“Day trading is dead! This market is impossible!” Anyone who has ever sat on a trading desk has inevitably heard his or her fellow traders pounding the desk in frustration exclaiming this familiar dictum. More often than not, this hypothetical speaker is an individual who at one time made money flow from the keys like water from a rock but has failed to do so in a long, long time. Simple strategies that once sired easy profits no longer to produce the usual results in a changing market riddled with high frequency traders and expanding volatility. While market experience is undoubtedly an asset to anyone trying to navigate these difficult waters, it can also become an insurmountable hindrance if it begets a lack of adaptability.
Despite my fairly myopic view of the markets, I have witnessed one universal truth play out time and time again; if you are unwilling to change with the market, you will be left in the dust. A few months ago at HedgefundLIVE, Marc and I sat down and analysed several charts to watch how stocks behaved in relation to their intraday pivot points.
click Here for full article.
Business Insider Emails & Alerts
Site highlights each day to your inbox.