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I have read what everyone thinks about where this
index or that will be in 6 mos., a year, 10 years. Will it be like the 70s
or something different? What difference does it make where you think an
index will be in 10 years. You have no idea where you'll be in 10 years
let alone where the market will be. I have found that over the years it
pays to take the market a few bars at a time. That allows you to select
which few bars you wish to watch. Could it be monthly, weekly, daily or
one of the intra day charts? I don't know about anyone else, but I made a
lot of money in that so called stagnant market of the 70s. There were
those that got rich buy selling a couple thousand dollars a day in naked calls
and letting them expire worthless. There were no puts at the time and the
expirations where 3 months apart. Some sold stock short and watched
companies go out of business. There were dozens of other strategies that
made money during that period. There were many that made money going long
various instruments. There were dozens of mutual funds that just
disappeared. But that is not what counts for one that trades for a
living. The thing is to master the tools at ones disposal and make
money in any type of market. It doesn't make any difference if you use
Fib. numbers, forks, Gann, Eliot or the location of the planets. There are
more instruments to trade with today then at any other time in the markets
history. The name of the game for a trader is the same as for any other
business. Cash flow, not inventory. It doesn't matter if
you make 2 or 3 trades a month or 5 trades a day, you need money to pay your
bills at the end of the month. That has nothing to do with where anything
will be in 10 years or next year. The key is where will price be when my
trade is done and will there be enough to pay the bills with.
Ira
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