A Proposed Debate: SCT vs. CO

Quote from PointOne:



Yes! I agree with all of this.



Where do you get the idea that Jack says the concepts are new or radical? He cites the original sources repeatedly. Is this conventional wisdom at work? Think for yourself and DYOR.



It's not a few bars earlier that is important (although point 1's are the target) - it's getting in ON the new TL - if the trend continues you will never take a loss. And you know it, at the time. If you wait until the BO has occurred your entry is likely to suffer a retrace. Retraces do not go beyond Point 1, by definition. No drawdowns, ever.



You misunderstand what Jack means by CO. You have focused on aspects of TA in isolation. CO encompasses R/R, stops, money management, edges, drawdowns, expectancy, fear and anger etc... all the things that turn trading into a game of chance and uncertainty.

SCT takes the trader to a place of support, comfort and confidence (even if you aren't "always in" or making 3x the range, as the detractors fixate on). [/B]
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what a truly marvelous disinformation campaign.

a trader gets taken away to a place of support and comfort where he does not have to worry about stops or losses.

No fear no anger. Trading nirvana all because I draw some lines on my charts and pretend my lagging indicator is really a leading indicator.

I just love looking at my cash quote. As it periodically updates on my screen giving me non real time snapshots of the past.

I can mix these past snapshots with nasdaq quotes - I will magically create a leading indicator. I can make magical decisions in my land without stops and drawdown.

so comforting. so comforting. so comforting.
 
Quote from PointOne:

...You misunderstand what Jack means by CO. You have focused on aspects of TA in isolation. CO encompasses R/R, stops, money management, edges, drawdowns, expectancy, fear and anger etc... all the things that turn trading into a game of chance and uncertainty...
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Are you suggesting, by implication, that Jack has "elevated" trading beyond chance and uncertainty? Because that is how the quoted passage reads.
 
What it means is that the methods being traded by those following Spydertrader's journal entail a complete trading system. This includes dealing with the psychological aspects of trading.

That's how I read it. Did I get it wrong?
 
Well Jack himself obviously never got on top of the psychological aspect of trading

He managed to lose 24% in a trading contest when real money was not on the line

he didn't even have the discipline to finish it, just gave up after a string of losers

Quite funny for the guy that states his system never has a losing trade while garnering 3 times the daily range
 
Quote from Allaces:

...He managed to lose 24% in a trading contest when real money was not on the line

he didn't even have the discipline to finish it, just gave up after a string of losers...
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Reality is an unforgiving mistress. The inflatable variety found on ET and elsewhere on the Internet is far more accommodating to Jack's BE DO HAVE pretensions.

...Oh, I see what you are saying. Even the inflatable one spurned him on that occasion.
 
It's a pity the A-Team wouldn't play, because the heart of SCT raises many issues relative to classical TA. I was going to type a sentence with the word paradoxical in it, then my insane mind made a pun, so now I will be offering soon to ET frozen paradoxcicles made from SCT koolaid.
 
Quote from hypostomus:

...I was going to type a sentence with the word paradoxical in it, then my insane mind made a pun, so now I will be offering soon to ET frozen paradoxcicles made from SCT koolaid.
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Nicely done. Of course, the word "frozen" is a metaphor for suspended animation, which is where one's judgment and reasoning faculties must go in order to effect the desired treat -- at least on a BE DO HAVE basis.
 
Jack's writings have never gone very deep. Instead, they skim and skate and often, in the end, leave you wondering exactly what it is you've just read. Jack has not only given up depth completely but also surrendered critical thinking in exchange for marketing. As you descend with him into the world of the trader, you might begin to mistake yourself for a potential day trader. Jack's writings are about as rich with genuine inquiry as a four-color brochure for a time share in Vegas.

What does he offer? "Support, comfort, confidence." To whom does that appeal?
 
Thunderdog and 225, it always seems to come back to the issue of guru worship for you. Which sticks in my craw, too. If we had a debate going, I would contrast the uncertainty I suspect the SCT crowd felt in today's morning action , with consequent whipsaws, versus the calm near certainty system trading provided.
 
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