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We can be tricked by situations involving mostly the activities of
the Godess Fortuna - Jupiter's firstborn daughter. The point is:
that which came with the help of luck could be taken away by luck
(and often rapidly and unexpectedly at that.) The flip side, which
deserves to be considered as well (in fact it is even more of our
concern), is that things that come with little help fom luck are more
resistant to randomness. The rare event is a problem that has
obsessed science for almost 3 centuries. It is the problem of
induction; it even has an acronym, P. of I., it is the most
important problem in the social sciences. Another linked problem is
the skewness issue: it does not matter how frequently something
succeeds if failure is too costly to bear. So instead of re-thinking
my (occassional) day-trading strategies, a better course for me is to
try avoiding it altogether using noise filters and instead
concentrate my efforts in optimizing my entry points...
rgds, Pal
--- In amibroker@xxxxxxxxxxxxxxx, "dajester147" <dajester_147@xxxx>
wrote:
> Actually, if you take away all the information on a chart, an
intraday
> chart looks like a daily chart or weekly chart really. Daytrading
is
> all about cutting your losses really fast, so if you are one of
those
> traders that do the opposite, well then, you need to rethink your
> strategies. As for making profits on daytrading, I trade the ES
(SP500
> mini's) and NQ's and do fine. Personal preference. I know position
> traders that do quite well (a buddy of mine went long on gold at
the
> beginning of the year and I never hear the end of it.) and I also
know
> daytraders that do well too (one of the guys that meets at our
trading
> club made 12k on a single day 3 weeks ago..and yes, he proved it
with
> trading record from IB). Of course, the way he traded would have
made
> a sane person bend over in agony, cause he kept averaging down and
> believed in his studies. I personally want to slowly get out of
> daytrading and into more swing trading, hence Amibroker. Money
> manangement is the same no matter what timeframe you trade in.
>
> Cheers,
>
> Danny
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