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Al...
Great post! I only quite recently concluded that I must follow my signals when
presented. My logic was that I can't know if the results would be good or bad,
but as long as I got out of the bad ones before I suffered pain, all would be
well. It's absolutely true that you don't need to know, because there is no
way you can know. Practice damage control and your trading will be successful.
Ken
Al Taglavore wrote:
> Adam,
>
> You wrote: "......I spent all my time doing analysis, but couldn't find a
> good way to pull the trigger (trade).
> The Pitchforks, were then added to the Krausz charts...but that just helped
> my analyzing,
> still couldn't trade....."
>
> A couple of years ago, I attended a workshop with Howard Abel and Bob
> Koppel ("The Day Trader's Advantage") and heard the statement, " You don't
> know, and you will never know, and you don't need to know".
> A year later, I heard Mark Douglas make the same statement, and I
> understood that I will never know if a buy/sell decision is correct, and I
> do not need to know as long as I have a pre-arranged exit and the
> discipline to execute and the ability to take a loss. This released me of
> any problems with putting on a trade. Think about it.
>
> Al Taglavore
>
> ----------
> From: Adam Hefner <vonhef@xxxxxxxxxxxx>
> To: metastock@xxxxxxxxxxxxx
> Subject: Re: Mother of all Highs
> Date: Saturday, April 15, 2000 10:33 PM
>
> Ton,
> Thanks for taking the time to explain how you approach your trading
> decisions.
> You said that you were "...an overall average Technical Trader", well I
> consider myself
> a student with much to learn! It's funny that you bring up my Point &
> Figure history,
> I believe that it (P&F) is a valid trend following method, but I had given
> the development
> of the Point & Figure Indicator a rest after struggling with MetaStock's
> language
> barriers (It should now be possible using "Power Basic" or "C++" and the
> developers kit).
> I was trying to create an indicator that would plot on a bar chart were the
> "x"'s and "o"'s
> of a P&F chart would be. If this can accurately be done using different
> point and reversal
> value's, then this indicator could be used in the system tester for
> analysis. After this
> struggle, I became interested in Robert Krausz's Stuff... some of it didn't
> seem to work,
> but I really liked the Multiple time frames and having a specific
> definition for trends.
> But as you mentioned (and what took me months to learn) "You do the
> Analysis first",
> So ... were am I now? Still a student of this madness, but I am learning
> how to pull the trigger.
> ..........snip, snip
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