ETs Ultimate Trading Strategy

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Buy1Sell2 said:
In order to be successful in trading, it doesn't matter whether you are right or wrong when placing a trade. What does matter is that when you are wrong, you lose a little bit and when you are right, you maximize your gains. Why do most traders (especially day traders) lose? They don't have prudent risk management skills. End of Story. Now, a lot of folks may say, "but the newbie trader doesn't know how to pick entries and exits". While that may be true for some, the real issue is that when they are wrong, they stay married to a position, or add to a position in order to not admit failure. Your best bet would be to learn to embrace failure, learn to shrug it off, learn to admit when wrong and learn to stay in trades that are winners. You see, Prudent Risk Management is not just about placing an initial stop---it's also about managing a winning trade. Remove the focus from high winning percentage. Retrain focus on losing a little and making a lot.
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Great points. Allow me to add one more.

Even though you might have the direction down correct, if your timing is off, you will end up losing money. So risk management should go hand in hand with market timing. But this is more of an advanced trading.
 
Darc said:
The Man who Solved the Market.

"Jim Simons is a leading mathematician and investor who this year appeared on the Forbes list of U.S. billionaires, ranking 48th, and with a net worth of $29 billion.

Simons’ investment strategy is based on identifying and finding patterns in the market, i.e. movements that repeat over time, so that they become predictable. Once they are identified, their level of reliability is tested through algorithms in so-called backtesting ... "

https://www.bbva.ch/en/news/how-to-invest-like-jim-simons-squeeze-from-the-best-with-new-gen/

If he can do, why can't ET?
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I bet Simons is here somewhere cracking up reading this. :D
 
Darc said:
It'd be a good thing if you and your Mate contributed something of substance to the discussions on this Forum. That's what sustains Forums like these, not the freeloaders who take but don't give back.
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Hello Darc,

All you can do is

1. Stare at charts for trading ideas and trade those ideas.

2. Stare at charts for trading ideas and backtest those ideas, then trade those ideas.

Jim Simon has nothing to do with it. It is best to leave him out of the discussion, he can not help you or I.

We are all alone by ourselves. Get rich.
 
SimpleMeLike said:
Hello Darc,

All you can do is

1. Stare at charts for trading ideas and trade those ideas.

2. Stare at charts for trading ideas and backtest those ideas, then trade those ideas.

Jim Simon has nothing to do with it. It is best to leave him out of the discussion, he can not help you or I.

We are all alone by ourselves. Get rich.
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Some of the most significant breakthroughs I've made have been through reading others ideas, whether Books or the Internet. Yes, watching Charts builds your "Chart Eye" but anyone whose only education is from looking at Charts is short changing themselves.
 
I was Googling around about Al Brooks's strategy and found this:

"A gross simplification of Al’s method is to firstly recognise if you are in a trading range or a trend. If you are in a range, you are supposed to BLSHS (buy low, sell high, and scalp). This means that you identify the low of the range and try for a quick trade to the upper part of the range. If it is trending you wait for 2-legged pullbacks (analogous to an abc correction in wave-speak) and buy, holding for a more substantial move. There are objective setups to take, which are similar to price action setups most traders will be familiar with, double tops, retests, pullbacks, inside bars, double and triple inside bars ..."

https://www.quora.com/What-do-you-think-about-Al-Brooks?top_ans=25098009

I think we might be Geniuses @MarkBrown
 
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