trend lines dont work.
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Do Trendlines work?
- Thread starter duard
- Start date
OKAY I GET IT. I did a search.
Grob109 as to my request for a live demonstration I guess this comment from a former student who watched you "trade" live in a paltalk room pretty well sums it all up.
http://www.elitetrader.com/vb/showt...920&highlight=paltalk+jack+hershey#post444920
from the thread "Jack Hershey Trading" reiehaxm said:
Grob109 as to my request for a live demonstration I guess this comment from a former student who watched you "trade" live in a paltalk room pretty well sums it all up.
http://www.elitetrader.com/vb/showt...920&highlight=paltalk+jack+hershey#post444920
from the thread "Jack Hershey Trading" reiehaxm said:
in this thread (http://www.elitetrader.com/vb/showt...920&highlight=paltalk+jack+hershey#post444920)he also said:snip
I was in his paltalk room and his trading sucked......I guess I was blinded by his words and thinking he was going to show me the promise land.
I wish you only the best ----and to all----- that have tried to make this Jack system/routine work. I have tried for months and very little of what he taught is helping me today. I believe that an expert can teach a newbie how to trade, but I question whether Jack was an expert at trading. I believe this is the conclusion that most have come to.
snip
I have read nearly everyone of your posts over the past year (with many days/weeks of time invested in your methods) and have yet to perform at $600+ a day per contract.
After having said that statement above...three things are possible....#1- I have not understood your teachings....#2- something is wrong with me or my EQ....#3- I will let others fill in this reason.
This post is about my frustration to get to a performance level to the likes of which you speak here.
I was in the PalTalk room many weeks where you would come in for an hour or two. To be honest, your trades left me and others in the dark many times. (eg. we would get long and as the trade went south we would be down a few points then told to take profits..... or you would have to leave because of your health) Simply put, a consistent $600.00 per contract was not possible trading your calls.
You state your health as the primary reason for not returning to PalTalk while you continue to post many times a day here because it's "fun". You also state that you have an "apprentice" by your side while you and him/her trade and make this large amount of money on a consistent basis.
I have never heard from one of your students. I would think that with your selection process of finding apprentices that you could find one willing to share something with us. Sitting next to you while you trade would shorten up the learning curve immensely. Your students need to speak up.
If your student or you can trade (buttons need to be pushed)...I would certainly think they could push the control key and say "I went long" or "I reversed".
Quite frankly, I would love some proof that all this works. I want consistency. eg...The INDU-YM relationship will work one day...the next 4 days it does not. A rocket will work one day and the next 3 days it will take all the profits away. Every indicator works great on certain days but one has to know when NOT to take their signals. Some days a simple stochastic will bring you 20+ ES points.....while the next day it will take 15 away.
Trading is all about risk/reward and supply/demand. Trading is very much an art form when using discretion.
Jack...I ask that you or your student's make some realtime calls in a chat room. Pulling down a consistent $3,000.00 a week per contract (sometimes scaling with 2) is something that is spoken here but few believe. I know it can be done occasionally but this trader would love to see it occur in action. If it was, you would have many less critics on ET.
Simply put......"Show me the money"
I consider myself a disappointed student of Jack Hershey. Question for you.......Should I continue to read your posts in the quest to become a better trader?
Thanks for your time.
Sincerely,
A good trader that wants to become great.
Quote from Chicken Little:
OKAY I GET IT. I did a search.
Grob109 as to my request for a live demonstration I guess this comment from a former student who watched you "trade" live in a paltalk room pretty well sums it all up.
Thanks for your effort. Different people spend different amounts of time coming to the conclusion of what is right for them. Here you see yourself, Merchant, the people you found doing something different.
What are the members of this group doing? Well, they are finding out that what I espouse is not for them. They are looking a possibility and eliminating it. It is possible that they will use this intellectual approach repeatedly. They will become very skilled in knowing almost perfectly what they do not want.
My style of supporting others in their learning is chosen for a particular reason. I go to where the person is and then make an effort to support what is there to learn for that person. They may want to progress and learn. I may not get the correct handle on the situation and actually turn out to be helpful.
