I would argue that exit, money management and portfolio selection out weigh entry by such a large degree in the TF universe...that you could very well likely devise a system with random entries and make money. But why do that when you can find better entries than random.
Another one - http://www.futuresmag.com/Issues/2011/March-2011/Pages/Hawksbill-Improving-on-a-classic.aspx - must be Turtles Month at Futures mag.
We have had a nice trending market, and these guys have capitalized big time, like everything else they focus on whats hot at the moment. When the market starts going sideways they'll interview mean reversion strategists. I am glad we are back on topic in this thread!
Hi all: Attached is a collection of comments from this thread. They are numbered from 1 to 17 for reference below. Any potential trader should research trends to be able to incorporate quality information into a superior trading approach. Several quality points have been made and they add up to taking great advantage of improved computer performance to obtain turning point signals for taking the marketed offer. Trend segments are always running concurrently on several fractals and they can be tracked on each fractal since the trend segmenets are interlocking and cause the fractals to be nested (that is, the relationship and order of events are all integrated). Because of these things, prediction is replaced by parallel orders of events on all fractals, all of which exhibit trend egments at all times. In this thread you see traders (RCG and Schamp) espousing systemmic trading and using separate applications of systems that involve taking the market's offer. They refer to historical and contemporary viable systemic traders Gann, Constance Brown, myself and others). The other element of the thread is writers (jounalist Gooboy and writers Covel and M Brown) all of whom offer truisms they have acquired from others who trade. The methods they mention are derived, in part from the Turtle system and a few Turtles (Eckhardt). Over the years, Goodboy has taken exception to input on high performance trading because of his disposition. In contrast Vendors (M Brown and Covel have been pushing anything that is palatable to impressional minds. Both try to assocate themsleves, and Goodboy does too, with big names in the financial industry as their vendor and informer strategies. It is important for the potential trader to be able to know how and why markets work in the offers the markets continually make. This is best done by comprehensive monitoring and analysis using a comprehensive systemic method. The direct route to expertise is build a system that monitors and analyzes the market's signals and just how these signals follow an order of evernts that interlock all the concurrent trends on interlocking nested fractals. Signals announce turning points at limits of price movement and the turning points form the ongoing containers of price and volume. Volume has coinciding signals with price turning point signals (peaks and troughs). Readers can profit from watching Covel (a wrter) instruct Goodboy A journalist) on following trends. Citation 1 begins with RCG (an informed systemmic trader) informing us of Goodboy's status in regard to his skills, knowledge and attitude). profit from the suggestion that an open mind is valuable when making an effort to acquire absent knowledge, skills and prgamtic experiences. Citation 2 amplifies boths persons viewpoints. In 3 Covel is asking a Q to learn about Gann; RCG respomds appropriately I quoted M Brown (writer) in 4 to add to the viws that appeared before in the thread. Brown is in isolation on one fractal and believes in time based segments of trends and chop. If he were to understand that there ar always trends and three types exist, he, then could begin to learn how and why the market operates. The types are: long, short, and lateral. all operate on the same basis and conturrent signals from price and volume define the boundaries and extent of each formations. M Brown also intoduces the ideas of where to trade and to not trend follow as part of improving the "equity curve". In 5 RCG greatly clarifies how trends combine to form cycles. He uses Gann's anchoring techniques to relate cycles to time. It may be seen that a cycle is and order of trending price, volume segments. Often the ordr is long, lateral, short, lateral, long, lateral short, lateral (I did two cycles and you see how R and S are lateral dwell periods and extremes of cycles. RCG alo weaves in the NEED for completeness when using a systemmic approach. Keep this in mind when you read other's work. In 6, Schamp (a systemmic trader) informs Covel of the thoroughness RCG characterized about Gann's systemmic approach in his time. Schamp reminds Covel of the Turtle's handicaps re technology and system design limitations of 20 years ago. Times have changed technologically and system design flexibility. RCG and Schamp are both up to date in their work and trading. in 7, Covel confirms his time fixed viewpoint and his orientation of not doing sophisticated reseach with respect to how processing information relates to technological advances (See Sullivan Rule, for example). the exchange continues in 8 through 10. In 11 Covel reverts back to a Turtle's view of the approaching end of TF (trend Following). In 13 a commnet is made on Rodney's posted article. I wrap up the progress of the thread in 13 through 17 where Covel begins to instruct Goodboy on trading. This turn of events is unfortuate for readers trying to learn how and why markets work. Goodboy affirms RCG's views of Goodboy's trading status. Gooboy is unable to use monitoring and analysis of trends for making money. Covel points out to Goodboy to look at particular non sgnal point in the trading cycle. Why Covel would NOT deal with a turning point for taking on a trade is suspicious. Does Covel not know a breakout is NOT a turning point? Or is Covel misleading Goodboy intentionally. Neither are traders so it may not be important. Covel makes three pronouncements that are off topic rgarding the use of technology for trading: 1. what is more important for trading than monitoring and analysis of markets is money management, potfolio selection. 2. Breakouts and MA's ar where to begin to get technical. 3. There are no turning points that can be predicted. My view is that trading is a science and cycle analysis is key, uncomplex and prediction is not involved anywhere. What makes trading so prductive is the order of events on all nested fractals. The expert is situated in a place in the near future and he continually "knows that he knows with certainty as he does trades at the time location known as the PREsENT. Monitoring an analysis of the three trend possibilites on three adjacent interlocking fractals is how the trader always knows he knows and is always able to extract the market's offer with ease of effectivenss and efficiency. Neither Covel nor Goodboy "get it". Footnote: A breakout appears in the middle of a trend segment. For those who use the pattern for making money. All breakouts are found midway through the first move of the pattern (For longs the B2B move; for shorts the R2R move). MA's are price lagging indicators and they pass through price well into each part of the cycle. MA's are far away from cycle turning points.
Jack, after this exchange, Covel complained to the execs that he was a vendor and that we are harassing him. How sad is that? Too much heat, and they complain to the refs.