After trialling it for a few months in realtime (I don't personally use it so can be reasonably objective) I have found it to be profitable providing (and this is the big one) absolute discipline is exercised in following Woodie's original rules. So if you are supremely confident in your discipline it can be a winning method for you otherwise it will be no different to a losing system Jack Hershey's SCT however is a different kettle of fish and does not appear profitable regardless of discipline, so if you are contemplating either option as a newby there is far more support and likelihood of success with Woodie and no chance of success with SCT
Here are two easier options: 1. The floor traders method (nquoos site) 2. Watts trading method (watt's site)
Interesting comment. Frankly I cannot imagine anything worse than 'always having a position on'. Would you care to expand your thoughts jtnet. regards f9
Before hitching your wagon to any guru's star, make sure the guru is willing to make good your losses. That is the key. And if the guru won't make good your losses, ask why. If they'll tell you why, you're on your way to becoming informed.
Actually, that's a bet no reputable trader would ever take ... even with high percentage scalping methods, nobody hits 100%, 90+% yeah sure, I've seen it. But no 100%. Good trading, JJ
There always seem to be threads like this on these forums where people confuse methods with Trading Skills....screen time with Market Time.....simulators with Real Dollars. Learning how to read a chart (methods) is one thing, learning how to trade that knowledge is another matter entirely. And if you plan on daytrading there's another skill you need to develop too which is learning "when" to trade. To the original poster, you need to study until you reach the point where you understand what you're doing and why you're doing it - not because someone else says so. Focus your attention on Price/market structure instead of indicators and other toys. And don't fixate on alleged gurus (most of which are phonies) or any one 'system'. If you can work your way through the maze of forks in the roads and reach this point, you will at least have a fighting chance when it comes to real $. But go into it knowing that methods are in fact the easy part.
kiwi_trader is correct: Both systems work, however, I would encourage a personalization of method once a strict discipline has been engrained and training is in control of one's trading(not emotion). These afore mentioned systems are a good framework that a student can develop the essential skills to survive. It's all about training and a return OF(not ON) one's capital. In all situations that develop one's training takes over and your reactions are immediate not delayed with second guessing. Market soldiers you are. Without much fan fare the transition is made from a foot soldier to a pilot. The training and the confidence is there. You no longer see the market as a foe but a friend. No longer fighting the market you travel with the market and easily recognize the opportunities that are offered on a daily basis. This realization is usually made in hindsight and it makes you smile when you discover that you've made the grade.