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I think there is a way out here. As has been said trading is about
probabilities. Not having an opinion of the direction of the market will not
matter for entry into the market. For the next day you apply the same theory
i.e. if the market gets here buy or if the market gets there sell- like the
channel breakout system till you are stopped out. I do not trade this way. I
almost always have an opinion. Maybe that is to my detriment. But I would
sure like Mr Storm to give more meat on how he does this.
POP
-----Original Message-----
From: Alexander Levitin <alevitin@xxxxxxxx>
To: pretech@xxxxxxxxxxxxxxxx <pretech@xxxxxxxxxxxxxxxx>; bheisler@xxxxxxx
<bheisler@xxxxxxx>
Cc: Johnny Storm <iceman_nrg@xxxxxxxxx>; Real Traders
<realtraders@xxxxxxxxxxxx>
Date: 18 August 1999 15:42
Subject: Re: GEN: Market Direction
>I would love to have Mr. Johnny Storm to day trade my money too. But what
>if someone trading time horizon if more than one day? Then you have to have
>an "opinion" or a "forecast" of the market direction. Does you "opinion"
>clouded your thinking? I bet it does. And here you have to have a "theory"
>or a "set of criteria" ("set of indicators") telling you that your opinion
>is right or wrong and a plan what to do about it.
>
>Alex.
>
>At 06:59 PM 8/18/99 +0530, C K Narayan wrote:
>>Johnny Storm wrote:
>>
>>> I guess the question I have is "Why have an opinion at
>>> all?"
>>>
>>> IMHO going into any trading day with a directional bias
>>> is the wrong approach. Each night I prepare a game plan
>>> for the following day for each market I trade. This
>>> plans includes S/R points and is designed to trade in
>>> EITHER direction depending upon the price action.
>>>
>>> Having an opinion I have found will get you into nothing
>>> but trouble. Make a plan, trade the plan, and focus on
>>> the price specifics. Throw out predictions, forecasts,
>>> and opinions.
>>>
>>
>>RT'ers
>>
>>Never was a truer word written. Wholly second what has been written. But
>>the bloody problem is to DO IT!!!
>>
>>Reminds me of what Mark Douglas said : If we forecast we are into
>>certainties but trading is all about probabilities. If Bob, above, is
>>able to do what he writes, hell, he can have my money as a fund
>>manager!!!
>>
>>Dr.Narayan.
>>Mumbai.
>
>
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