Words to Live By? (Part 1)

The last couple of posts elucidated my general belief that the financial industry is a comprehensive scam.  I mentioned chipping away at a foundation suggesting that once the evidence accumulates, the totality of deception will be overwhelming beyond any reasonable doubt.

Today I heard something that had the veneer of trading wisdom.  You know, the old adages that seemingly light the way to the Holy Grail… common mistakes that I am always guilty of making when I lose significant money…

Here is what I heard:

“I think one of the most important things X teaches is trading the same market over and over and over again.  You get to the point where you don’t need any indicators. You really understand how the market breathes.   You get really comfortable [and really start to think] ‘okay, I know what I’m doing today.’  It’s not that you can predict the future with it but you get comfortable with how [the market] reacts.  I sit here in front of the screens all the time watching the 5-minute bars on all the futures and I’ve gotten very comfortable with my trades because I kinda know… I get decent entry points because I know how the market is moving around when I’m getting my trades on and I know when to just… hold off… doing my adjustment for 5, 10, or 15 minutes to see—you know, typically it’ll reverse here so I’ll wait and see and maybe get a better price.  On this trade, I think it’s important to really understand how [the market] works so you can see the graph and see how these candles affect the trade.  You’ll see patterns among the stocks.”

Does that sound like good, reasonable advice coming from a professional trader?  Words to live by?

I’ll begin my analysis in the next post.