Too many traders today will not do their homework, and will not study. They rely on stochastics, or pivot points, or the latest craze to predict markets?

I was introduced to Futures Trading before the ES caught on. I learned this business in the basement of a millionaire trader in Utah. He was using limit orders on a pre-set pull-back, or bounce. He was also entering a trade with a goal of 1 point with a 2 point stop. ( I did the math, and those odds blow)

Then, I traded with a pro. He was a scalper, and he was proud of it. He would enter a trade, and close partial at .75, and exit all at 1.25. Oh, and he would use about a 1.25 stop. By this time, I was already developing my own ideas. This guy would say get short when I knew the market was in rally mode. He would also take a 1.25 stop, and re-enter .25 later in the same direction? That never made sense to me.

My actual mentor never traded futures. He once told me: " Jon, your excitable, and that makes me laugh" He was into charting and parellels, and double bottoms. None of that works. ( He was my pal)

Jon