lowtrade

[BeachBum61]

Wonderful post! Quite enlightening to a novice trader such as myself.

As an avid poker player and budding trader, I have always seen a striking parallel between the two "arts". Both are forms of parimutuel betting, an arena where the players who have the most information, and shrewdly apply it to their individual strategies, will be consistent winners in the long run.

There is an old saying in poker, "don't play the cards, play the player." Seemingly, you're implying that this same approach can and should be applied to trading.

In poker I'm able to glean the most information from three things. "Tells", body language, and betting patterns. The first two can only be assessed in person at the table. Betting patterns however, I can identify remotely, when playing online for instance.The assimilation of this information, enables me to form a sort of mental chart to discern the thought process of an opponent, giving me the ability to decipher their intentions, and thus predict future actions.

Obviously, one cannot determine the psychology of another trader through personal observation. My dilemma in trading therefore is the extreme difficulty I have in perceiving, and ultimately understanding, the underlying sentiment and psychology that a chart undoubtedly represents.

My question is twofold. First, are you able to elaborate further on specifics regarding the relationship between charts and market sentiment/psychology? Also, can you recommend any literature or material which would help me to better grasp the concepts, or does this proficiency ultimately come from years of practical experience? Is there a way to hasten the development of this skill is what I'm saying?

Thanks in advance for any additional insight. I very much appreciate and respect your sage contributions to those who are fortunate enough to have found this board.

Cheers and happy trading...BB61.