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Hey Louis,
If you are looking for a simplistic trading system based on one
indicator, you are wasting your time.
IMO, you can break trading down into 4 parts, Money Management, Trade
Selection, Trade Entry and Trade Management (also called trade exit).
Of the 4, MM is the most important. If you are not wise enough to
employ good capital preservation strategies, you will soon lose all
your money. Risk assessment and risk management are critical to
trading successfully.
Of the 3 remaining parts, TE is the least important and TM is the most
important. In one of Van Tharp's books, he demonstrates a trading
strategy using random entries that is profitable. IIRC, it generated a
5% annual ROI. It was not intended to be a tradable system, just to
demonstrate that using good MM/TM can make almost any trading system
profitable.
What follows are some quotes from the daisydogger website. They seem
to me to be one sensible way to approach trading.
"...making money in the market involves knowing what to trade, when to
trade, and an ability to vary your trading style to match the current
market conditions."
"...start by analyzing the current market conditions to determine
where key support and resistance levels are and what that implies for
trading style, entries, and exits. I write down this information and
use it to develop a trading plan for the next day."
"After analyzing the market I run a dozen different scans that have
been tested in different market conditions and pick the setup's most
appropriate to the current market."
"My market analysis also tells me whether I should be focused on short
term trades, swing trades, or intermediate term trades. In general I
focus on short term trades or stand aside when the market is in a
narrow range, I focus on swing trades when the market is trading in a
wide range, and intermediate term trades when the market is clearly
trending."
"My scans look for trades in both stocks and ETF's. Sometimes the
market is going nowhere and it is better to trade ETF's that are
uncorrelated with the market and happen to be trending. After 20 years
of market experience, and countless hours testing and refining a
number of scans, I've yet to see a week there there wasn't an
interesting setup."
Bill
--- In amibroker@xxxxxxxxxxxxxxx, "Louis P." <rockprog80@xxx> wrote:
>
> Hi,
>
> I was only wondering... Anyone actually making money or making a living
> with AB and trading?
>
> I've been working on ideas and plans for over 7 months now and
didn't find
> anything convincing yet. I've been searching daily data, then hourly,
> 15-minute and now I am into 1-minute data and nothing seems satisfying.
> Been searching RSI, MFI, ADX, MA, HHV, LLV... nothing seems to work.
>
> So... Anyone is making consistent money with this, and if so, at which
> timeframe and how do you do it?
>
> I'm beginning to think about switching to tick database; it seems even
> 1-minute is too slow for intraday trading. Anyone making money with
> 1-minute?
>
> Thanks,
>
> Louis
>
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