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There have been some comments about Linda Rashke's trading history on this
list. I'd like to say that I find what's been stated about blowing out (let
alone once) incredibly hard to believe since I have succesfully used her
stuff for a long time and can attest that it works and works well. I've
been a steadfast student of her work since I started trading futures. While
much of my method relies on hers, I have incorporated my own ideas. IT was
her ideas that gave the basic understanding of markets and how they work.
Her papers pointed me a direction that has, with a lot hard work, proven
valuable. Others I talked to also have also used her stuff succefully. In
fact one guy I met at a seminar said that her methodology had turned his
trading around. He said that her swing trading concepts had allowed him to
trade more proftiably and securly than he was ever able to. Her approach
isn't for everybody though and some would like to scoff at it calling it
simple and too intuitive. Well, what else is new? She is trying to convey
concepts that she has devloped for herself and herself only. Most people
know that one traders holy grail can be another's ruin. Yet the critisim
continues becausae like some many on this list, these people are short
sighted thinking there are just a few ways -- usually their ways -- to trade
markets.
I would say that her apprach is very RAW comapred to others who attempt
quanitfy every single piece of their trading approach. It requires a
throuhg understanding of price action, the importance of opens, osc patterm
interpretation, etc. to apply. You won't find heavy math, or complex
analysis in her stuff. It is straightforward, simple and robust relying
much on price action and her ability to analyze it. She also leaves room in
her methodology for intuitive analysis based her many many years of trading.
I would expect this from someone like her. This is where I'm sure some
people take issue with her approach. I would say that for someone with
limited exposure to price action and patterns, her approach can be
confusing. Some of her OSC patterns are very reliable but price action
concepts can be hard to get a feel for unless you take her advice and "study
charts." But when you reach the point where price action begins to make
sense (this can take a long time) understand price action and patterns and
you take the time to let her osc and "burn in" then it becomes clear and the
pieces start to fall into place. Just don't give up on it. She'll be the
first to tell you that the thing you need to do as a newbie trader is study
charts -- Learn price action not Easy Language. Once you get price action
down then spend some time to automate your apporach in EL if you're
inclined.
I use a great deal of her ideas in my own trading but have implemented my
own ideas and observations with hers. Her methodology still forms the basis
of my approach. Specifically for instance, I use her LT/IT/ST oscilators
and will not short if the IT/LT is below the zero line and not go long if
IT/LT is above zero. If other indicators are set up right then I look for
shorts above the zero line and longs below the zero line. This is one of my
rules. Her ST osc is also very accruate for indicating buy/exit/sell short
days but you have to learn WHEN NOT TO TAKE A SIGNAL because it is does
whipsaw when price behaves a certain way.
See this is just the problem. Some people don't want to sit down with a
chart and study price relative to the ST OSC. Some people believe that the
holdy grail is found in complex mathematical formulas and will spend their
horus upon hours trying to quantify markets and their approach insetad of
devloping a methodology around price action. For some complex math may lead
the way and provide a mechanial trading approach. Some of her approach is
mechanical but it's simple. I lalso earned from her that support and
resistance provide key points to enter trades. I learned what a low risk
trade was. I learned that certain price patterns should show up if price
will hold support (resistance). In short, I learned how to trade. The guy
who said that we should take her teching with "a grain of salt" may fall
into this category-- tried to use her methods but couldn't, lost money, so
wanted to get even.
Her OSC are simple but highlight important turning points. Her work in
Street Smarts is also very useful. Like Larry Williams, her papers are
merely food for thought intended to provide a framework for research and
your own ideas. Unlike Larry, her seminars, appear go futher than Larry's
in that she gives you reliable specific patterns where (as other attendees
have reported -- ala Bob Buran), Larry's seminars provide more food for
thought than reliable methods you can start to trade tomorrow with.
Also based on what limited contact I've had with her husband and her, I'd
say she is a person of integrity and caring. If she had blown out even once
(perhaps twice) she would have cut her losses and gone back to private
trading. But she still operates a succesfull public trading venture. She
has stood the test of time and this is ample proof of her skill to manage
public funds and her methods. Also, like anybody who is bottom line
oriented (aren't we all), she sells her information because she thinks it's
valuable. I'd do the same thing. Even if she did blow out who the hell
cares. It works and there are a large body of people out there who will
attest to that. Even great traders like Larry Williams who has helped
thousands blow out. And there's no conclusive proof that she has even come
close to this.
If you're looking for a warm bottle of milk in the markets don't use her
stuf because you'll get a cold slap of reality when you loose your money.
If you're serious about learning the mechanics of markets then use her stuff
because it's great!!!!!!!!!!! I think T. Haas has the right idea -- some
just can't handle a successfull women the men's club or, have a personal axe
to grind.
Brian.
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