http://www.phrases.org.uk/bulletin_board/39/messages/638.html "Re: "If you believe that, I've got a bridge to sell you" Posted by Ward on February 19, 2005 In Reply to: "If you believe that, I've got a bridge to sell you" posted by Lewis on February 18, 2005 : : trying to find this expression and it's origins for a friend. "If you believe that I've got a bridge to sell you" or ..."I've got a bridge for sale." : : We believe its regarding the Brooklyn Bridge, but can't come up with a date of first usage. : : any help would be appreciated. : : thanks. : Back in the 1970s, conmen went in for scams selling London bridges - usually they would pretend to have authority to sell Tower Bridge. To cap it all, some American did actually buy the original London Bridge - which wasn't particularly attractive, but IMO culturally wrong to do. : it is almost as bad as selling the Ponte Vecchio in Florence would be. : thank goodness for the decency of a German WWII officer who defied orders telling him to blow it up. also happened in Paris, from what I recall. : anyhow, only an idiot would be taken in by a conman selling a land-mark - hence the expression about selling somebody a bridge. : L The history of this expression goes back to the early 1900's at the peak of the immigration into the US from Europe. There were lots of scams that were designed to get whatever money these people had saved to bring into the new country, and the one to sell the Brooklyn Bridge or a piece of the bridge was the most well known"
I don't think it is physically possible to capture 3xATR in a single day. Why? I'll try to prove with a simple observation. There is usually not enough price action in a day for you to be able to capture 3xATR even if you somehow managed to be 100% right. How? I took intraday price data for 6 years (which market does not matter, because they all share similar distributions), and converted it to "ticks". I define "tick" as a price movement of 0,2xATR. See the result in the attachment. This is tick distribution. To be able to catch 3xATR, a day must have 15 ticks (15x0,2=3 ATR). As you see, most days have around 5-7 ticks and >15 ticks lie in the outlier zone. Now someone would probably criticize me: but Indrius, what if you make tick size 0,1xATR? LOL!! No problem, the same applies with finer granularity. Still, most of the days won't be able to provide enough price action for 3xATR. What about even smaller steps? Like 0,05xATR? My answer to this: commission and spreads would render it impossible.
In conclusion: I see that out of 137 voters (as of this posting) over 20% (actually 22% and change) belive that it is humanely possible to capture 3x ATR everyday lol - it must have been pretty easy creating those little Texas compounds ... LOL some more.
Here's the REAL question I want to know: Is Jack a mere internet troll who likes to mislead others, or does he actually believe his own ramblings? It'd be pretty sad if it was the latter. Who knows how much of his life he's wasted away with this thing.
typical paranoid schizophrenia. should be medicated to prevent 4 or even 5X the daily ATR. it is a serious condition.
Jack made these statements during very low vol trading days. Maybe 4 to 6 pts a day - 18 out of 20 days a month. The days were very congested with most of the price action stuck in the middle. To get the corners or the market turns you had to have orders in ahead of time. You could not follow the trading method Jack said he was using at the time or even now. You could not monitor market "sentiment". You had to already have your orders out to even get 1 atr. Jacks misunderstanding as to how data feeds worked was another clue that he was not trading real time using the methods he described. When I was making good money - if someone wanted to see my sheets - I showed them. It ended all suspicion everytime. When vendors claim they can not show real time results because of regulators -- you know its baloney. As Americans we can always speak the truth. My partner made all sort of claims on trading markets - and i made some statements when I spoke at trading conferences. The regulators came in reviewed our records talked to our traders - shook our hands and left. If he were a real trader - he would prove it. Period. By the way I only swing trade now- because I no longer have a technical edge.
I think it is humanly possible to write a computer program that operates on a G2 engine that can scalp 1 tic every minute on average on small size. Look at a 1 tic chart and see how much goes on every minute. I don't know if someone has done it, yet. But I know of a couple of people working on it. Poster maybe full of it, but possible it is. Look at the "truth". A human clicking the buttons and making 3 ATRs per day?. I vote no. Compounding capital at 3xATRs per day?. Size and liquidity become issues.
Is this place where preschoolers learn the basics of trading and ask questions about whether Santa is real?