Do you just like posting for the hell of it? Your posts are drivel, with almost no useful information for anyone. When i read the first couple threads you started I could tell that you didn't trade. Even if you do, definitely not fulltime or anything meaningful. Do you know how i can tell? Your level of understanding of the market is very elementary. You are pushing elementary schoolwork as if it is a master's course! Please lol
Most of the people on this forum including you don't even know what a point based range break is.... And I am not even sure you do even after I show you one. LoL... If I showed anyone on here my full system it would take me around a year to teach it to you. It's a lot instinct but those elements of the system can be broken down and learned too.
Your point based range break will not help you in becoming a consistent trader! The single biggest factor to success is screen time and actual trading experience. Its obvious that you don't have much of either. I'm willing to bet that I've prob logged 10x as many hours of trading and screentime as you and I am probable alot younger than you !
So looking at a 5-minute chart in the ES.....if you bought above the high of first five-minutes it would not work. But if the system is selling at the 300 or 500% level then we are not there yet. and i think these levels have some value. or maybe you take a loss after the buy and now you are short. I think you need an easy system because then you can sell to anyone, and not confuse the beginners. like a system that says buy above VWAP and sell below VWAP. with 10,000 stocks, i can show you tons of how it worked to perfection. the argument is pointless. only the P/L matters. and i'm sure i'm lagging today so buy my book!!!!!
You should do yourself a favor and put that guy on ignore. Anyone who says "trading is simple" is blowing smoke or doesn't trade. Does it get easier? Sure, once you've put in the screen time and developed a coherent framework. To say that it's "simple" to get to that point, though, is ludicrous. Ask the families of any of the traders who couldn't quite get there and ended up committing suicide because of their trading losses. I'm sure they'll have a very different opinion on how "simple" trading is.
It's that kind of "hard-coding" of arbitrary values that prompted me to post this. http://www.elitetrader.com/vb/showthread.php?threadid=246244 Anyone pushing a "system" with more than 1 hard-coded parameter is pushing something that will ultimately fail. The market is WAY too dynamic for anything of that nature to work.
Actually, I'm not sure it will "fail." I think the point is to show people who are not making money trading that there are other ways to look at the market. First you need someone looking for help. So you show them a Fib extension and they now are learning new ways to look at price action. Then you get them in a chat room and "tweak" your strategy while they feel more comfortable with other traders. Then you show them tons of other stuff and hope they don't blow up their account. Hopefully you can get a few years of payments from them and they feel like they learned something. "Fail" would be trying to sell this 377% thing to a fund. but for what the vendor is doing, it's not really a "fail." I call it a good hook.
Right, such systems are a dime a dozen in the vendor business and vendors do make money pushing them. What I meant was they would fail from the trader's perspective, regardless of whether the system comes from a vendor or is your own.