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Hi Prosper,
First, when I said some would incorporate "these" techniques, I wasn't
thinking specifically about Joe Ross' stuff, but if you took it that way
it's understandable. My point is that the inherent 'worth' of a tool is
secondary to the way in which it is being used. There are people I know
who trade with 'junk' indicators, and they are there day after day, year
after year, making their trades with this junk. They slap a macd on a
chart
and that's enough. What's the inherent worth of this indicator? Probably
not much, one might say. So why is it enough? Because of the way this
particular person is using it. He sees things in it that you don't see,
because he has been using it for years. His own 'perceptual filters'
have developed with its use. It is a popular notion that any use of
one's mind constitutes systems heresy, and that it is safer and better
to let a beige box do all your thinking for you. But discretionary
elements always exist at some level. You make conscious (and maybe
unconscious) choices in system design, and are limited by imperfect
knowlege, so choices are made by you in the develpoment stage, and those
discretionary choices are in your system. Now you want to say you are a
pure system trader, there is no discretion in what you do.
It's interesting to note, in most of what I have read about system
trading, there is a common theme...you must trade systems because you
cannot trust your emotions and thoughts, they will sabotage you...so
shut the door on all this internal noise by trading a system. This is
stupid. It flies in the face of the mantram of traders: KNOW THYSELF.
I think it's unfair for you to categorize anyone who writes a book as a
'failed trader.' I'm sure you have read a good many books, may even be
reading one now, and will certainly read more in the future. If all
these authors are such losers, why is your book case overflowing with
their useless, failed crap?
You also say that "If you haven't got a clue, withdraw your money from
your account
and keep your day job." But then you say "The exception are those that
keep going into battle,
sometimes for as much as 20 years." Well which is it, close the account,
or keep going into battle?
Your contradictions and sweeping generalities don't need further
discussion; they need closer examination by you, for yourself.
Regards,
Monte
Prosper wrote:
>
> The fact is that the tools or methods touted by many big name traders don't
> and didn't work for them either. Why spend $150+ to find a few tricks that
> might work for you. You can find your own tricks unless you really haven't
> got a clue. If you haven't got a clue, withdraw your money from your account
> and keep your day job.
>
> I have done a lot of background checking on traders and most don't do well
> in non-trending markets. I figure that one tenth of 1 percent have gamblers
> nack, those like R. Dennis etc, who will make a killing for a while until
> their luck runs out. The exception are those that keep going into battle,
> sometimes for as much as 20 years. Eventually some of those traders finally
> learn what is really going on and how to use it. The rest write books.
>
> Prosper
>
> ----- Original Message -----
> From: "Monte C. Smith" <mcs@xxxxxxxxxxx>
> To: "Timothy Morge" <tmorge@xxxxxxxxxxxxxxx>
> Cc: <omega-list@xxxxxxxxxx>
> Sent: Tuesday, February 20, 2001 2:12 PM
> Subject: Re: The Ross Hook: More Please
>
> > This is true, Tim. And the really interesting thing is that one person
> > who does his homework will successfully incorporate some of these
> > techniques into his trading, while another who has done his homework
> > will find no practical use for them.
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