Its not what people observe and believe that is necessarily important but rather the progression of how people use that information to make decisions and your ability to quickly recognize that interperetation and structure a strategy that optimizes your opportunity for profit within the realm of the scenario at hand. It is a great and honorable task done consistently only by those that are patient enough to not only recognize the patterns and fundamentals, but who can weigh the disparate forces involved and create a reliable real-time model that enables them to take advantage of the information that they have gathered. When any one of those factors is lacking, a trader should not make the trade. This is why patience is key.
The first part dealing with observation and recognition is not possible without learning or just observing. The market has proven many times to be a much more expensive teacher than many of the books or people you have refernced. Not that you need to agree with every word any one of them says, but you should be aware of their words as many people live and die by their mantras. Just an opinion.
The comparison can be made with a doctor. You may see my heart beat pattern up on a hospital screen and say that the pattern is common for people with anxiety, but to make that diagnosis would be presumptuous. There are many more factors that need to be taken into consideration.
Once a doctor makes a diagnosis, it is still not certain that it is true. They structure therapy around their high probability scenarios to maximize their chances of successfully treating the underlying root cause. Nevertheless, they still monitor your vitals closely as well as other factors, in order to make sure that everything is moving as planned. If they are to find that their diagnosis is wrong for whatever reason during the monitoring process, they stop immediatly and move back to the drawing boards.
A trader needs to be as meticulous and calculating as such a doctor, and to reach that level of professionalism is no easy task - especially when denouncing those that have dedicated their lives to witnessing and recording those phenomena that you wish to comprehend.
The first part dealing with observation and recognition is not possible without learning or just observing. The market has proven many times to be a much more expensive teacher than many of the books or people you have refernced. Not that you need to agree with every word any one of them says, but you should be aware of their words as many people live and die by their mantras. Just an opinion.
The comparison can be made with a doctor. You may see my heart beat pattern up on a hospital screen and say that the pattern is common for people with anxiety, but to make that diagnosis would be presumptuous. There are many more factors that need to be taken into consideration.
Once a doctor makes a diagnosis, it is still not certain that it is true. They structure therapy around their high probability scenarios to maximize their chances of successfully treating the underlying root cause. Nevertheless, they still monitor your vitals closely as well as other factors, in order to make sure that everything is moving as planned. If they are to find that their diagnosis is wrong for whatever reason during the monitoring process, they stop immediatly and move back to the drawing boards.
A trader needs to be as meticulous and calculating as such a doctor, and to reach that level of professionalism is no easy task - especially when denouncing those that have dedicated their lives to witnessing and recording those phenomena that you wish to comprehend.
Man who scratches ass should not bite fingernails