Search results

Double tops and bottoms in and of themselves are not edges. They are simply patterns. Your edge comes from how you incorporate such a pattern within the context of an overall strategy....your entry, your exit and your risk management.

Well, from my point of view, I think it's a good idea to study what successful money managers do before just plunging right in to trading. Most newbies don't seem to take that step, and I think they should before they just start pissing money away. This doesn't mean they need to be a quant...

Again, I don't think you understand where I am coming from. Many quant traders approach a market like this simple example.... If yesterday's close is below yesterday's open, then today's close should be above today's open. Quantitative traders will have an understanding of that type of...

I think you misunderstood where I am coming from. I see many newbies trading both long and short all day long, trying to capture these short term moves, and I see few having any kind of success over a long period of time. The stock market in general has a very long term, upward bias...

You are just giving your money away if you are day trading with a full time job. Your inability to execute trades efficiently and the higher commissions you pay compared to the institutions puts you at a significant disadvantage. You have a slightly better chance with swing trading, but you...

Just a quick thought... it is extremely difficult to catch every little swing. You should figure out a way to develop some sort of directional bias for the day, and just take trades in the direction of that bias. Keep it simple to start.

I see this thread went into the toilet pretty quick!

As a farmer, he had knowledge, and parlayed that into trading expertise. John Henry had his roots in farming as well, learned to successfully trade agricultural commodities with longer term trend following, then took it to a whole other level by managing money.

Another great post. Here's another example. Bill Dunn of Dunn Capital Management held a PhD and taught at Cal, raised money from 19 partners, and then built a trading business that manages over $1 billion in assets today. There are numerous examples like this, and far fewer of the kind...

Totally agree...I also think most people should learn how to pool their assets (once they've done the necessary research into developing a strategy) to spread the risk.

I worked with a futures broker who's been in the business for over 30 years. He once told me he's never had a single individual client who was profitable in the long run, ever.

Real prop firms won't hire you without a proven track record of at least a year unless they have an internship program and train you themselves.

And you really think they would line up to be interviewed by a snake oil salesman, eh? David Harding has over $20 billion under management at Winton Capital. His minimum account size is likely $25 million. Yeah, being interviewed in a book by a snake oil salesman ought to get him another $20...

Trend followers had a big year last year, thus the performance of the futures traders.

Ask yourself this...why would a billionaire like David Harding bother with someone like Covel? Why would Larry Hite, Brad Rotter, Mike Dever, Jerry Parker, Tom Basso, or Ed Seykota? All of them are millionaires. They don't need Covel.

Neither he, nor I, gloss over the fact that trend following is a general approach. We both know that traders such as Dunn and John Henry employed a long term reversal type of strategy; that the Turtles employed channel breakouts; and that there are many other strategies. I don't know what else...

Nowhere on his websites does he claim any sort of trading performance for himself. And, if you've read the books, there are interviews of many successful traders in the books. He didn't just wake up one day and write about the Turtles without conducting any interviews. That is why he gains...

The thing is, Michael has the respect of many successful traders in the business, otherwise they wouldn't bother joining him on his podcasts. I don't think you can judge his courses without buying them. Given that he has been able to interview such successful traders as David Harding, who...

Before you worry about what platform to trade on, develop a strategy that you can be confident will work.

Here are the scenarios... 1. Outright losing trade... 2 contracts hit the stop loss 2. Scratch trade... first target hit, market reverses, 2nd contract stopped out 3. Small profit... first target hit, moves stop on 2nd to breakeven... 4. Small profit on one contract, large profit on one...