Take the applied mathemation who has my number (quaint thought) and look at the edges he has found when I post about continuous relationship with the market and sharing responsibilities. Obviously I can't get to the higher ground he occupies, ever; I have to shift to edges to relate to him. I will most likely fail because the ID'ing of edges in a serail process precludes ID'ing the exit at the time of the entry. Going further, it is likely that one edge entry can have a set of possible graded successful exits. This just drives me one more time to seamless continuous trading. The Wiz books are full of these and I find comfort in that.
So we are different types you and I. I have spent about 50 years comng to my way of partnering with the market; You were able from a cold start to quash my stuff and sum it up in a few days by doing your research. Obviously, you are an expert at assessing what won't work. In dealing with opportunities (or problems) I prefer my route of building what works, apparently just for me, by iteratively refining and building upon things that are true and work.
There is a thread on best books on daytrading. I admit that I am not well informed as a consequence of reading the thread. So I thought about it.
Pick up a book by each of the following:
Idries Shah, Susanna Ehdin, A,. M. Krasner. Get the pair of books by Buckingham and Clifton (co authors).
As you knock them off let us know what others who dissagree with them have to say. Focus on their failure to perceive what their students think is wrong with what they have contributed to their respective fields.
two books
mak
I guess I must be a greedy, selfish sob because it is totally beyond me how someone who finds something that works well in the markets as you and prof say you have done would spell it out for the whole world to see. There is a lot of money out there constantly searching for these things and I would think they would be all over it like flies on stink. Ive always been suprized by Jacks willingness to share but I really dont think what he does is codeable whereas what you and Prof are talking about would seem to be easily copied.
I guess I must be a greedy, selfish sob because it is totally beyond me how someone who finds something that works well in the markets as you and prof say you have done would spell it out for the whole world to see. There is a lot of money out there constantly searching for these things and I would think they would be all over it like flies on stink. Ive always been suprized by Jacks willingness to share but I really dont think what he does is codeable whereas what you and Prof are talking about would seem to be easily copied.
Quote from duard:
I'd like to develop my sense of where the stops are and how many contracts lurk. There is the fuel and it's just a matter of positioning within or before the stops are activated. Stops, crowd reaction, more stops, more reaction, pause----profit taking.
Trendlines help me with that.
Jack?
Merchant?
Lefty?
Anyone?
What is the bar duration on your charts? Do you use DOM?
Quote from easyrider:
mak
I guess I must be a greedy, selfish sob because it is totally beyond me how someone who finds something that works well in the markets as you and prof say you have done would spell it out for the whole world to see. There is a lot of money out there constantly searching for these things and I would think they would be all over it like flies on stink. Ive always been suprized by Jacks willingness to share but I really dont think what he does is codeable whereas what you and Prof are doing would seem to be easily copied.
Easy.
It's weird for one thing or another. I'll go out on a limb but I reckon Grob/Prof see ET as a community. Just like any other community, needy communities will attract the attention from those who can provide community service and do a whole heck of alot of good. At some point, you see alot of needy people here in these forums. ALOT, I can see this from the myriad of PMs I get. Thus, ET can be seen as a huge community service project. The community here is 35k+. How many community service programs are here? You will find nearly none. How many leaders are here offering community service (which is always FREE). Even fewer. Your rational is a simplex of the prevalent edge syndrome. I used to be on both sides of the fence, edge/non-edge and was failing to realize that there was a non-edge sector. I really haven't spelled out anything. I just color in some context. Then individuals have to take over from there otherwise you'll never be able to fish for yourself... I don't claim to be an expert in any of this, just stating what my beliefs are built around. Prob just a result of spending too much time critically thinking. It's giving me the edge in my dayjob and this is usually because most employees opt to be lazy. Apparently, trading is similar. The laziest is to just find some magical number that works a majority of the time (ie. fib). Rarely do people inquire, even fewer inquire to themselves or to someone who can show you the precise flaws in what you are attempting to understand... Not being open-minded doesn't help either.
Also what Prof does is objective, what I am doing is discretionary. You see my chart that I posted elsewhere yesterday in a different thread. It is weak discretionary for reasons that have been screamed to me over and over again, but have only recently understood. I am trying to map specific points where one is stronger than the other and vice versa.