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A coach is someone who finds talented players -- in this case,
traders -- and teaches them the fundamentals -- the result of the
modeling work -- and then makes sure those traders follow the
fundamentals. It's interesting that trading reflects human
performance as much as any athletic endeavor. Almost every top
athlete will have a coach, but few traders have coaches.
A modeler is someone who finds people who can do something well and
then determines what they do in common. You don't want to model any
single individual, because then you'll know all about their
idiosyncrasies. You want to know what a number of successful people
have in common. When you know that, your model usually works for
everyone.
When most people read Jack Schwager's Market Wizards, they usually
look for traders' secrets -- their methods for trading. They are
probably disappointed when they realize that the details of those
methods aren't in the book. In fact, those interviewed all have
different systems, which leads to the conclusion that their systems
weren't that important. Instead, look for what they all have in
common. That's where the real "secrets" are!
What did they have in common?
They had in common low-risk ideas, money management -- position
sizing -- and discipline. There is tremendous value when you use that
approach.
The Holy Grail Of Trading Is Within Us All. The Holy Grail does
exist, but it is an inner search. And once one've undertaken that
quest, one should learn position sizing strategies. When one can
understand how position sizing applies to your trading system, then
one have a chance to find it. -- Van K. Tharp
The only time you understand the inscrutable, the only time you have
knowledge of it, is after the sun's gone down. After it is over.
That's really true of trading - Robert Zellner
The market plays music all the time. The problem is you never know
how the music of the market is going to end - Victor B. Niederhoffer
If you can control your risk by quickly bailing from losing trades
and without killing or cutting short too many winners, you may even
be able to turn a losing system into a profitable one. A solid exit
strategy can make a profitable system even more profitable while
reducing equity volatility and drawdown. Most important, during those
inevitable rocky periods, a good exit strategy that incorporates
solid money management and capital preservation techniques can
increase the probability that you will be around for the next
profitable trade - Van K. Tharp
Since the price is determined by the interaction of many different
time cycles, it's important to plot several momentum indicators with
differing time spans for any given situation - Martin J. Pring
They are called indicators for a reason -- they only indicate, they
don't signal, you have to build a system out of it - Teresa Lo Of
trendVue.com
rgds, Pal
--- In amibroker@xxxxxxxxxxxxxxx, "Mr Valley" <valleymj@xxxx> wrote:
> Ok, Let's start a new clean thread.
>
> Mark,
>
> Any suggestions on where you want to start?
> What works long term?
> Are you trading Divergence Patterns?
> What are your thoughts on viewing time frames, are you varying it
or same
> for all?
> Would Robustness be as Robust in all time frames, indices and
markets?
> How do you determine your position sizing?
> What are your thoughts on money management techniques?
> Are you using wide stops?
>
>
> Let's start from the top...
>
> Gratefully,
> Mr. Valley
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