De temps en temps, my dear friend and mentor Dr. Duref Mudgins sends to me one of his elderly patients who wants to continue trading despite the ravages of advancing Alzheimer's disease. Dr. Mudgins jokes, although it is not really funny, that he "wants the trade to be over before the patient has forgotten why he entered it." Dr. Mudgins administers short term memory retention tests for each of these referred clients, and says, for example, "Design him a winning system that trades no more than sixty seconds at a time." This is good business for me, because I charge a small fortune for each system, which is in fact no more than a quick retuning of a scalping system I already have. I call it Fraidy Cat because it is for my own clients who have severe in-trade anxiety. Anyway, attached is an admittedly poor example from this afternoon (times Central) which lasted a mere 25 seconds and made a point depending on the luck of the entry. I am a firm believer in matching the trade design to the psychology of the client.
I forgot to add that for those clients who also have ADHD, I add atrociously annoying audibles to signal entries and exits to secure their fleeting attention.
Are these signals to be manually traded? Market or limit orders? Typical size of protective stop? What, no sub-second system yet?
Brilliantly deceptive of you to ask. En fait, the system is tick based, I merely display it on one second to keep the scale comprehensibly compressed. Of course the entries and exits must use market orders to capture the brief move. As you well know, my trading hero is the estimable Mr. Jack Hershey, who famously advises "No stops!" Exit occurs when the signal fails, or the traders loses his nerve. And to save you the embarrassment of asking, the system is inspired by Dr. George Lane's 1950 invention of the Stochastic Oscillator. I have made some immodest changes to it and rechristened it the Sospastic Oscillator.
BTW, Brass, I like your name. If Dr. Mudgins thread about leaving ET had been allowed to continue here, he would have shared with you my own idiosyncratic solution, which is to decap brass while watching the market. It keeps my hands so busy that they are not tempted to bring up ET. Other manual endeavors might serve the same purpose, but you can decap brass many more times than you can polish it.
I'm sure Dr. Lane won't mind, seeing as how Mr. Hershey's younger cousin, Larry Williams, already appropriated it years ago, by turning it upside down and renaming it %R or some such.
I also neglected to mention that the cleaver trader will want to know what the spread is doing ("tight feels good, loose is bad"), so gratuit my clients also get the Doaks Spread Visualizer, not to be confused with what RCGs Girl posts in ChitChat.