...was IMO pathetic. a guy starts a thread, does a live demo of a trading system, and the anklebiters who never contribute *anything* but bitching and complaining immediately swarmed all over it and turned it into a complete mess. yes, a mod finally stepped in to clean it up, but in the meantime the thread became all but unreadable and is now (temporarily?) closed(!). i'm sure i wasn't the only one who gave up. ET really needs to allow thread-starters to moderate their own threads or ban people outright (from their threads).
Maybe the fact that he didn't follow his own system and refused to answer questions about it had something to do with it. But then, you never know.
...oh, come on. We ankle biters provide comic relief. There is so much BS and self-promotion here that a little cynicism is healthy. I thought Rex did a pretty good job, though I don't believe for a minute that he really described what he was thinking. It's basically a theological issue. Some of us won't even start to think seriously about a poster until he says he's codified and backtested (let me see that water into wine trick once more, please?). Others love free-form trading (I believe, brother!). The former leads to verifible claims, the latter (potentially) to charlatanism. It's also an intelligence issue. Backtesters are basically stupid. Discretionary traders are brilliant (just ask them).
Letting people moderate their own threads sounds simple, but isn't workable either. They'd simply delete any contradictary posts and you'd have equally worthless single sided BS. Third party moderating is the only way to keep it from becoming one sided. I'm all for letting moderators weed out the BS, irrelavent, way off-topic, and non-responsive posts (not just the ones that involve name calling or spam). Too many threads end up becoming worthless streams of (not so bright) consciousness - totally off-topic from where they started - because a few nuts jump in the middle and start their own irrelavent dialogue. Then everyone else originally interested in the thread become disinterested because the thread's gone way off-topic and is now worthless. Those that do this argue that that's how conversations work - except these are for the most part (at least outside Chit Chat) supposed to be topical exchanges, not free form conversations - if they want that, they should start their own thread, not jump into someone else's. They end up meandering a thread with inane and unrelated crap so that it starts off about perhaps using a certain indicator and generates into a melee about creation vs. evolution or whether the Yankees or Boston should win or some other such irrelevance - this should be quickly killed by the moderator and those involved should be told to knock it off and continue their off-topic discussion in their own thread. If that happens enough times, we'll not only have cleaner and more worthwhile topical threads but eventually even the hardest headed in the crowd will eventually get the idea (or at least their diluting impact on other threads will be repeatedly killed by the moderators and they'll be rendered irrelavent like their posts).
Hmmm... If he didn't post any realtime trades via his realtime demonstration... He probably didn't want to commit himself nor his system. I didn't read the entire thread...isn't he Long @ 1413.50 or 1414.50 with a stop @ 1406.00 ??? Or is that ambiguous info under the facade of saying "it depends" ??? I do realized when he switched from talking about one system to talking about two systems via saying the following... Therefore...I was under the impression at this point...two strategies were being used under the same system... both active today in the market. Therefore...he should be Long @ 1414.50 or 1413.50 with a stop @ 1406.00 Next he said... If you were long the market you would actually use this opportunity to add longs at 1408... ADD ??? Next he said... If you bought @ 1408 your up 3 points!!!! Why is he using all these IF words??? Sounds like to me he's not even trading his own system... if he was...why is he not being clear about such. He never gave an initial buy signal...unless he did it in another thread. I also find it odd why he doesn't register and get a free room on IRC Othernet server to do all these realtime contests and demonstrations. Yet...he seems to be fixated on doing such here at EliteTrader.com He'll have less problems...can moderate his own live-realtime room. Last of all...when that thread was closed.... In my opinion...it should have stayed closed. He's intentionally being ambiguous via if words, not posting any actual realtime trades although he saids its a realtime demonstration in his latest adventure. What's the point of demonstrating something in a narcisstic manner while not posting any realtime trades ??? I guess he's never heard of Camtasia Studio via http://www.techsmith.com If the market closes higher...above his 1414.50 price and he announces you could have done this and that or even something like that he did go Long...way after the fact of not clarifying if he did go Long... Hmmm. P.S. Sometimes I feel like I'm watching the Jerry Springer show when I log into EliteTrader.com NihabaAshi
I don't recall ever seeing anything about when to take profits. But, over the years, I've learned that it's best to avoid arrogant traders who require great gobs of admiration from strangers. For one thing, they tend to be cowboy traders, not the best role model for even the intermediate trader. And not someone I'd want to trust with my money. But the tap dance was entertaining
...I didn't try to follow everything because I had to keep an eye on my own charts, but speaking as a bored breakout artist, he does (or says he does) what I want to do: play that violin of indecision until the real morning move is made. What I thought he was saying matched the notional system I am creating in my head to do that. He mentioned specific S and R numbers that I resonated with. Arrogant? Which of us here ain't? It's just degrees of arrogance from immovable smugness to flaming megalomania. A modest person here would just lurk and laugh!
The market makes everybody modest eventually. As for the S/R numbers, I have no problem with that. There are various numbers that can be used. For instance, the S1 pivot level which, today, was 1407. My tweak on entry put me in at 1409. But none of that had anything with the "system" that he posted and that he supposedly was "demo-ing". Instead, it was simply a show, and not even in real time. Therefore, I was not impressed. I'm attracted to self-confidence, such as Raschke's. That generally is associated with competence. Arrogance, however, is generally associated with over-confidence, and that is nearly always disastrous.
...well said. We have held this thread for ransom long enough. We gave it enough hits (even if they were irrelevant) to help it take off if it was going to. I'm signing off. Will see you elsewhere.