how traders maintain edge?

Quote from NoDoji:

Some day trading strategies work every day. Have a collection of strategies so if you miss a few setups, you can still catch a few others. Show me a day where there wasn't at least one of these high probability setups to trade:

Price breaks through a high to make a new high; price breaks through a low to make a new low.

Price falls a whole lot and then finds support that gets tested and holds, leading to a test of the previous resistance level in line (or higher); price rises a whole lot and then finds resistance that gets tested and holds, leading to a test of the previous support level in line (or lower).

Price consolidates in a narrow range on low volume, then breaks out in one direction or the other (usually the same direction that came before the consolidation).

I've now been trading through bull markets, bear markets and range bound markets and if you're watching at least 2 or 3 instruments, you should be able to make money off something using these very basic strategies.
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Don't forget to add the bigger picture of what the market state is that moment say through a higher timeframe.
:)

Best,
Max
 
Quote from jack hershey:

The OP says:

"it is well known some strategy work well in some market condition while not working in other condition."

This poor statement requires that a GIVEN market strategy user of ANY strategy "KNOW THE MARKET CONDITIONS DURING THE USE OF A STRATEGY"

Strategies that require the user to know the market conditions of use are an unbearable handicap for most potential traders and ceretainly must prevent all potential traders from using the strategy if other less or unrestricted strategies are available.


MESSAGE TO THE OP: DO NOT NOW OR EVER USE ANY SUCH STRATEGIES IN THIS CLASSIFICATION. USE THE PRECEPT YOU STATED TO ELIMINANT ALL SUCH STATEGIES FROM CONSIDERATION.

The OP solicites help with a contemporary situation he is experiencing. He says:

"if you are a profitable trader and you strategies no longer make money, what will you do?"

By recognizing that the strategies no longer work, the OP can recognize to not use the strategies and that they fit into a category that they do not work in the current market witch is the Depression phase of this Depression which is the period of the Depression parallelogram following point 3 of the Depression. this period has four separate sub categories of conditions that are well known to all TA practitioners who use parallelograms as containers of market trends. At this time all four categories are alternating according to their characterisitcs.

So as an observer of another potential trader it may be determined that the OP who is no long making profits, is a victim of the market's continually changing sub nature in a market that is in its final multi year move from the established Right Trend Line and going on the long term way to failing to reach the contemporarily established Left Trend Line during the remainder of the current Depression, a long term market trend.

The OP has two jobs to complete:

1. Remove capital from market risk.

1a. Maintain lifestyle by using the capital in non market applications and/or use wealth to maintain your lifestyle.

2. Learn to trade strategies that are independent of market conditions.

2a.Trade those strategies after they have been learned.

To find the strategies needed, ask for them. Then associate with a local mentor that can transfer those strategies to you in a short period of time. Transference is a process. An convenient example of a means of transference is to use Windows daily by typing a 9 digit code to bring up the mentor's screen to see and duplicate his trades in real time for a portion of the day determined by your attention span and daily profits.

Why does a person want to trade only strategies that are independent of market conditions? This is a critical thinking logical conclusion that is reached by discarding the consideration of strategies that are market condition dependent.

A person can choose any strategy type he wishes. It takes two seps:

1. define the character of the strategy, and

2. Ask for and obtain the strategy and the associated training via a learning process.

Human psychological conditions are are associated with various types and categories of trading strategies.

The clearest divisions (as in Alexander's Method) relate to information theory. CW uases the half of IT that is called "Probabililistic". The emotional characteristics associated with this half are well known to be anxiety, fear and anger.

The other half is named "Non Probabilistic Theory". It has non overlapping emotional characteristics.

Most people find that they cannot change from one division of information theory to another. Most people are very dominant in their use of one division or another. I do not mentor people who cannot choose the non probalilistic operational division of information theory.

An interesting example of information theory is coding Quant based financial ATS's. The crutches used are even more interesting.

My prior post addressing the dilemma of the OP, addressed his critical thinking processes. Critical thinking usually resides in the non probabilisitc division of information theory where most of logic resides.
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Hey man what's up with the academic text type of replies?

Can't you explain what you mean in shorter way?
Time is a non recoverable resource after all as you said

:D

Best,
Max
 
Quote from traderzhangSan:

it is well known some strategy work well in some market condition while not working in other condition. if you are a profitable trader and you strategies no longer make money, what will you do?
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>>>>> if you are a profitable trader and you strategies no longer make money, what will you do? <<<<<

Do nothing. You've arrived. You're an ET-er. This is the end of the line.
 
Quote from wrbtrader:

Will Jack Hershey and stonedinvestor post broker statements for any trades discussed as taken in this thread ?

