In the last webinar, we discussed how to send automated orders via algoaction platform. In this webinar, we will be looking closer into the understanding of chart-based trading vs Exploration based Automated Trading. This webinar also explores the pros and cons of chart-based trading vs scan/exploration based trading using Amibroke software. Traders will be learning, what are the day to day operations required for chart based or scan/exploration based automated trading.
One of my favorite trader,Paul Tudor Jones once said “I believe the best Money is at the market turns, Everyone says you get killed trying to pick tops and bottoms – Well for 12 years ,I have missed the meat (Trend)in the middle but, I have made lot of money at tops and bottoms”.
The beauty of price action is its enormous flexibility, and various application through different methods and strategies. It can be modified, restructured, can be back tested using programming skills. In this way Price action is not just a discretionary trading strategy, but overall fine tuning aspect which anyone can use and modify according to their ideas.
Price action is a study of technical analysis that can bring quite a bit of benefit to the trader. By focusing on price and price alone, investigating previous movements and how markets have reacted – traders can look to get the cleanest technical picture of a given market that might be available.
We know the famous statement,95% of retail traders are losers and I don’t know if this is true! because there is no clear evidence or statistics about that.But regardless,the question you must be asking yourself is “What are those 5% of traders doing that set them aside from the losers”. The internet is filled with clever marketers that know how to target those emotions of yours in fancy sales pages.They promise you the world and build up your hopes high, only to disappoint you with a crappy low quality product that doesn’t work.
The concept of price action trading embodies the analysis of basic price movement as a methodology for financial speculation, as used by many retail traders and often institutionally where algorithmic trading is not employed. Since it ignores the fundamental factors of a security and looks primarily at the security’s price history — although sometimes it considers values derived from that price history — it is a form of technical analysis
My philosophy on trading is that: Price Action (PA) is the best system that can be utilized for trading any markets, while money management is your defensive edge (and the key to preserving and building your capital), and strong mental discipline is your offensive edge (enabling you to stick to your trading plan confidently and not trade based on your emotions)