Depends on the situation.
If you're scalping then it makes no sense to take a price but if you're trading a breakout or expecting a big move you sometimes have to take the price on offer or risk missing out.
Trading What I see !?
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Trader Pat
- Posts: 4327
- Joined: Tue Oct 25, 2016 12:50 pm
Depends on the situation.
If you're scalping then it makes no sense to take a price but if you're trading a breakout or expecting a big move you sometimes have to take the price on offer or risk missing out.
I don't know on what criteria you base your entry, but when it's good you usually find out relatively quickly, depending on the variance and obviously the frequency of trades. You can calculate what sample size you need in order to get conclusive results.goat68 wrote: ↑Mon Feb 08, 2021 2:36 pmSo slightly modified "green" is doing awful today, lost every race!
When I say slightly modified, all I have done is change placing "Best Market Price" to be "Best Reverse Price". Having watched 3 of the races, it seems it has missed out on at least 2 big wins, because the price never got back 1tick to the reverse price...so the train left without me. That old debate...?! I was thinking taking the reverse price would give me roughly 10p saving per race, which adds up...but if you also miss out on the big wins then it's not worth it?
This is trading, there is no general rule, there are loads of ifs and buts, the more advanced stuff we have to discover ourselves if we get there.Trader Pat wrote: ↑Mon Feb 08, 2021 3:07 pm
Depends on the situation.
If you're scalping then it makes no sense to take a price but if you're trading a breakout or expecting a big move you sometimes have to take the price on offer or risk missing out.
So you're right, I shouldn't "bot watch" ! just checked it again and its now had 2 big wins in a row and is in profit
In this Trading Order Flow explained vid from Peter I immediately noticed I have the *Average Increase* turned off on my ladder so that's worthwhile anyway.
https://www.youtube.com/watch?v=bcJrXt5-sZM
https://www.youtube.com/watch?v=bcJrXt5-sZM
It's basically just the flow of orders coming into the market.
Honestly, terminology doesn't matter one bit, it gets borrowed and mixed up from different fields anyway, many people probably trade order flow without realizing it at first.
In other words, "reading order flow" is looking for moments of imbalance between the backers and the layers, and when that imbalance happens the price will move until the balance between orders is restored, or until it gets flipped and so on.
Paying close attention to it can help you anticipate moves before they happen, and I'd say that the orders that are already sitting on the ladder are far less important than the orders that are coming in.
Which obviously means that you don't really need to know anything about the market that you're trading, as long as you read order flow (what's happening on the ladder) and react accordingly. This is a good way to trade since forming opinions beforehand can work against you, which is actually the very name of this whole thread.
So I wouldn't worry about terminology too much, you are free to make up your own terminology like all decent traders do
Here's one of my own examples : a swang. That's just a swing that has some swag to it, you already know the ones I'm talking about!!!
In other words, "reading order flow" is looking for moments of imbalance between the backers and the layers, and when that imbalance happens the price will move until the balance between orders is restored, or until it gets flipped and so on.
Paying close attention to it can help you anticipate moves before they happen, and I'd say that the orders that are already sitting on the ladder are far less important than the orders that are coming in.
Which obviously means that you don't really need to know anything about the market that you're trading, as long as you read order flow (what's happening on the ladder) and react accordingly. This is a good way to trade since forming opinions beforehand can work against you, which is actually the very name of this whole thread.
So I wouldn't worry about terminology too much, you are free to make up your own terminology like all decent traders do
Here's one of my own examples : a swang. That's just a swing that has some swag to it, you already know the ones I'm talking about!!!
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The Silk Run
- Posts: 983
- Joined: Mon May 14, 2018 12:53 am
These Bedtime Stories Are Designed To Lull Grownups To ...Kai wrote: ↑Mon Feb 08, 2021 10:49 pmHonestly, terminology doesn't matter one bit, it gets borrowed and mixed up from different fields anyway, many people probably trade order flow without realizing it at first.
In other words, "reading order flow" is looking for moments of imbalance between the backers and the layers, and when that imbalance happens the price will move until the balance between orders is restored, or until it gets flipped and so on.
Paying close attention to it can help you anticipate moves before they happen, and I'd say that the orders that are already sitting on the ladder are far less important than the orders that are coming in.
Which obviously means that you don't really need to know anything about the market that you're trading, as long as you read order flow (what's happening on the ladder) and react accordingly. This is a good way to trade since forming opinions beforehand can work against you, which is actually the very name of this whole thread.
So I wouldn't worry about terminology too much, you are free to make up your own terminology like all decent traders do
Here's one of my own examples : a swang. That's just a swing that has some swag to it, you already know the ones I'm talking about!!!
Haven't been following this thread for a while though I see it's grown. I may argue relentlessly with CTs but I wouldn't have the energy for this thread.Kai wrote: ↑Mon Feb 08, 2021 10:49 pmHonestly, terminology doesn't matter one bit, it gets borrowed and mixed up from different fields anyway, many people probably trade order flow without realizing it at first.
In other words, "reading order flow" is looking for moments of imbalance between the backers and the layers, and when that imbalance happens the price will move until the balance between orders is restored, or until it gets flipped and so on.
Paying close attention to it can help you anticipate moves before they happen, and I'd say that the orders that are already sitting on the ladder are far less important than the orders that are coming in.
Which obviously means that you don't really need to know anything about the market that you're trading, as long as you read order flow (what's happening on the ladder) and react accordingly. This is a good way to trade since forming opinions beforehand can work against you, which is actually the very name of this whole thread.
So I wouldn't worry about terminology too much, you are free to make up your own terminology like all decent traders do
Here's one of my own examples : a swang. That's just a swing that has some swag to it, you already know the ones I'm talking about!!!