Well I don't believe in aliens. I also agree that speculating on what causes specific S/R intervals is irrelevant to trading. However, while I still hold to my theory, since proving or disproving the theory adds no real value to trading it's neither worth my time nor my effort.
There are two components to trading. 1) what to do when the trade goes in your direction. 2) what to do when the trade goes against you. So why make your life so complicated that you cannot see the woods for the trees? sosueme
I also have only 2 components... 1. When to Enter 2. When to exit That's all there is to trading and exit takes care of your 1) & 2) However, the problem for all traders is getting skill levels to a place where entries are early and exits late. Without an early entry big and bigger stops are required and then MM becomes the lifeboat to try and salvage a profit from crude trading. Some traders think MM is what makes the profit!!
So very true. Some claim random entries can be turned into a profitable system. In reality, they often test a huge number of different MM methods, and focus on a few of these that statistically looked positive. That is called "cherry picking" your back tests. If you do 100 samples of 100 tosses of the coin, a handful will be mostly heads or tails. That is called "probability" and not "gee, some of these random trials seem to work!!!"
I disagree. People as a whole, either individually or as a group, will consistently make bad decisions. Why? Because people are controlled by their wants and desires, not their intellect. Granted, most will convince themselves that what they are doing is a reasoned approach justified by facts. But this is just a lot of self delusion used to reconcile fantasy (desires) with reality (fact). I have read on this site several times: "Give someone a working system and they will still fail." In other words, give someone all the facts they need and they still can't make the right decisions.
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As you can see the site is populated by folks whose emotional issues make it difficult for them to sustain intelligent dialogue. Because of their disability, they are reduced to insulting people. Its something you will have to come to terms with if you decide to participate here. Given that, I want to respond to your comment. First I think you may misunderstand the quote you cited. Without knowing the author personally one can't know with certainty what he intended, but from experience I can tell you that the reason people cannot duplicate results given all the details of a systematic approach is that they lack the ability to execute in a disciplined manner. As an example, I was recently involved in training a couple of people as a favor to my employer (we are in a professional office working in the markets on a daily basis). The "students" learned the basics without complication, but when it came time to execute trades, they had problems holding a trade until it either obtained a profit or stopped out. What they tended to want to do, was to take a few ticks profit, and when faced with a loser, they generally wanted to hold it, hoping it would turn around. In other words they let losing trades run too long. The result was predictable. I learned an interesting thing about people during this process. Apparently just providing people with an intellectual understanding of the situation isn't enough. Even though my students saw the negative impact of their impatience reflected in the P&L at the end of the day, they still felt compelled to act in an undisciplined manner. It wasn't until I found a way to get them to "feel" the consequences of their decision that they were able to control themselves and start to see consistent results. Hope this helps.