Search results

Thanks again, Jeff. But I am having second thoughts. What if they won't defend SCT because it really works? And I have convinced them that there IS a bottom to the extraction pool? And they've decided to clam up? And let themselves look like fools to keep the riff-raff out? Oh fuck! I'm dusting...

Well, I think we're done here. This is an old game, oft played. I as ET's resident Fool offer myself up to be demolished as sacrifice to prove that SCT can work for the masses. How easy would it be for them to prove me an idiot? Would my base public humiliation not do wonders for the acceptance...

Thanks, Jeff. You indirectly make my point. SCT is about as fully disclosed as an incredibly complicated semi-discretional system can be. But neither Jack nor his closest adherents are being lionized in the press. So it can't be working for average Joe Trader. Otherwise we would have detected...

Ehorn, I would say "one leads the other" SOMETIMES. Nice trick capturing both in 80 lines. It's the times when one DOESN'T lead the other that convince me volume is nearly useless as an entry consideration. I only use undifferentiated volume, and then rarely, as a measure of exhaustion.

In Jack's defense, ET IS a tough sell. Consider this poor fellow Albert Cibiades (another Greek one supposes), who tried to help ET invest and asked for no remuneration in return: http://www.elitetrader.com/vb/showthread.php?s=&threadid=144154&perpage=6&pagenumber=1 He finally gave up in...

Yup. Ehorn did purt' gud fer a secunt stringer!

Thanks for participating. If by simplicity you refer to the use of channels alone, I am with you. I run turning points code in 40 lines that I could easily make to draw channels explicitly if I thought it added much value. The reason threads like these always come to a sorry end is that SCT...

A true guru (like me) will teach you how to THINK about trading, without EVER giving you a single trading system. (Actually I am thinking of Mark Douglas' two fine books.) Give a fish or teach to fish.

Following up to what MBS said, there is a curious phenomenon in trading. People desperately want to become traders to be financially independent. Yet they willing give up every shred of independence in submission to the guru who promises them independence!

Thanks, MBS. How come you never said nice things to me before, haha?

You raise a good point, Schizo. IMO if they are so sure of their entries and exits, they should trade limit.

Since I am meta-commenting NLP fashion on the "Technical Strategy" thread, I thought this post by Neoxx there deserved quoting: "The parallel threads that have sprouted since the inception of this journey have not escaped my notice. I merely choose not to gape, like a fickle magpie, at every...

Old news to the Nazis.

Not to hog the posting, but IMO there ARE unique elements in SCT: use of orthodox concepts that are claimed to be unorthodox the aggressive claim of profit potentials of several multiples of the daily range the belief that YM leads ES trading all countertrend legs at high trading...

Apologies, Ehorn. I was hoping for a succinct summary of SCT principles by an independent practitioner, not references to Jack's long-winded and elusive presentations. You might have noticed that many of us skeptics are fond of simple systems, or at least clearcut numerical rules. For...

Um, Ehorn. You could equally superficially have said: Trade with the trend Cut losses short Let winners run Manage account risk Will Rogers stated the obvious better than Jack: "If it don't go up, don't buy it!"

My my! Where are the impassioned defenses of the verity of high profit potential from "pool extraction"? Maybe my counterargument was too subtle. Let me restate it bluntly: Limit order traders in the ensemble will not LET market order traders in the ensemble extract net profits because...

Would an SCT advocate care to answer? I believe Tums will minimize flaming as much as he can. And I will encourage courtesy. And a brief recitation of tenets will give me my rubric for the remainder of the thread.

Thanks to all for your restrained responses. I will leave the issue of "pool extraction" wishful thinking on the table for a day to permit a quantitative rebuttal. There is a clear and simple way out for SCT theorists, but invoking it would violate another fundamental tenet. Let's see if they...

Thanks for explaining your view of trading vs. preparation. I am of the sink-or-swim school of thought. I value the painful memory of horrible mistakes. Hence my assertion that Jack does a disservice by teaching theory and not practice. I have plenty more specifically to say about that, if this...