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Interesting. I come out somewhere in the middle. I think you need to know a
fair amount in order to have the courage to stay the course. If you've given
yourself a good grounding in TA, then it's harder for some self-appointed
guru to take you for an expensive ride based on his or her interpretation of
some basic indicators that you should have known about anyway. If you've
learnt enough to do some back-testing of your simple idea then you'll have
the fortitude to follow your system through drawdowns.
So at least do some basic homework (e.g. Murphy "Technical Analysis...")
before you start, and learn to do some backtesting.
Oh, and be careful re Van Tharp. His mathematical rigor leaves a lot to be
desired, although many of the ideas that he summarizes from good traders are
ok. And don't expect to be able to replicate any of his numbers.
Andrew
-----Original Message-----
From: Pam and Ken Johnston [mailto:milocat@xxxxxxx]
Sent: Monday, January 10, 2005 7:14 PM
To: equismetastock@xxxxxxxxxxxxxxx
Subject: Re: [EquisMetaStock Group] Should I follow indicators?
I hate to contradict Superfragalist because its obvious from his posts that
he knows that about which he speaks but I have to offer a completely
different opinion. Trading is made unnecessarily complicated by most
people. I remember reading a book about top traders and one of the
interviewees made a refreshingly different observation about trading,
essentially he said that the good news was that finding a good method to
trade that produced excellent results over time wasn't very difficult. The
bad news was that having the discipline to stick to any given method was way
beyond most people.
I would forget about 100 different books and psychological consultants.
Find a simple method that makes sense to you(otherwise you will abandon it)
and resolve to stick with it. Astrocycles-time extraction-fibo squares etc
are likely no better than moving averages-the tough part is picking a method
and staying the course.
I doubt that there is any facet of human existence where the KISS principle
is more applicable than trading.
----- Original Message -----
From: "superfragalist" <no_reply@xxxxxxxxxxxxxxx>
To: <equismetastock@xxxxxxxxxxxxxxx>
Sent: Monday, January 10, 2005 9:44 AM
Subject: Re: [EquisMetaStock Group] Should I follow indicators?
>
>
>
> Yeah, I have a suggestion. You should read somewhere around a 100
> trading and systems development books, and then if you plow another
> few thousand hours into understanding what you've read, experimenting
> and figuring out how to trade with what you've come up with, then
> you'll be close, really close.
>
> There's nothing anyone on here is going to post that will help you
> more than the above mentioned paragraph.
>
> If there was one good indicator--or trading method--we'd all be using
> it. We ain't. Indicators fit people and personalities. It's all in
> what you can use, and no one on here, or anywhere else, can define
> that for you.
>
> Go to amazon buy every book they have on trading and sytems
> development and you'll be off to a relatively mild start, but
> generally in the right direction.
>
> Read Van Tharp's Trade Your Way to Financial Freedom first. That will
> get rid of a lot of your misconceptions like entries are important.
> Read the other 100 books next, and then read Van Tharp's again. By
> that time you might have a prayer of getting it.
>
> If you want easy--go bowling!
>
> Sorry, but them's the realities.
>
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> Yahoo! Groups Links
>
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>
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