This was taken from Jack's attached essay. Jack says all you traders posting in the P&L thread are not effective and efficient traders like the master himself! Jack's advice is let your profits run and capture more of the ATR!
10 years posting on various message boards and still no one has ever seen SCT. Below are the various emotional stages sct students go through, in order. Notice the final stage.. :eek:
You trying to sound like a smart ass like many love to do here at ET? Anyways, I'll take it from an initiated professional trader like yourself that the guy who started this thread meant 3X ATR on a single contract basis. Another question: when no ATR period is specified, what does that mean for "initiated experienced traders" ? Daily ATR? Since I won't be looking into this thread anymore because I am sick of reading worthless comments like yours, I will assume the following data: - daily ATR is 21 pts - no position sizing needed because we are thinking in terms of a single-contract basis With that said, being able to catch 63 ES pts average per contract - doesn't matter whether it's one or more - day in day out is absolutely irrealistic and I challenge anyone to prove me wrong. Heck, I challenge anyone to do it for a straight week, let alone all year long. For a very good daytrader it would still be challenging to achieve half daily ATR consistently day in day out.
I don't speak with any other moderators about my posts and have never been asked to do so. I rarely engage in emotional issues, such as JH and his trading. But from time to time, I just can't keep quiet. If it isn't obvious: I think JH makes no sense, and I doubt he can substantiate anything he says. I certainly don't think his methodology, as he talks about it, is profitable, or precise enough to be tested. Edit/Addition: I generally let all JH discussion run their course in the threads i moderate. Only when they turn into insults, name calling and/or simply degenerate, do i delete or move them to chitchat.
Jack's been jerking people around on the internet for almost 10 years. Just search google groups and see how long this has been going on, and how he bamboozled a bunch of guys from Harvard for almost a year before they gave up. And then there's his -24% performance in a trading contest. So don't fall for his pied piper routine. This will get you started: http://groups.google.com/groups/search?ie=UTF-8&oe=utf-8&q=jack+hershey+method+&qt_s=Search
A fifth of Americans believes the sun revolves around the earth. http://www.gallup.com/poll/3742/New-Poll-Gauges-Americans-General-Knowledge-Levels.aspx
Wow, how refreshing, an honest moderator. Posts of mine making this same point have been deleted on other threads by pro-Jack mods.
I do reach my goal of 3x H-L in ES as a practice. http://www.elitetrader.com/vb/showthread.php?s=&postid=912447&highlight=reach+goal+3x#post912447
I'll continue to post here every once in a while. So far we are seeing the poll count rise by portions that are significant. This is not a SRS by any means but anyone keep track can see that the ratio is becoming fairly constant. Another aspect, previously mentioned is that the reporting that is being done is largely from non practitioners of the paradigm and also is comprised of people who have no business plans nor trading plans. Both of these missing welements make it difficult for a person to determine if a trader can do this or that. Some people actually feel that 3x the daily range (H-L) is not possible. Attached is a chart that is annotated with "crayolas". The crayola courses going from 101 to the Senior level, have as their foundation a child's coloring tool a wax based color impregnated stick. Here in ET there is a post of the manufacturing process and the discovery channel has also documented it. the family who started rhe Crayolas lived in Old Greenwich, Conn and were rather wealthy for generations and very socially responsible. As you would expect, our families were interactive socially and in sailing, art auctions and private schooling. Sum the length of each color and sume the fractal levels; divide the fractal level sums by the H-L. You can also determine where the trades you did on that day fit into the ratio progression. You can easily assume how people using SCT who have the capability in any way that supports trading, have the ability to provide themselves with what is needed to empower any fractal of trading segments down to about the human level of 100 milliseconds. That is not shown on the attachment but it is an easy series to run from tic data as a crayola pair of colors. That sum divided by the daily range (H-L) is much higher than the ratios published in the David Boucher authored article in the current issue of Futures reference. So who in ET or this thread is on the wavelength to do market analysis of what the ES market offers? Who is runed into what other markets, similarly, offer throughout the globe? At least 20% are on the 3x's level of the query of the OP. the % of people who can use sums and ratios to determine for business plans and trading plans is less, apparently. I am not doing hand holding for children with crayolas. This is just fractal analysis using a coding similar to Zig Zag David 1 which anyone can gin up the code for with a few tweaks. we all know that a lot of people could not sit down and code Zig Zag david 1 and the reason is singular. They do not know how to code turns. Look at al the missing code script segments in Trader 666's work as an example of someone who could not produce David Boucher's published code results. Go futher and look at the ratio of entry to exit posts in the anekdoten threads as a composite. You can see that there is no coding equivalent to David Boucher in these strategy threads. They only deal with the bet, entry, hope, exit, sequences. Crayola does not do bet. Crayola does not do entry except to begin day. Crayola does not do hope, ever. Crayola does not do exit except to finish day. Crayola is very unfamiliar territory to CW people and CW traders and CW programmers. Crayola does not use induction in its analysis of what the market offers. What Crayola provides to people who do business plans and trading plans is the foundation of what is possible from the viewpoint of what the market offers. So there is a family of curves much like laffler curves where two families originate: one for fractals and one for t5rading effectiveness and trading efficiency. So every one can turn to their plan pages and scan them and post them as the illustrations of the foundations of these plans as to what the market offered. If you neglected this, then do it and appendicize it to both the business plan and the strategy plan. You can also attach my attachment as a reference of where you began to collect the data to deal with the sesonal nature of the task. By 1960, a little more than the 10 years ago when those rewriting history feel this began, I had people's plans complete for the earliest adult handicapped children lifetime trusts done with profits from trading plans and business plans. at this point I am working with people three generations younger than me and I was working in 1960 with people two generations older than me. The advent of the web and forums is much older than ET. It is also true that electronic communication was done at the capacity of the system through waves of emails where lists where processed as subsets on every level of the multi levels. My first participation in communications webs where SEC violations occurred and precipitated formal testimony were in 1960. At that time a bogus surmise was nationally circulated by ML (Bean was the last partner at the time) that led to speculation based on my trading of Tang Industries. 1960 was 48 years ago and what I do drew national attention, fines and public statements by CEO's. Just like Trader666 screws up backtesting, ML screwed up coattail trading me on a national basis and imparted bogus information ML made up for their purposes. Crayola 101 is not hard to do. Once you have done it 50 times, you are mentally oriented to vote objectively. Until then you are just babes in the woods.