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Al, Alton, Steve, others
Al T.
Thanks very much for the words of encouragement. When I do start to
venture into the world of futures you can bet I'm gonna be asking you
guys for some hand holding along the way. So what was your starting
point?
Steve
As far as using multiple indicators I guess it's what you're comfortable
with. I see RSI and Stochastics as measuring the same thing, just
displaying it differently. So I try to choose one, get familiar and
comfortable with it, and just use it. My poor brain gets easily
cluttered with too many indicators.
After having said that I fully believe in making my system personal. I
want it to be a combination of my understanding of the markets, my
investment goals, my risk tolerance, my time frame, and my confort
level. I also fully believe that there are many other systems that match
other peoples personality that do much better than mine does, but I
sleep well at night and that's important to me. So if you're comfortable
with multiple indicators and can juggle all of them you have my
admiration.
When you look for divergences in you indicators and override what your
system says you're simply creating another system. Do you want to
program divergence analysis into your system? I prefer to study the
chart and see what it may tell me, it takes less time than programming
divergence analysis for multiple indicators.
This may be discretionary trading or analysis. I tried programming
divergences into my system a couple of years ago but felt sort of
overwhelmed by the project so gave it up. At the time I felt it might be
easier to do that in "C" language than Metastock and I'm not a "C"
programmer. Metastock's language is getting better so maybe I'll revisit
it.
I would like to start a thread on money management at some time as I
think this is as important or possibly more important as selection of a
trade.
O.K., O.K. I'll order Steve Nissons book on candlesticks. You and Jim
Greening seem to find them most useful so it's time for me to devote
some time to them.
Alton
I really wish I had a system annealed and tempered by experience and
market savvy. My system is an ongoing evolution of my learning and
experience and realization that I have much to learn. I hope a day never
goes by that I don't learn something useful whether it has to do with
trading or not. I feel that there is a mountain of knowledge out there
and I'm at the bottom of that mountain. The climb is fun.
With warmest regards
John Manasco
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