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When you first get involved with trading there is a huge temptation to find
some fast solution for extracting loot from the market. Learning all the
fundamental business is just too long - you have to have been a real pro to
know all about that. So far as the technicals are concerned, well that is
something that surely can be computerized, so if someone is selling a system
that works, people want to know about it, buy it, use it. The trouble is
that most of them don't work as well as they might, or there would be far
too many people with mega bank accounts - and clearly there aren't, more's
the pity!
Then we have the astro buffs! Now most of us have a sneaking feeling that
there is something in the way the stars and planets and moons and suns and
whatever have an effect on 'us'. We are not sure what exactly, but we would
love to know and make heaps of money from the knowledge. However, none of
it seems quite real and, in any case, there seems much to learn. Too much,
so let's get a quick fix from someone. Enter stage right, someone called
Nolan who is prepared to sell you her predictions and some people are all
too eager to buy them. I have no idea whether or not she is a con artist or
whether those that subscribe to her fax sheet or service are lunatics (both
puns intended!) but when a forum like this is asked by one of their members
what opinions are there out there, then it is fair enough for people to
express them. Politely.
If you are an experienced trader and you see someone going down a blind
alley, it seems sensible to tell that person they aren't going to get very
far. The person concerned can evaluate what has been said and take into
account the 'value' of the opinion expressed. Others on the list can gain
from what they read or press the delete button. Simple.
Earl Adamy and I decided without reference to each at all, to put forward
our particular way of day trading the t-bonds. He uses a method that for me
is too complicated, but it may be a much better way of trading, if you have
that particular understanding and using those particular tools. He may
well think that my method is far to simple, but it may be just up someone
else's street because they can see how they could use it to effect. Neither
of us, I am sure, are in the least bothered with the others opinion of the
way they trade and the forum gains from the knowledge of both.
Those that followed our posts will have noticed that we both use patterns
and Fibonacci and support and resistance and , if I remember correctly,
neither of us used indicators. I probably feel much more strongly against
indicators and predictions made by indicators, for day trading, than Earl
does. I would advice people to steer clear of those that sell indicators or
indicator based services for day trading, because I believe they will just
loose money in the long term. I feel sure that the same could be said of
the Nolan material. But it is a free world, mainly, and people have to find
out the hard way...
But on RT, we all try to help. Politely...
Bill Eykyn
www.t-bondtrader.com
"Learn to read the tape"
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