Personally I do not agree with the idea of always being in a market. I do not have any research on SCT so I will not comment on it, but as far as taking every turn ImPO it offers little value as it would be extremely hard to achieve in practice. I think it's more of a theoretical method. Maybe 1 out of 100 people will be able to achieve x3 daily range, even Mr Hershey himself is unable to establish it in practice, please correct me if I am wrong.
JSSPMK: Here is how the OP (Oddtrader) began the thread. Why do you think JH methods not working? What are your opinions or experiences, good and bad? Please give us the newbies your positive and constructive criticisms. Thanks! Your summary statement is below: Personally I do not agree with the idea of always being in a market. I do not have any research on SCT so I will not comment on it, but as far as taking every turn ImPO it offers little value as it would be extremely hard to achieve in practice. I think it's more of a theoretical method. Maybe 1 out of 100 people will be able to achieve x3 daily range, even Mr Hershey himself is unable to establish it in practice, please correct me if I am wrong. We have found from the OP that the methods are not working and you inform us that I am unable to establish "it" in practice. No one is going to correct your views nor is anyone going to be able to step up and protect aqll the newbies with good or bad opinions and experiences or positive and constructive criticisms. Sometimes polls are taken and when they are, usually after enough respondents have contributued, the asymptote of the curve is a dividing line that forms two groups: 20% on one side and 80% on the other. Another common divide is the trader success/failure ratio. Here polls do not work since, commonly, the failures are not around to participate in the poll. The OP took off for the reasons he stated. The posters were not contributing as he requested. This is common in ET. I do watch people succeeed and fail: generally and specifically, i. e., with respect to the Conventional Wisdom and with respect to PVT, SCT and sector rotation. To better understand the opportunity trading represents, it is a good idea to consider the overall path for getting into sucessful trading. I posted my views on that as an attachment. I also posted a schematic of the possible paths for those who wish to remain amateurs and those who wish to become pro's. There is an issue with respect to IQ and EQ that every potential trader needs to understand and be aware of. I posted a chart that shows the potential paths that occur for traders who either succeed or fail. It shows the causal factors. Newbies come in many sizes. I do not feel anyone is doomed at the beginning but consequences of errors do accumulate. If a person makes few errors along his path he winds up in a very satisfactory place. Odd trader, ranks himself as a newbie, he says. He starts a lot of threads and most of the time they are questions that he has created. These creations reflect his character and his heritage. You, on the other hand make statements that explain your character and heritage. I am not a newbie and I make statements about my experiences over a 50 plus year period. I have mentored since 1960 and have seen many people succeed in trading. My path is available in many forms and many contexts. What would it be like to consider a dichotomous key to see the many forks in the road that get each person to where he is residing? If only ten Q's were asked, then it is possible that 2^10th would show as the spectrum of results. we all know that there is a dividing line for success in the CW and to the right of that further up the scale there is a dividing line that ends the CW and where the paradigm I use begins. There are many other divisions along the spectrum. I'll take your statements as a possible order for some of the Q's in the dichotomous key. A question like the choice of being in the market all the time has two legs. Which is the left and which is the other? A question like the choice of taking every turn has as its left leg a "no"; the other leg is to the right and is a "yes". A question on the challenge for learning might be classed as easy or hard. Which leg is the left and which leg is the right? Another question could be used to divide the possible daily earnings. A low value goes with the left leg and the higher values go to the right leg. There are no opinion Q's in a dichotomous key. What I saw with trading a very long time ago was a way to build wealth. I connected this opportunity and it's path as a mind building opportunity. At that time I had already learned that developing knowledge and skills came from doing work; I was older than being a teenager and I had grown up in a depression mentality world (1933 to 1956.) Oddtrader lacks knowledge and skills. You choose to move to the left when you see a choice. What does a newbie have to do to get to the right side of the spectrum? He has to make choices to work hard and gain skills and knowledge. He has to do this each time he becomes conscious that there is a choice on the table. The big choices are listed below: 1. Is work required to be an expert? Choose to work. 2. Do many people succeed using the CW? Choose to look around and find the good parts of CW and look to see if it is possible that the markets are counterintuitive (they are). 3. What makes money in markets? 4. How much money is there to be taken? 5. When does all trading take place? 6. How can a person know that he knows? 