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ES Journal Archive (2006 - 2008)
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Quote from MandelbrotSet:
What are depression economics?
http://books.google.com/books?id=PB...a=X&oi=book_result&resnum=4&ct=result#PPP1,M1
time is the only thing that creates bottoms,...given the market climate...
the market will be under the macro influence well into 2009..
with jobs losses accelerating.. and nfp numbers registering...-200 to -300 numbers at the inflection..
look at the bls data.. and how many years it takes for macro swings to show themselves..
ftp://ftp.bls.gov/pub/suppl/empsit.compaes.txt
and look at the seasonality.
the market will be under the macro influence well into 2009..
with jobs losses accelerating.. and nfp numbers registering...-200 to -300 numbers at the inflection..
look at the bls data.. and how many years it takes for macro swings to show themselves..
ftp://ftp.bls.gov/pub/suppl/empsit.compaes.txt
and look at the seasonality.
I have no idea what book wave is talking about. He is vague about where his positions are, so I can see where that irks posters, but it seems to me he is a good directional trader.
Anyway none of us have the luxury of seeing each others p and l,which always leads to pissing matches. I find his commentary helpful, perhaps you can agree to disagree.
King
Wycoff and Taylor Book method, i was wondering what you were referring to .
No issue with Wave. The calls are good but can be months off. Everytime he hits a call he seems to forget about the bad ones. That is my issue and he has been wrong in the past.
What are the drawdowns on trading a system like this? Got to be huge at times before the position turns profitable.
Wycoff and Taylor Book method, i was wondering what you were referring to .
No issue with Wave. The calls are good but can be months off. Everytime he hits a call he seems to forget about the bad ones. That is my issue and he has been wrong in the past.
What are the drawdowns on trading a system like this? Got to be huge at times before the position turns profitable.
Liquidated my final trade for the day/week, so I have a moment.
I had Wyckoff and Taylor in my library for years, and was inconsistent as a trader until I took the time to understand (to the point of absorption) the market principles in those books and to spend 10-20 hours a week going over charts with paper and pen watching those principles unfold (in hindsight). The change in my trading was dramatic. I literally saw the light.
I am an empiricist who detests conspiracy theories (I am a subscriber to Skeptical Inquirer!), but I have no doubt that the markets are engineered to influence the 90% or more of the losers to make the mistakes that the 10% or so of winners take advantage of. No one is a winner all of the time, and everyone makes mistakes of judgment (my limit order at 1238.25 sits untouched for the moment) and suffers drawdown. Nevertheless, there are certain market principles that are foundational and that are illustrated in the markets every single day. The markets are not random number generators: they are financial poker games in which the best players consistently take money from the suckers.
If a trader does not know the difference between a master player and a sucker, one should not trade, because that trader is probably the sucker.
HAVE A NICE WEEKEND, all.
Always looking to read a good TA book, which one or ones are worth the read from these 2.
tia
tia
Quote from smilingsynic:
Liquidated my final trade for the day/week, so I have a moment.
I had Wyckoff and Taylor in my library for years, and was inconsistent as a trader until I took the time to understand (to the point of absorption) the market principles in those books and to spend 10-20 hours a week going over charts with paper and pen watching those principles unfold (in hindsight). The change in my trading was dramatic. I literally saw the light.
I am an empiricist who detests conspiracy theories (I am a subscriber to Skeptical Inquirer!), but I have no doubt that the markets are engineered to influence the 90% or more of the losers to make the mistakes that the 10% or so of winners take advantage of. No one is a winner all of the time, and everyone makes mistakes of judgment (my limit order at 1238.25 sits untouched for the moment) and suffers drawdown. Nevertheless, there are certain market principles that are foundational and that are illustrated in the markets every single day. The markets are not random number generators: they are financial poker games in which the best players consistently take money from the suckers.
If a trader does not know the difference between a master player and a sucker, one should not trade, because that trader is probably the sucker.
HAVE A NICE WEEKEND, all.
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