On Wednesday, I received the following email regarding what every daytrader should know:
Long time no see. Hope all is going well . I see you are having a seminar in Greensboro and I wanted to mention something I think you should tell every person that attends , especially day traders :
Learn to use the ADX if you don’t learn anything else in your trading career. When I worked with Welles , he said he thought the ADX was his best indicator, but it was set at 14. Your setting changed everything as far as the way I look at ADX.
As you know, I only day trade [crude, 6E, ES] ,have used your volume and ADX in conjunction with Renko bars for years . The ADX can help pick tops and bottoms and continuation, it’s really that simple.
I printed charts for a long time to convince myself of that fact and finally stopped because it is just a fact, accept it. Anyway ,just wanted to touch base. Best of luck in Greensboro!DS
The writer of the email is correct. One of the best indicators is the ADX. However, it does take time to learn the ins and outs of the indicators and appreciate what it is showing you. This is why I include the ADX in the advanced course instead of the beginner’s course. If a trader doesn’t understand the significance of price action and patterns with the ATR Trend indicators, chances are they are not going to understand the ADX.
In other words, I begin my training sessions by building a foundation — beginning with price action, building to support and resistance and then advance concepts that are encompassed in the ADX indicator.
The Greensboro seminar includes these concepts and more. On day one, I begin building the foundation and reviewing the concepts that are taught in the on-demand video course and provide ample time for questions and discussion. Then on day 2, I begin covering the more complex concepts.
The on-demand video course (Guide to Trading Today’s Markets Successfully in 90 days) is included with the seminar price and all participants are expected to complete the videos prior to the seminar, which is why signing-up early is critical.
Additionally, the seminar is included in the Diamond Trading package.