He often talks about how easy it is to find a positive expectancy system............. Believe or not it's the easiest part of trading by far.( I don't really expect to convince too many people though)
See Trade Your Way to Financial Freedom by Van K. Tharp. After reading this book download his trading game and experiment with it - you should find it helpful. It can be found at: http://www.smarttraderblog.com/
Oh, yes! Great book! It is interesting and easy to follow. It makes helps you think about your approach to the market and helps you fine tune your system.
I am reading The Nature of Risk So far its pretty good. Justin Mamis talks about price risk versus information risk. Good stuff and it makes a lot of sense.
this book is disappointing to anyone who wants a quick fix someone in this thread said they wanted some exercises. Well, it's there at the end of the book. maybe it's not what you wanted to hear tho only consistent trading will help you with your trading problems. sounds too simple, but I think that's the author's point in a nutshell it's a tough business in which we are our own biggest hurdle. Friggin irony
So you read an entire book that explained to you what you already knew (through your experiences) only to tell you to not do it by being disciplined for 20 trades and all your problems would magically disappear. The book was really, NOTHING new that hasn't been said 1 million times before. End of story! Let me save those traders who are interested, 5 hours of reading and $40. Go take 20 trades with perfect discipline and forget about your P & L till after you've pull offed 20 perfect trade executions. Duh
any hints? mark douglas said you can find positive expectancy in a lot of books about TA. I've read a lot of them, can't find any usefull systems. (I started a thread about it a while back) I've actually devised my own system/ strategy (although mark douglas said not to) don't know if it has a positive expectancy
How did you design and test your system? You don't know if it has positive expectancy? Are you running a random system? Maybe I am misunderstanding your comments, but why would you design a system unless it was based on some kind of positive expectancy that you have already observed in the market?