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Michael--
I look at TS the way a biologist looks at a microscope--a tool that I can
work with to search for discoveries. My belief is that markets are mostly
liquid, with pockets of illiquidity. As soon as too many people discover
such a pocket, it's gone. With TS I can search quicker and more
objectively, but the important ingredient seems to be thought, creativity,
and mental/emotional independence from the crowd. The goal, as I see it, is
to find some strategy, method, or edge that nobody, or almost nobody else
has.
With so many smart people scrutinizing every facet of the market, it often
seems there's nothing new under the sun. But it appears to me that the
market does that which screws as many people as possible at any given
moment. Using the approaches that everyone else has would make me part of
the crowd.
Those canned indicators and systems are handy as examples of things that
might have once worked, and as components of your own strategies. But what
makes them useful, I think, is the time spent figuring out what they really
measure, why it might once have worked, why it might not now, and how you
can use that knowledge. I can't imagine using them straight out of
published sources.
Over time, I've made a simple system that works for me because it contains
my intellect (such as it is. . .) without my emotions. It forces me to
enter the market even when I'm afraid to and close out even when I'm greedy
and want to ride the wave some more. So in my book, TS is useful, despite
the fact that it isn't an ATM.
Good trading to you.
--Chris Slaybaugh
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