Discussion in 'Trading' started by michael c, Aug 29, 2005.
As opposed to the riches provided by your neo-Gann shit.
From a post I made a few years back
Registered: Dec 2001
03-27-02 01:26 AM
I'm not the best guy to comment on this. I grew up a scalper and even now off the floor I consider a 2 day position an "investment".
But as someone who has seen the likes of Rich Dennis and Tudor Jones operate, those "5%" winning trades involve add on after add on. Case in point is Dennis in the 1985-1986 bull market in bond futures. He would start with his normal unit of 500 contracts and get chopped for days. Buy the days high, put em back out on a new swing low ect. Every once in a while he'd wind up with 500 that worked. Then he'd start the process higher, all over again. Work em in, work em out. After maybe a couple of months the market has rallied 10pts. from where he started and he has 2000 on.(meaning 2million a point) Now the market is short and ready to pop on any size buying and he's there supplying the noose. Bidding for 500 on every up tick, finally gets to a point where for the last month of the move he has 5000 on. T-Bonds rally 20 pts. in just over a month and he's up $100,000,000 on a trade that started out with him just testing the waters,losing $100,000 a few times before he could establish a position worth doubling up on.
Yes, exactly. This makes perfect sense and will obviously work. How does this relate to turtle trading as taught in Michael Corvel's site? It requires vast sums of capital, vast sums. It is not something an average joe trader could possibly accomplish. Your background is impressive!
RD started with something like 2 grand.
Few people have the stomach for that, which says alot about successful traders. Nice post Pabst.
The soft rock band was real.
true. the demographic was people who take money, finance, and work seriously versus those who just admire people who do.
Yes they are real......I have worked with one of them(I won't mention any names). The experience was very enlightening, but maybe a good question to ask is. Do you stop your due diligence or research once you learn the techniques of successful traders? It takes the next level to take what you learn and expand on it. I know one thing most of the original turtles(if they are still trading) have moved on to new techniques. The new techniques can range from fractals and shorter time frames, but I know one thing for sure risk and management is the main focus on their new trading ideology.
...Believe me I have moved on...
(please no pms on my trading methodologies...thank you).
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