|
PureBytes Links
Trading Reference Links
|
To the man who originally posted this message I'd say this. How do you know
if it's possible for you to make a living trading? If when you look ar a
chart, you are certain that you see an incredible amount of opportunity then
you might, with a lot of work, learn how to make a living trading. But if
you look at a chart and, for whatever reason, see uncertainty and feel
doubtful rather than certainty then you might want to consider another way
to earn a living. If you believe your certain you can do it then you
probably will. If you're uncertain, you're better off going somewhere else.
Brian
-----Original Message-----
From: Owen Davies [mailto:owen@xxxxxxxxxxxxx]
Sent: Sunday, January 03, 1999 11:04 AM
To: ramz1@xxxxxxxxxxx
Cc: omega-list@xxxxxxxxxx
Subject: Re: Day Trading
Replying to my statement that my neighbor uses an astonishingly
simple technique to day-trade the S&P, Ramin Zahraie asked the
obvious question:
>All right, let me be the first person to bite the bullet and ask the
>obvious question:
>
>What was his method? :-))
It's his secret, not mine, and as I said, I think he showed it to me only
to cultivate a new neighbor whom he assumed would not understand
what he was looking at. (He's gotten a lot more close-mouthed since
then!) At the least, it would be severely discourteous for me to reveal
how he earns his living.
As an example of the way his mind works, he did say that for several
years he had traded one overseas market based on nothing more
than overbought/oversold readings on the RSI. When something
simple works, he uses it. When it stops working, he goes looking
for something else. (It makes me wonder a bit how much good all
this historical testing does me.)
About his current technique, I will say, for what little it's worth, that
the
moving average he uses is the *complicated* part of his system.
I also think he'd make more with it if he'd second-guess the system
occasionally when the price is near a trendline or support/resistance
level. IMHO, those classical chart-reading criteria are worth a lot
more than most system players seem to give them credit for.
Sorry I can't say more.
I do understand that being unwilling to supply supporting details kind of
undermines my claim to know a successful day trader, but don't see what
I can do about it.
One last thought: Several people have observed that one characteristic
of successful day traders is that other people's opinions don't interest
them. Based on this fellow's personality--congenial, but quirky--I'd say
that is true. And the first opinion they must have ignored is the
assertion
that it can't be done.
Owen Davies
|