Hi wave, Why should a PRO like you be disturbed by a few hornets buzzing around at ET? Did the thought ever occur to your pro-brain that chart looking is a system like any other, assuming of course that the gazer is not empty-headed. I hope you never will be doomed. nononsense
My friend Steve Rifkin must have had a nitemare and couldn't sleep he is in Chicago @ 3:30am his time. So he rings me and says what the hell are you doing in Elite Trader. So I say I am just giving them some food for thought. My girlfriend is away this weekend and I have to amuse myself! )) I started a thread 24 hours ago and it is going like wildfire. But the truth is that it is off the the track and the true value of my initial comments is being lost. Inever said systems work and I still maintain that. Chart points work and that is about all. Retracement levels work when they coincide with chart levels but that is more complicated for the average idiot. You guys need toi go back to the start and re-read everything if you want to gain some knowledge out of this. It must have been the fastest growing thread this site has seen in 3 years. BBG
What are you talking about? Patterns, S/R, highs/lows/close, PREM, pivots? I look at the charts every day, and likely see what you're looking at. Except maybe for your Gann Squares, Elliott Waves etc. You are right, I don't see them. I am sure the professionals look at them a lot... As for systems: Like I said, I like to have them in my repertoire. They keep me rational and on the right side of probability. I have a vast set of systems, many of which I only have in the back of my head, as a decision-support tool. Imagine my brain as a computer that goes through a few dozen probability algorithms and weighs them against the "discretionarily" observed information on the charts, to make a rational, high-probability decision. I do this about 30 times a day at this point in time, with approximately 70-80% hit rate. It works well for me. And most certainly, in the index that I trade and know all the parameters, I will beat you hands down, without a question. You wouldn't even stand a chance. You are too lucky for the time we're doing this on the ES, since at least there you have most of your 35 years of experience. At least you stand a chance. Finally, I don't think it's nice to talk down "systems" or parametrical approaches of any kind. Never talk bad about anything you don't understand. You obviously dont', since otherwise you'd perhaps realize what I said in the post to you a few pages ago: Even your "discretionary looking at what the pro's are doing" is a totally rule-based system. Your brain knows the rules and executes them systematically. Unless you admit to be totally changing everything you do and look at every single day, you will have to admit that you are, in fact, trading a system. So much for that comment. S
I will never be doomed because every pivot a market makes is important to watch. If it holds or if it breaks it tells you a story about market strength or weakness. If the market breaks back through it the other way it tells you and story. The market continues to tell storiies all day long and if you are an idiot and don't listen to these stories you are a fool. What can I say - I have tried to help you and I am not looking for any payment or reward. I just do it to try and help. But a lot of idiots in here don't believe my motive because the are stupid, So what is the answer? BBG
Clash of the Titans? I am eagerly awaiting the results of this challenge. Please dont let this go the way of most ET challenges. I really think the differences are mostly semantics. The system/nonsystem debate is similiar to the indicator/noindicator debate. Everybody uses a system and indicators to trade unless you are flipping a coin and hitting the button and even that is a system with an indicator. Fortunately we cannot agree on much of anything and thus we have a market. p.s. I probably should have qualified that with "good traders use a system" as some people approach the market with no system whatsoever and this is why they fail.
"I do this about 30 times a day at this point in time, with approximately 70-80% hit rate. It works well for me. And most certainly, in the index that I trade and know all the parameters, I will beat you hands down, without a question. You wouldn't even stand a chance. You are too lucky for the time we're doing this on the ES, since at least there you have most of your 35 years of experience. At least you stand a chance." OK let's assume my approach is a system of sorts. It is not a fixed system because it does not rely on algorithms. But I have tools that I use that are things I understand and I monitor the underlying strength or weakness in the bluechips which is another tool of mine. These tell when breakouts have the best chance of success or if not failure. Your systems won't tell you that, I know 80% of the time to buy weakness or to sell strength. Or trade breakouts. Do you think I have been in this business over 20 years and I still fool around with bullshit. Hardly I traded systems for 3 years when I first started and threw them in the garbage. They weren't worth a pinch of shit if you followed them blindly. You will have your chance but I bet I can pick more pivouts than you can any day of the week. I don't neccessarilly trade the pivots I pick sometimes until I see other confirming factors but that won't matter to you when you compare the win loss rate I can produce. You are on all I need is your email - name and address and you are in my room for a settling in period until I am ready to spend two days straight at the workbench. BBG
I think he has used the right word (i.e. broking industry). This industry does leave most people broke and broken - in the pocket and the spirit.
Nor is mine. I do not rely on any "algorithms", computer-technically speaking, even for my mechanical systems. I know most of the time when to trade breakouts. I can feel a breakout coming before it even starts. No system in the world could even detect it. Doesn't mean I don't still know my parameters inside out. Wonder what kind of systems you traded? Oh I'm sure it was something involving technical indicators... like most systems... LOL Sounds great. I'm sure it'll be fun. However, only committed trades count as a measure, not the "picked pivots" or other would-have-should-haves... Just sent you the details. CU soon, S