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I think we generally agree - whatever works for you and feels
comfortable is what you should use. There are a zillion trading methods
and tons of books, workshops, newsletters, and whatever out there all
espousing a particularly methodology. One can spend a lifetime learning
(as one should) and one can clutter up their trading with too much
information and too many methods. Bottom line from my perspective is
that simple works best and that one should start with a simple
methodology and add sparingly to it those techniques which work for the
user.
As for indicator based trading and systems, I generally eschew them
because they arithmetically filter the incoming information and the
filters introduce lag into the trading decision. Some traders believe
that the more indicators they stack on their charts (all saying the same
thing) the safer the trade is ... nothing can be farther from the truth
because all indicators are measuring the same thing using similar
arithmetic techniques. OOH, I do use them occasionally - I use On
Balance Volume extensively and I use some others sparingly with AGet and
Arnold's PPS work because their authors designed the techniques for use
with confirming indicators. That said, I can be very happy trading in
any time frame with nothing more than a trendline tool and a Fibonacci
tool.
Earl
----- Original Message -----
From: "T-Bondtrader" <t-bondtrader@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Cc: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, June 07, 2000 11:41 AM
Subject: [RT] Re: June 8th "Significant Market Move" ?
> 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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