Don has been a proponent of keeping things simple, a intuitive feel to trading. Personally I think that trading as a professional requires discipline (although the two are not exclusive) and components.
For those who simply have a knack, a feel for it. That's great and obviously we all wish you the best of luck. Nonetheless, components of a data system such as ticks, trin, upvol, downvol, bond prices, yields, volume, bid/ask size, level 2, are items that many wall street traders utilize. Large firm, mm's traders definately utilize these components and so even if you don't use them, you should understand them so you know what your opponents are using.
Dell might never sell PC's in a CompUSA but understanding why and how Compaq does and understanding then how to beat them with their game demands that Dell fully understand its competitors and their processes.
So, even if you simply trade fast and loose, with intuition, you should still understand the more technical components of trading to know what your opponents might be looking at.
Regards,
steve@yamner.com |
