V.1:3 (47-47): The Intra Day Analyst A Report by TIMOTHY C. SLATER/President, Intra Day Analyst Company
Product Description
The Intra Day Analyst — A Report
by TIMOTHY C. SLATER/President, Intra Day Analyst Company
The last version of The Intra Day Analyst has been in the field for five months. During this time, it has undergone several revisions responding to users requests for modifications. With the exception of a few minor "bugs" (since reprogrammed), it has been trouble-free. Now that it is in wide use, I offer my observations and suggestions.
1. A trader should first be accomplished at inter-day trading before attempting to trade intra-day. On the face of it, this seems like a rather simple statement, but the feedback from users reinforces this basic feeling. Just because you are closer to the market does not mean that you will trade better. The fact is you may trade worse if your emotions and psyche are not well attuned to trading.
2. Do not attempt to narrow the time window to the degree that the natural ''noise" which occurs in all markets will interrupt and interfere with both the studies and the visual chart. It has been interesting to talk to prospective users who insist that they want to follow Tic by Tic. I explain that they can do so by updating a chart every three seconds using IDA on a variable time length bar chart. They start to use the program and frequently call me to admit that I counseled them correctly in the first place. They quickly lost their interest in every Tic and for the most part were using ten and fifteen minute bars to guide them in trading. (A ten minute chart will display two full days of trading.)
The last version of The Intra Day Analyst has been in the field for five months. During this time, it has undergone several revisions responding to users requests for modifications. With the exception of a few minor "bugs" (since reprogrammed), it has been trouble-free. Now that it is in wide use, I offer my observations and suggestions.
1. A trader should first be accomplished at inter-day trading before attempting to trade intra-day. On the face of it, this seems like a rather simple statement, but the feedback from users reinforces this basic feeling. Just because you are closer to the market does not mean that you will trade better. The fact is you may trade worse if your emotions and psyche are not well attuned to trading.
2. Do not attempt to narrow the time window to the degree that the natural ''noise" which occurs in all markets will interrupt and interfere with both the studies and the visual chart. It has been interesting to talk to prospective users who insist that they want to follow Tic by Tic. I explain that they can do so by updating a chart every three seconds using IDA on a variable time length bar chart. They start to use the program and frequently call me to admit that I counseled them correctly in the first place. They quickly lost their interest in every Tic and for the most part were using ten and fifteen minute bars to guide them in trading. (A ten minute chart will display two full days of trading.)
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