Anyways, I've satisfied myself that my original hypothesis is indeed true.
As we all know, the failure rate in this game is extremely high. It has to be that way for the rewards to be ample to those who are willing to dedicate enough time and money to play the game properly. Always applying critical thought as they do so.
Of course, one of the reasons so many fail is because they do not understand the rules to begin with. They dont understand because they dont get a proper education. Instead of studying and coming to their own conclusions, they take short cuts. They try and get education quickly and cheaply. For the price of a few books.
Pick up most trading books, stuff on the internet, the majority of stuff in the public domain and it's all the same:
Magic pattern or indicators (changing fashions like breakouts or pull backs), risk small, stops narrow/wide. Enter, exit. wait for the next one. Confuse further with 'trading psychology' to explain the inevitable failure.
Could making so much money by scaling up such an operation really be so easy? (if it did work)
The approach suggested by nojodi and dbsparrow and the like are really no different from these approaches.
As Einstein said: Insanity is doing the same thing over and over expecting different results. Trading a different patterns, drawing different silly lines etc is really the same thing.
As we have seen, dbsparrow wasnt man enough to participate. At least nojodi is more of a man than dbsparrow. But alas, nojodi is unable to explain the reason why such patterns relationships work. In fairness, neither could I. Because they dont work.
Thats why I suggest people keep a wide birth from such people who claim to be successful when they are really trading the same way as the unprofitable who seek their advise. As stated earlier, successful traders rarely have time to post on internet sites like this much because it takes so much time. The job is to trade. And good traders love trading, not talking to wannabees.
With that folks, and with risk of being accused of not giving away anything material use in your quests to profitability, it is time for me to leave ET now. My work has been done - as far as my schedule allows. I am a trader first and foremost.
I will leave you with this however:
Nothing is ever said about trading structures/multi legged strategies. Its always based on outrights. Stocks, futures, whatever. In real life, it's really quite rare (not to say it never happens) for a professional speculator working on a short time frame to trade an outright (flat) structure. Long term traders will - usually based on fundamentals though, perhaps with some TA for timing. Short term speculators trade spreads, flys, arbs, pairs, etc. Thats one reason why they last longer, and another reason why nojodi footprints are BS - because someone may be dumping 10k cars in one market, but lifting 20k in another where the real action is. Your pattern never saw that coming eh? Ouch!
Good luck...
As we all know, the failure rate in this game is extremely high. It has to be that way for the rewards to be ample to those who are willing to dedicate enough time and money to play the game properly. Always applying critical thought as they do so.
Of course, one of the reasons so many fail is because they do not understand the rules to begin with. They dont understand because they dont get a proper education. Instead of studying and coming to their own conclusions, they take short cuts. They try and get education quickly and cheaply. For the price of a few books.
Pick up most trading books, stuff on the internet, the majority of stuff in the public domain and it's all the same:
Magic pattern or indicators (changing fashions like breakouts or pull backs), risk small, stops narrow/wide. Enter, exit. wait for the next one. Confuse further with 'trading psychology' to explain the inevitable failure.
Could making so much money by scaling up such an operation really be so easy? (if it did work)
The approach suggested by nojodi and dbsparrow and the like are really no different from these approaches.
As Einstein said: Insanity is doing the same thing over and over expecting different results. Trading a different patterns, drawing different silly lines etc is really the same thing.
As we have seen, dbsparrow wasnt man enough to participate. At least nojodi is more of a man than dbsparrow. But alas, nojodi is unable to explain the reason why such patterns relationships work. In fairness, neither could I. Because they dont work.
Thats why I suggest people keep a wide birth from such people who claim to be successful when they are really trading the same way as the unprofitable who seek their advise. As stated earlier, successful traders rarely have time to post on internet sites like this much because it takes so much time. The job is to trade. And good traders love trading, not talking to wannabees.
With that folks, and with risk of being accused of not giving away anything material use in your quests to profitability, it is time for me to leave ET now. My work has been done - as far as my schedule allows. I am a trader first and foremost.
I will leave you with this however:
Nothing is ever said about trading structures/multi legged strategies. Its always based on outrights. Stocks, futures, whatever. In real life, it's really quite rare (not to say it never happens) for a professional speculator working on a short time frame to trade an outright (flat) structure. Long term traders will - usually based on fundamentals though, perhaps with some TA for timing. Short term speculators trade spreads, flys, arbs, pairs, etc. Thats one reason why they last longer, and another reason why nojodi footprints are BS - because someone may be dumping 10k cars in one market, but lifting 20k in another where the real action is. Your pattern never saw that coming eh? Ouch!
Good luck...