7. What are the consequences of learning failure? We know the answers to a lot of questions. Experience has to be very purposeful. Working very hard (7 or better on a scale of 1 to 10). Only price change allows for money to be made. There is many times the daily range offered each and every day. Having a routine (MADA, for me) in NOW is all that is needed to know that you know at all times. It is very important to understand that failture is a stearn teacher and it leads to fear, anger, and the Lizard Syndrome. A newbie knows nothing and has no experience and no skills. Worse yet, he has no way to learn purposefully. Scientists spend a lot of educational time to learn to experiment and invent. I did the scientist route for six years before I began to learn to trade. So I followed a very safe learning path and just did 6 to 8 day cycles to make 10% seven out of eight trades. I washed very early on cycles that did not perform. Pencilling all of my charts daily for years and years was very instructive since it was a lot of work and I did not waste time on fooling around. My template has never changed. It is powerful because it is a binary system and that eliminates more than two possibilities. It also has a vector orientation for the binary values (time rate of change based). Thus, I always know that I know. At some point, my mind was made up for me. That is, at some point, I went on automatic. Sports memory took over. All of this is foreign to newbies and to all traders who are using CW. Why? Why cannot this be experienced? Why do CW followers never get to the forth step? Why is this not a thread in some forum in ET? Why doesn't some of those who phish all of the time get around to this? Why doesn't all the baiting that goes on here never get around to individual automated mechanical trading? If the CW doesn't let anyone know that they know, then there is no eventuality that it will ever be a topic in those people's minds that use the CW. CW is an entry - hope - exit based strategy. A binary vector strategy only deals in certainty all the time and there is no entry - hope - exit function in it at all. The entry - hope - exit is not part of the binary vector paradigm. People, for some reason, apply the CW to the JH methods. Why? I believe it is because it is all that these people have learned so far. As such, it can make those who have learned failure very fearful, angry and they have an unbelieveable and astonishing orientation. It is well proven that the CW does not yield results anything near to what the market offers. If a person spends some time in the market and some time out of the market, he develops a pair of viewpoints and each is a contradiction of the other. This deeply subjunctive orientation is leads to alot of the stuff Steenbarger, Tharp, and a host of others make a living remedying when people come to them at their witt's ends. The whole discipline theme is a consequence of the CW orientation. So I get to see a lot of humor here every day. Apparently, what the markets are offering is being ignored by the CW. It is beginning to look like there is a rather large elephant in the room.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=125042 Psychologically, you surely know what you are talking about as who really lacks knowledge and skills! Bye for good this time!
Communism also works on paper, took 70 years to realise that it doesn't work in practice. I assume you are Mr Hershey, so my question is this - what's the point of claiming x3 daily range if you, as a designer of the module, can't deliver, or can you?
This is the kind of stuff that really gets under my skin. I believe Redduke asked if anyone has ever seen LIVE trading of this method. Callmate is referring to the NY traders expo that spyder attended, pulled out a laptop and went through some bars on A DAY THE MARKET WAS NOT OPEN. Meaning, the shit was pre-recorded, he already knew the outcome of every bar. No, there was no trading, not even simulated trading! Just a bar by bar analysis. BTW, peak trader pro was there that day. Hmmm. So let me say this again and hopefully for the last time. NOBODY HAS EVER SEEN SCT, LIVE OR RECORDED AND NO ONE EVER WILL. NOBODY CAN PROVE ME WRONG. Now getting to the original question, yes, I studied the method, read a ton from spyder and jack and can without question tell you the 'method' is a complete and total waste of time, effort and brain cells. Its a joke. ps: callmate (a moderator) lied.
Actaully, no. Callmate didn't attend the NYC Expo. Callmate's post refers to the 10 - 15 people in attendence during a conference call where the market, and my market calls, occurred live and in real time. The conference call, and the market calls, lasted the entire trading day - with the exception of an occassional break (sponsored by Marlboro). You owe Ms. Callmate an apology. - Spydertrader
no need to go back to a stale record? market opens every day, you can see live drawing every day. The software even auto draws channels and make notes for you. Have you check out the software thread? have you seen the lastest spyder's chart? why is it so hard to accept what happen right in front of your nose? I don't understand? :eek: Let go of the past, see live channel drawing now.
BTW, in China communism works just fine - if in doubt see your friendly local retailer (WalMart, etc.)
The video I saw showed channel lines being drawn and then erased as the price action changed. The trades were made into an IB simulated account. Is there another video? Please post a link to the video that you believe is an honest representation of JH method being used to generate profitable trades. It is this type of JH missdirection and half truth that gives the critics reason to claim JH fraud and lies.