If Wave and Gann Theories are just joke, why do we believe in other pattern?
- Thread starter j2ee
- Start date
No, I didn't. I was responding to the part in your title "other patterns"
Yes, these work great all the time, but I focus on understanding what BUILT the pattern and not just trading the pattern blindly. For instance is a H&S pattern develops through a certain sequence of price bars with certain OHLC, I'll take the trade. If the pattern doesnt set up that way, I won't.
PS I only day trade
PS I only day trade
Because I found something else FIRST that I saw working and continued to develop it from there.
Seykota, may be the highest % return trader in the world, say many times in his "online community" that day trade is a very horrible thing to do, how do you think from your experience? My experience is that day trade is very mental stressed. Day trading future is like fighting with "random" factor more than other thing. In so short time frame, my experience feel like even just the random part of massive human reaction would touch my cut loss point for really no reason.
Elliot wave principle is the back bone of my discretionary trading. I consider it a huge advantage.
My automated trend following systems are much less sophisticated, but trained on years of data. They are like insects compared to a ninja. But it takes years to become a master, while insects will take care of themselves.
I suggest STOP reading what so many others say and find your own way. If you are smart and persistent, you should find something that works and then you can develop it from there, refine it and create an objective trading method.