complicate this business.
I have been trading for several years and do my best to keep it as simple as possible.
I dont do all these complicated calculations, I pay pretty limited attention to open interest or volume.
I dont much look at stochastics or moving averages, etc. I do check out trends, I read some fundamental info about certain markets, but generally I read the charts for previous indicators of resistance and support, determine direction, entry, stop-loss placement, number of contracts and potential exit point. And I am done.
I firmly believe all the complicated formulas for trading that I have seen so far confuse the new traders into believing that they should stay away from the markets.
I am sure that some of you *more sophisticated* (eh, I realy mean it) traders would tend to disagree with me, but I say everyone to his own way; If it aint broke, dont fix it.
The way I do it makes money and I do it the simplest way of all I ve seen so far. Keep it simple. Keep it simple. Keep it simple.
Great weekend everyone.
Tom