I always believe that it is better to post and write something positive about what you are familiar with, what you are good at, what you are successful at. And avoid posting something negative about what you failed at or know very little about. For example, I traded options for a while but my result was miserable. But I wouldn't go out and make a post saying "Option Trading is a pipedream". Just because I can't do it, or even the majority can't do it, doesn't mean it cannot be done.
No offence to ProfitLogic but his system too doesn't work. It does not work as a complete and practical methodology, certainly not on a daytrading basis. I have looked at it. His central notion of higher highs and lower lows is old Dow Theory so its very old and not new. I noted in one of his posts a while back, if I am correct, that he uses his system across many instruments to spot the best set-up under his system. But I agree with the posters in this thread that much of what is posted at ET is dross. Nevertheless I continue to believe that everyone should have the unfettered chance to write what they want.
This is a free country. This is an open forum. You can freely express your opinion. The issue is some people fantasizing themselves as authority figures based on their own experiences in a subject that they know very little about. "Just in case anyone has any doubts".
I guess we're all supposed to chime in here and tell how we lost money daytrading but turned it around and the for proof he'll want to know our strategies, see proof of gains, etc... LOL
You aren't correct Cheesy. Yes, I look at many instruments but each is traded independently because each is unique. There is absolutely no flawless correlation between any two instruments so I trade them that way. Dow Theory is all about instrument correlation, my method is not. Don't feel bad, your statement that you "looked at it" and then made a conclusion is the same error most people in this industry make. They eliminate the research and test steps of the; O.R.T.C. scientific method process (Observe, Research, Test and Conclude) because it takes too much time and thought processes. I do agree with you regarding our right to post our opinions. I'm an advocate of showing the entire online community each of our unique abilities to validate our opinions as well and we do this each time we post.
I glad you wrote it down . It will help reinforce that belief in your mind. I have different beliefs but thats just me. How big is your sample? How many day traders have you met? What seemed to be the biggest reason for their failure? Can you nail it down to any one thing?
The "looked at" is a professional rejection of your claims, certainly applying to daytrading. Apart from ET, you sell your system to the public; thats the difference.
You should be specific when you talk about options trading. Was your result miserable because you were BUYING options ? If that's the reason you can totally say it If you are talking about buying options the approach has the same gambling mentality of the retail day trader and the same results. 1) Making a lot of money fast. 2) Being able to predict where the market is going to go next and/or trading in discretionary way and not systematic. 3) Limited loss ( that in time turns into an unlimited-limited loss ), why ? No consistency...de ja vu ! 4) Only a matter of time before there is a psycological and financial burn out. "Just in case you have any doubts"... if you ONLY buy options then option trading IS a pipedream. There are no questions about it, but it is a BIGGER pipedream than daytrading do you know why ?
Lol Sure I know why. You can't do it. Simple, I have read this thread and your posts are screaming of negative emotions which is probably why you fail at everything you try and then blame it on something other than yourself. Take a look in the mirror for the reason YOU can't. Because I can and there are many many just like me. Now go ask your boss for the next assignment with instructions so you can't fail.
Seeing that you don't even understand the basic fundamentals of my method, your simple observation was anything but professional. To clarify your statement even further, I've given my method away to over a hundred individuals on this site and most of them took a professional approach and researched and tested it on their own to see if it was any value to their personal trading or investment situation. I used to teach as well but I retired last year to trade full time. So again, there was nothing remotely accurate about any part of your comments but you do have a right to show everyone your vast knowledge base that backs up your posts. I wish you great success in your further assessment of trading methodologies.