Well gee, if the markets aren't getting 'harder' than all those traders than DID well and NOW DON'T must be getting dumber. Or maybe you only get one shot at figuring it out, then you shut down and move over for the next braintrust.
those who say it wasn't like the previous so and so era are stuck in the past. they probably aren't making money. they fail to adapt and thus they become part of the 95% failure rate. they fail to see the new opportunities. they complain about everything except for themselves. :eek:
I notice ET is comprised almost entirely of those that place themselves in the 5% camp. In that case they don't charge enough click fees. This joint has more hitters than Fire Island in July.
Does any one have an idea of what Ed bases his trading methods off of. I have heard ideas that it is based on fractals to magazine covers.
Ed is a long term trend follower. I beleive he does trade patterns, relatively simple ones, not fractals. He doesn't trade off magazine covers, but one of his students has done a study on the idea that when you see something "huge oil bull market," the bull market is over. The study found that if you bought whatever commodity or stock when you saw that you would do pretty well, so the commonly held belief is wrong. Ed doesn't trade this that I know of. He basically buys highs sells lows and uses stops, he is selective about his markets though.
I have seen this figure bandied around elsewhere but what is the source? Or did someone just make this up? I emailed Ed some time ago asking him, amongst other things, what his track record was since the publication of Market Wizards. He answered my other questions, but not about his track record.