whose the moron here you let a mindless system trade if you knew how to trade youd be making the crucial decisions not your computer, sad comentary when a pentium III chip does your thinking for you :-/ trading a mindless sys is ineficent to say the least because only a real trader can take into account all nuonces in market from day to day and so on. bottom line if you knew how to trade you wouldnt be letting your pentium III make your decisions for you. i tell my computer what to do not the other way around but then i am a REAL trader not a wannbe:-/
While longshot was perhaps a little more, shall we say vocal, about it, he echoes my thoughts. After many years of studying and hearing about all kinds of overtly complex "systems" I was fortunate enought to meet a trader who actually trades. Floor traders don't use any complex methods at all. They trade people and emotions. That's it. My purpose in making my comments and asking the questions I did was to cattle prod many of you into realizing that trading is something you do inside of you, not outside. Market Wizards like Tom Baldwin and Paul Tudor Jones don't trade with MA envelopes, bollinger bands, pyrapoint, gann angles, moon phases, elliott wave, etc etc. I submit to bobcathy, and all the others in a similar place, you could be doing so much better by thoroughly understanding why you do what you do. For instance, using marketsurfers levels may be fine, but what happens when marketsurfer isn't around. Or when some fundamental change occurs in the market that nullifies the basis for his levels. If you don't really understand the who,what,where,why of it all; you're really not mastering this. I fully expect critisism. That's fine. If I help one person then it was worth it. After 20 years of searching, I only wish I had the good fortune to learn what's important a long time ago.
paul tudor jones has a chief technical analyst with his group and is a MAJOR user of a derivative of elliott wave and other esoteric methods. peter borish ( tudor jones' chief TA guy in 1987) used some very unique TA to predict the 1987 crash by which tudor jones profited wildly. may i suggest "the trader" video which documents tudor jones's use of TA. otherwise, excellent post. i agree, trading is mostly internal. best, surfer
Sister (Brother) Cathy... Optional777 is GOD, not surf.... Or are you the devil??? I just had to post this to clear this point out. Optional777 Bless, WDGann
You know, the reasons why one might follow another trader's journal is to use him/her as sort of an indicator. True, if you follow someone and don't think for yourself or grow beyond, then your upside is limited. That's putting it mildly. But following a journal can be a good way to learn how to use a certain indicator. And it's true, the lingo can quickly become shorthand - you have to know a little about the system the trader uses, what indicators s/he uses, which ones s/he thinks are bunk, etc. The good news is that surf will give a brief overview of his system before we take questions. Oh, and that's at Noon EST today, in the ET Chat Room. André
greetings, the DJIA and NASDAQ appear that they will gap up above the upper channel figures at the open. will be utilizing the 6 minute rule before entering. wait for a FULL 6 minutes--2 three minute bars/candles, draw a horizontal line on the chart--this is now the new upper channel figure. long above the line, flat below it. thanks everyone for attending the chat yesterday. it was fun ! let's go do what happens, surfer ps. it appears that the fall of baghdad is imminent. just be ready for anything ! we are still expecting 9000 level on DJIA by end of the year.
"We(?) are expecting 9000 on the DJIA by the end of the year."??? Bold prediction for a 8.65% increase from yesterday's close, between now and the end of the year.
system kept us FLAT here. go long levels are 1405 nasdaq. the djia did not gap thru the upper figure of 8327. flat at this time. best, s
yes, 777. i am expecting DJIA 9000 by end of the year. i realize it is a large move. BUT, i am sure you know that 9000 is less than 4-- 200 point days from here. currently FLAT awaiting long entries above figures. best, surfer