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As a postscript to this, I am told by a good friend of Jim Sleeman
(inventor of Delta) that the Delta Wilder distributes is not all that
closely aligned with what Sleeman came up with.
The person who told me that is someone who is a friend of Babcock's. There
was alot of bad blood in those circles around 1993. Babcock is a great guy
and as Tom says 100% systematic head. I saw he had a Gann system recently.
So he is cool on the mystical. He just wants to see it work more than 20%
of the time.
Regards
David Hunt
http://homepages.tig.com.au/~adest
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: From: Tom Dyste <TomDyste@xxxxxxx>
: To: murpran@xxxxxxxxxxxx
: Cc: omega-list@xxxxxxxxxx
: Subject: Re: Wilder's Delta Phenomenon
: Date: Friday, January 02, 1998 1:40 AM
:
: Dear Randy,
:
: If you become a "Delta Phenomenon" trader you will basically become a
person
: who initiates new positions on trend changes of various degree, out of
: congestion or other standard, well documented old-time indications of
trend
: reversals.
:
: Before you go too deeply into Delta, do you know that you don't get
: everything you might desire to begin using Delta when you buy the book?
There
: was a service, used to be and maybe still is 200 USD per year for a
printout
: of the Delta turning point dates for a wide range of futures, and
statistical
: indications of their historical reliability and accuracy, plus a periodic
: commentary by Welles Wilder on the apparent best upcoming Delta
opportunities.
: If you become a devotee, this isn't very much money, but just wanted you
to be
: aware.
:
: If you are looking to Delta as a way for an undercapitalized part-time
: trader to make fantastic returns without the usual risks, you shall be
: disappointed.
:
: You might wish to become familiar with Bruce Babcock's scatheing
: denunciations of Delta, and also be aware that Mr. Babcock shows, to me
at
: least, a bias of fanatical, mystical, even religious proportions against
: anything fanatical, mystical or religious. Thus without transgressing
core
: dogma of "reality based trading" he cannot possibly approve of Delta.
: Nevertheless, his opinions and obervations had value for me. I have
purchased
: some of Bruce's work and never felt misused by him.
:
: Bottom line from me is, go ahead and get the Delta Phenomenon book if
the
: amount of money is insignificant to you. It is entertaining. If the
amount
: of money is significant, consider abandoning futures trading for a while
or
: paper trade extensively before placing your capital at risk.
:
: In accord with my own biases, I believe it doesn't matter too much what
gets
: you into a position, but it is largely money management and exit that
: determines your longevity and profitability. Thus, if there is a modicum
of
: market sense about your entries then there is the potential to do OK.
Delta
: perhaps meets this modest criterion. I bought the book and subscribed to
the
: service, but never applied the Delta information in my trading. I have
self-
: developed systems (some of which incorporate Welles' other ideas to
varying
: degrees) in which I have the required confidence to actually trade. I
buy
: lots of systems and stuff like Delta but have yet to apply any of it
"as-is."
: In Delta's instance, nothing at all transferred into actual trading
systems of
: mine.
:
: My forecast is that if you buy the book you will never use the
information.
: However, it is quite possible there are "Delta traders" raking all the
money
: into one big pile, unbeknownst to me, and you could maybe join them?
:
: I look forward to other posts on the Delta subject. However since I am
: newer to this list it may well be old stuff and not fit material. Also,
it is
: not directly TS/Omega related.
:
: Regards,
: Tom Dyste
: Wisconsin, USA
:
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