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In developing a system you first have to set up the parameters that fit
what you want to accomplish. I wanted a simple system that provided
an Entry Price, specific target prices for exit, a specific stop based
upon the chart, the ability to adjust it to my money management system,
one that would work in all time frames as well as on stocks, futures and
indexes. It had to have a high probability of success. Then
I started to filter through everything that I knew about the market, the
indicators, other systems like Eliot and Gann, until I found the things
which fulfilled the parameters that I set forth. It also had to be
simple to operate with a minimum of parts. There are only three parts
and the utilization of multiple time frames. Each trade has an 80%
probability of success. Some who use the system do better then that
and others not so well. It's like everything else in trading. it
is dependent upon the party that is using it. It is 80% mechanical
and 20% discreational. It is the 20% that gets some. I did
not create anything new and wonderful. Every part of the system has
been around for 50 years or more so I didn't reinvent the wheel.
I just put the wheel together so that it operated best for me. Hope
that this helps explain what I did and how I did it. Ira.
Sean Cassidy wrote:
When
you say system Ira.....do you mean something , a set of rules, that you
developed? Or do you mean something that you purchased from a software
vendor, which I doubt, although I have been using one for stocks. My basic
question is...how did you ....or anyone for that matter, learn to develop
a "system"? Sean
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