I doubt that it would help anyway. How we trade is the sum total of many factors, and even if you were cojoined twins, it's unlikely that you would trade anywhere near the same way.
Agreed. As far as his trading goes he might as well be one of you anonymous strangers out there, I was just struck how he thought my more systematic approach was naive.
Just think of it as not fully-formed. Keep in mind that he's not such a great trader that he's supporting himself with the income. Which brings up another point, your goals. Are you doing this for fun? A second income? Early retirement? A new car? Vacation funds?
Combination of morbid fascination and second income. I would love to pack in this full-time employee stuff and work on a contract basis, having some extra income would make that an easier step to make. I haven't forgotten your post re MA's, targets and mean regression.
You may want to look at "fortydraws" posts. He's in much the same situation except that he's in construction. He began with trading opening gaps in stocks.
You started this thread asking for advice from anonymous strangers and yet you discount someone that you know in person that's a profitable trader...seriously. You don't need to trade like him but he may be an excellent source of resources, recommendations about how to get started with discretionary trading if it interests you but its starting to seem there isn't an interest and seems to more about how you felt when he thought your more systematic approach was naive. By the way, as dbphoenix noted earlier...discretionary trading can be (if a trader wants it to be) just as rigid or more rigid as a mechanical system in comparison to what you're using. Thus, there's a possibility that your discretionary trader colleague is using something more rigid than you and that could be why he thinks your systematic approach was naive. I could be wrong considering I wasn't there to witness the entire conversation for full context. Looks like you need to make an effort to get to know him better and then invite him (his family if needed) to your home or do an activity together. Seems a lot easier unless you're allergic to making new friends or have some already existing bias towards the guy about something not related to trading. By the way, many at ET are not one of you guys i.e. USAmerican. Anyways, back to trading.
But I don't know that's he's profitable. Same as I don't know any of you are profitable but this exchange has still been very thought provoking. I just don't think I could come around to his way thinking anyway. He told me a story where he heard some of the guys who supply Apple with paint where out of stock, so he bought Apple and made a killing, that kind of stuff. He uses charts to look for futures markets that are overextended, it's just doesn't sound like my kind of thing, but yeah maybe I should pump him for more info but seems like seat of the pants kind of stuff. Oh OK, thought it was mostly a US site, how silly of me.
If the stats are to be believed 35% of Elite visitors are in the US and Norway accounts for a massive 10%! A demographic stat: "Relative to the general internet population, people who did not go to college are greatly under-represented at this site" and "people who went to graduate school are over represented". http://www.alexa.com/siteinfo/elitetrader.com