Saturday

What charts are showing me - Don Miller

http://donmillereducation.com/journal/

The excerpt below from Don Millers's Chronicles of a Million Dollar Trader accurately depicts intra-day trading.

“All I know is that our job is simply to react to what is happening now and continue to take the other side of emotion. When others are panicking, we're there with catchers' mitts.

When others “have” to cover to stop the pain (been there), we're on the other side. When others are too caught in the emotion of a short-term time frame and as a result panic out on pull-backs in larger uptrends or downtrends (been there, too), we're again there to take their trade.

And emotion is all that successful traders see when they look at charts. Forget the algorithms, spinning doji whichamacallits, and cute trade setup labels, the charts show the actions of people and their state of mind . . . and nothing more. When I'm on my game I see it. When I'm not, I don't. Pure and simple.”