Quote from Patient Trader:
Jack Hershey may be a fine individual who is an excellent trader; I have no problem at all acknowledging these possibilities. What bothers me are his long, rambling posts that are mostly unintelligible. I have seen his exercises in mangling the English language for years in various investing/trading forums. He always has a group of wannabee traders who hang on his every word without really understanding what the hell is he saying.
They are all PATHETIC WEASELS who are consistent losers in the game of trading who think they have finally met their guru savior.
If Jack Hershey really has a successful methodology for trading the markets and wants to help the pathetic weasels who listen to him on ET and elsewhere, why can't he explain his strategies in simple and concise language? He should be able to explain his beginner strategy (or whatever he calls it) that will produce $90,000 a year for new traders in less than 100 words, certainly not more than 150 words, that a freshman in high school could successfully follow. If he can't do it, then I would label him a phony.
Here is something for you to do the word count test upon. Good luck.
Also take the trouble to critique the expostion of what I am saying. It is important to you and not to me. There may be some non-weasal types that want your input.
any weasal ought to find this a good way to start. One of it's great benefits is that it is a common way to begin.
If you get a break do an excell spread sheet to show the various earning paths people like you follow over the years. I want to see the variations on this important theme here.
Three ways a new intraday trader can get an appreciation of making money in markets before going to a level of algorithm involving indicators:
1. Learn to do wash trades.
2. Learn to do a stop log and do periodic C&Râs to update protection.
3. Learn to do a point 1, 2, 3 trend channel every morning. And keep it current while monitoring on the 5 min fractal. Draw the one in effect from the prior day so you can see when it is broken. There is always a channel.
4. Use any one method you wish to enter with one contract; helpful ones are:
a. EMA xoâs,
b. BOâs of any sort using a bracket method that is acceptable at ET.
c. Channel BO ( This includes lateral where b. applies)
5. Go out at market when you have no C&R new stop or if you cannot get a point 2 trending with your entry do a wash exit.
6. Add contracts each you have a multiple of three of your initial capital.
7. Withdraw your initial capital each time you add a contract to your limit.
Definitions:
Algorithm. Here it means your approach.
Stop log. A record taken from price formations of each value where there is a point that determines a part of a formation.
C & R means Cancel and Replace.
POINT 1,2,3. Three point determine a channel with parallel sides. The BO ending the trend occurs on the right line. Ordinarily, a person adjusts point three after the initial channel formation.
Fractal is an uncommon name for a chart with a certain duration. I have seven that are spaced as multiples of the prior fractal. People here have hardons about this word. My list is: 1, 5, 30 mins, daily, weekly, monthly and quarterly. The 30 min is the trading fractal for equities.
EMA means Exponential Moving Average.
XO means cross over.
Channel BO This is when price BOâs the right line. It ends the prior channel. You enter after this using a Channel BO method of your choice.
Method to enter. Books are written on each of the three I mentioned. Naturally if you choose one and ask questions, you will get input from skilled practitioners who used these as they got started.
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