If not...what's the point of challenge if it's not real trading that makes it look more like just "stock picking" as seen on any typical Yahoo! board. :confused:

Mark
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CONFUSED! I'LL SAY YOU ARE! You of 170 posts want to step to stoney. Think of the insolence of your inference What kind of deranged person would do as much research as I do both on a fundi and technical side and give away all his top picks for free and not make money from it. Life has a whole series of costs that must be paid.

At first I hit the ceiling plenty of pay sites give out picks too, do you ask for their personal information or just me. and including Jack Hershey what kind of freakin' insult was that? He hasn't given out one pick!. I'm doing all the heavy lifting.

What is the point of the challenge? There is no point. I gave the same challenge to Cramer everyone it would seem knows about me... except you Mark.

I've thought about this long and hard as I was getting acupuncture for my tingly hands and feet. Rather than allow myself to get angry I will indulge you if I can do so in a manner that I feel is safe.

I work out at Fitness Results in NYC 5th ave and 20th st I forget the exact building number 137 maybe. Just check the phone book.I'm there on Tuesday's after 11:30 and every other Thursday after 1:30 pm & Friday's around noon. Please come meet me and once I am convinced you are not a crazy of some sort I will let you into my home. I know I can hear my wife screaming we don't have insurance what if Mark steals something! Well then Mark it will be big trouble for both of us. I will ask you to see Kenny inside the gate area at the gym, he will pat you down-- this is normal, whatever you do don't jerk around quickly at that moment -- Kenny is from the temple and is a very serious WU SHU fighter. Just act like someone is adjusting your pants for you.

I will let you see my emails to the Hedge Fund it's easily searched in sent messages and you can read through my reams and reams of tax info-- the only problem here is I can't be assured you don't have a photographic memory and it will be tough to scrub my SS off every page. I have even heard your identity can be stolen just with a routing number... so we will have to figure out a system perhaps we can start with my online account and hit the history button there.

As a token of your appreciation please bring with you a CD player. I need a new one. In terms of make & features , I would prefer metal buttons & Japanese or Dutch provenance but I understand if it is not, just don't get one of those spinning 5 CD player set ups-- I prefer a single CD 1 at a time and a fairly high end machine. I know these can go for upwards of $500 so don't feel the need to impress. A good $375 player ought to get the job done.

I look forward to meeting you.~stoney
 
Summary...no brokerage statements will be posted to verify any stated trades in this thread with personal info blacken out by those involved in the challenge.

I understand now. Therefore, sorry to have bother you and Jack...didn't want to make anybody sweat to make them think they were at the fitness center. :D

Isn't Jack in NYC too ???

Mark
 
Mark you can act as silly as you want. I've invited you into my home you can watch me trade in live time. I really can't do more than that. I've asked around and every single person said make him bring something so I am asking for a CD player. If you would rather a bottle of wine, I'll use my Amex points for the CD player. Go to Moor Brothers for the wine and ask for Ecco he knows what I like.

I think you are trying to rub me the wrong way by including JH's name all the time. he won't even leave a pick here why would he give you his brokerage statement. You are a bit of a wise guy. I'm inclined to knock you about a bit in a practice session first before we retire to the house. Come a bit earlier.~stoney
 
ELITE TRADER C.S.I

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Quote from stonedinvestor:

Mark you can act as silly as you want. I've invited you into my home you can watch me trade in live time. I really can't do more than that. I've asked around and every single person said make him bring something so I am asking for a CD player. If you would rather a bottle of wine, I'll use my Amex points for the CD player. Go to Moor Brothers for the wine and ask for Ecco he knows what I like.

I think you are trying to rub me the wrong way by including JH's name all the time. he won't even leave a pick here why would he give you his brokerage statement. You are a bit of a wise guy. I'm inclined to knock you about a bit in a practice session first before we retire to the house. Come a bit earlier.~stoney
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Hmmm...asking to see a brokerage statement for any stated trades in this thread that transformed into a one sided challenge is silly. :confused:

Here are a few more questions...

How old are you ???

Is Jack Hershey located in NYC ???

Do you regularly threaten people without knowing any thing about their personal background ???

With that said, send me your home address via private message and take it easy on that high protein diet to help you stay in shape because it's known to change hormone levels (seriously). :D

P.S. I watch C.S.I.

Mark
 
IMO the days of an independent or prop trader wedding themselves to a particular instrument and technical set-up is probably over - my preference is to monitor many spread combinations and cherry-pick the best risk/reward skews using a custom scanner.

Even the best trade set-ups for specific market names and relative value combinations are cyclical these days - have a viable strategy actively looking for trades in the equities, metals, interest rates, softs, currencies, and energy.

Portable alpha for the independent trader.
 
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