One of the 'big' traders came in to ask us a question on the market, "What do you guys think? Focus on Short (Index futures) today?" The outcome was focussing on anything other than price action was a road to disaster, no matter how 'big' or 'good trader' you are. That is the problem with this industry, ppl think volume equates to 'good trader', which far from the truth.
As Stanley Kroll puts it:
"I have invariably played a lone hand, and very much by choice, having
learned the benefits of operating independently early on as a Merrill
Lynch account executive in New York in the 1960s. The lesson that I
learned was this: it is not constructive to share trading ideas and market opinions with others, regardless of their opinions or presumed expertise.
The universal truth on Wall Street is: ‘Those that know don't tell; those
that tell- dct know.‘"
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