Jack Hershey's Books
- Thread starter pvTrader
- Start date
Wow people are getting very emotional here. Is this normal for a board? What could be driving the emotions here. It is not like we are arguing, politics or religion? I have my suspicions that we all see that perhaps Jack is just smart enough or wacky enough to have put it all together and he is teasing you the way that usually only a young women can tease a young man. What is up are we all not sure that there is no holy grail. Isn't it all just cutting your loses and letting you winners run. Did that guy in Market Wizards really get every trade right. That had to be bullshit right?
Jack ignore the b.s. here and just help the traders that are seeking help and the rest of us will just watch to see if you can do it. Jack if you get in these debates and then decide to use them as an excuse to quit, I will have to say that you followed the obvious and predictable path. I hope I am wrong because I would like to see some brilliance at work. Let us say I have seen some mensa member types that are just like you but I have seen many more fakes manifesting the same characteristics. Your actions will speak louder than words.
Jack ignore the b.s. here and just help the traders that are seeking help and the rest of us will just watch to see if you can do it. Jack if you get in these debates and then decide to use them as an excuse to quit, I will have to say that you followed the obvious and predictable path. I hope I am wrong because I would like to see some brilliance at work. Let us say I have seen some mensa member types that are just like you but I have seen many more fakes manifesting the same characteristics. Your actions will speak louder than words.
Let me correct this a little.
You do not pyramid ever. I am going to combine the weasel and tripe post details.
One paramount thing that you need to absolutely follow along with is why there never is a need to reinvent the wheel.
The Evolution of markets and market theory has stood the teatt of time quite thoroughly. There are few principles in an uncomplex system that links people to salable entities and value.
This is a system that thrives on mutual interests and a competition where all parties must, in turn play one of two roles.
Always an owner plays the role of the old participant and the potential buyer is the new participant. They view the salable entity, a simgle thing, from opposing viewpoints. The only true market variable is the overlap of their differing views given nearly the same boundary which contains the facets of possible viewpoints.
The varying overlap determines the extent of differences prossessed by buyres and sellers. When these are small, the market moves with a rapid pace and corresponding volume. Conners and Hayward perfected this concept in volatility compression vis a vis hedge fund management. Granville, following Dow, enlarged the principle of sharing market status and dynamic (Dow) into his P.V relation. Because market principles are contiguous there is no possibility of anomolies in it's operation. It is continually dynamic and smooth along as their is sufficient liquidity to operate it. This is where all the clues ly for gaining superiority as a participant.
To best play and trade, you have to have a KISS orientation to keep ahead of the human beat. Someone found the SNMM narration, yesterday, that I did for an equity going from 20 to 22 then to 11 then to 16. I posted 30 posts 5 to 15 minutes ahead of the market and at least five weasels had results they posted using my tripe. They apparently were trading within 8ths of the days HI/LO limits..
What is going on in ET throughout is nothing revolutionary. People who look at things from the viepoint of originality and newness are in a mediocre place. What they need to do is check out why they are skewed to mediocracy. It is like when something becomes tripe to a person. It is kindred to throwing stuff into a swamp of kwicksand to jsut get it out of the way so you can walk across. The best thing to do is keep what you have available and learn it's best use and keep it and walk around kwicksand.
I posted 7 elements to round out a beginner approach. Here are the reasons for each. This is not revolutionary; what it is, is a set of interlocking simple workable elements that never let a person down.
The opbjective of a bginner is to succeed in being a buyer and seller in a way that each job he is doing in turn is successful compared to the person who opposed him at a particular time.
It is not about efficiency; it is all about gaining, by steady successes, one after another, experience that inspires a basic confidence and attitude.
The first steps a person takes in learning are from nothing. This is the largest single change in the learning sequence a person goes through. It is the opbligation of the tripe provider to spout stuff that allows the weasel to take a minimum personal risk to be able to succeed and carry forward.
A learning beginer only thinks he knows the scope of knowledge related to the body of knowledge he desires. He is in a place where as he learns he also grasps that what he has to learn is more than he first percieved.
In trading the moeny aspect also bears down on the learner. By mistakes he can be deprived of the real learning opportunity. To presrve and simultaneously grow is a compound task that demands that tripe be used and only tripe.
My seven elements are purposeful the a beginner as follows.
1. wash trading. This, first of all, lets a person learn facility within the structure he uses. Facility is the key to staying ahead of the beat and going around kwiksand. Secondarily, it is impotant as a replacement for loosing or drawdowns. thirdly it lays the basis for trading volatile lateral moves and congestion along support and resistance. Up and down trends often end in lateral moves that can support a steady money velocity of profits; it's good to have a warm up drill for this.
I'll continue in another post.
I still dont understand what the hell Jack is talking about. He just babbles and uses terms no one really understands... Just a bunch of nonsense.
He tries to pretend he is some market whiz and knows all these coded jargons... but in reality its just a bunch of crap. Either the guy has serious mental issues or he is dyslexic.
--MIKE
He tries to pretend he is some market whiz and knows all these coded jargons... but in reality its just a bunch of crap. Either the guy has serious mental issues or he is dyslexic.
--MIKE
What the hell does this mean?? Makes absolute no sense. I cant believe people take this guy seriously.
--MIKE
If you keep up this non tripe you are never going to be a weasel.
I have been trading for years with what many would consider reasonable success... With all honesty.. anyone that is new to trading just ignore what Jack is saying.. he will just confuse, give you a headache.
Anyone that is experienced trader.. doesnt even care what the guy says.. because its a joke..
I am just amazed by how many people on ET actually respond to his posts as if they make sense or they are learning something.
Jack please give it a rest.. if you want to say something valuable please type in plain english.. otherwise take your jibberish soemwhere else.
--MIKE
Anyone that is experienced trader.. doesnt even care what the guy says.. because its a joke..
I am just amazed by how many people on ET actually respond to his posts as if they make sense or they are learning something.
Jack please give it a rest.. if you want to say something valuable please type in plain english.. otherwise take your jibberish soemwhere else.
--MIKE
I wouldn't say that it's nonsense. It's just not terribly original. "A beginner succeeds by winning rather than losing." "The more you know, the more you know you don't know." And so on. But he couches these simple concepts in terms that are contorted to an almost painful extent.
This is not uncommon amongst those for whom English is not their first language (cf harrytrader). Unfortunately, they often go for the complex rather than the simple, and this makes everything more difficult for everybody.
It has been pointed out several times on his thread that what he's advocating can't be backtested, that the proof is in the real-time results. Well, I've been following the real-time results, and I can't say I'm impressed. Tampa, for example, is thrilled that he's made 20 ES pts in three weeks, and while I'm happy for him, big woo. Even the most simple-minded trend-following system should have yielded at least that.
I'll continue to follow his thread, but so far I see nothing that Wyckoff hadn't already figured out a hundred years ago.
--Db