I like the guy. I'm not saying anything against the person. The post you reference, however, makes absolutely no sense to me, hence I wrote and asked for clarification. I was sure that I misread the stop. From my limited 14 years of off and on futures trading, I've collected thousands of dollars worth of books and have read almost every issue of the various Futures/Stock trading magazines. I've never read anything like it regarding a stop. The other thing that makes no sense is the risk:reward. If the stop is roughly 280 points away then the target one can surmise is at least 280 points away. But why risk that for a 1:1 reward? So let's say the target is 560 points away, i.e. 2:1. OK, that's better but ah, well, let's just say we will all have a lot of things on our mind at that time, i.e. 560 point continued loss on the S&P. The more I write this down the more foolish I feel. Is that the intent of all of this? Seeing who is paying attention?
If one goes to the bordello but doesn't care if he gets laid or not, why should he go to the bordello at all? Oh, but I already said this....
go back and read the first 100 pages of this journal or more and you will begin to understand his logic,he has methods that work in certain markets,mostly trend trades that stay with the trend for a long time and reap large rewards, and in other markets ,he tries different things, he's constantly learning as i hope we all are
Don't know if this is applicable but I get a SALON newsletter with this subject line: Today in Salon: I Like to Watch Sunday, November 30, 2008 1:24 AM From: "Salon Newsletter" <newsletters@salon.com>
I am going to quote someone from another thread, because I completely agree with him and that's what I have posted 10 days or so ago, when I said we would bounce from 760-80 and that would be the low of the year....Next year's low, that is a different animal, we are still here in 2008: I also mentioned earlier the fund managers, who are going to see the market getting away from their fund's performance, and this is not the year to underperform the market. To perform equally bad with the market is one thing, to underperform it in a bad year is unforgivable... Now if I have to give a maximum for this rally ending probably mid-January (or around the inaguruation) I would say 780+(780/2)= 1170 a 50% runup at most. 780ish being the 50% drop from all time high... Here is the thread, good discussion about longer term directions: http://elitetrader.com/vb/showthread.php?s=&threadid=146441&perpage=20&pagenumber=1
Unless you think you're the only pimp in town, not to mention too many ugly whores running the freaking show. :eek: