Socrates Examines Technical Strategy

[Socrates]

My my! Where are the impassioned defenses of the verity of high profit potential from "pool extraction"?

Maybe my counterargument was too subtle. Let me restate it bluntly:

Limit order traders in the ensemble will not LET market order traders in the ensemble extract net profits because they'd go out of business if they did. So if they detect a widely used profitable strategy they MUST frustrate it. He who has the gold makes the rules.

 

[Dackster]

Quote from ehorn:

Is it not you who is performing the examination?


1. You have to be in the market to make money.

2. You have to be on the right side of the market to make money, and

3. Money is made in markets through the movement of price

Thankyou, ehorn.

The points 1 to 3, surely not an 'ethos', more of a tacky memorandum for inexperienced traders.


Thanks,

Dackster.

 

[Socrates]

Um, Ehorn. You could equally superficially have said:

Trade with the trend
Cut losses short
Let winners run
Manage account risk

Will Rogers stated the obvious better than Jack: "If it don't go up, don't buy it!"

 

[ehorn]

Quote from Socrates:

Um, Ehorn. You could equally superficially have said:

Trade with the trend
Cut losses short
Let winners run
Manage account risk

Will Rogers stated the obvious better than Jack: "If it don't go up, don't buy it!"

My apologies, I was under the assumption that this thread was an examination of SCT. As such, I gave an appropriate response to Dackster. I believe my response (as quoted from Jack) is the underlying sentiment that informs the beliefs and practices of SCT. As usual, he and others may choose to translate it as they see fit.

Best wishes here folks, I am gonna go help the retailers out a bit.

 

[Dackster]

Quote from ehorn:

My apologies, I was under the assumption that this thread was an examination of SCT. As such, I gave an appropriate response to Dackster. I believe my response (as quoted from Jack) is the underlying sentiment that informs the beliefs and practices of SCT. As usual, he and others may choose to translate it as they see fit.

Best wishes here folks, I am gonna go help the retailers out a bit.

Ehorn,

Jacks ethos, it may say everything that is needed to be said about SCT. The chart underneath the 'ethos', it's all been so very well organised in it's illustration and wording.....but it's old news.

So let's carry on with the dissection of SCT.

Thanks,

Dackster.

 

[Socrates]

Apologies, Ehorn. I was hoping for a succinct summary of SCT principles by an independent practitioner, not references to Jack's long-winded and elusive presentations.

You might have noticed that many of us skeptics are fond of simple systems, or at least clearcut numerical rules. For example, I trade about 20 systems which take about 1300 lines collectively to code. So with an average of 60 lines per system, they clearly are simple. Indeed, the most powerful of them takes only 20 lines.

I personally believe that SCT can be expressed by very simple rules, but Jack tends to embellish the system whenever challenged, so that the current practice of it is IMO bloated.

 

[Dackster]

Quote from Socrates:

Apologies, Ehorn. I was hoping for a succinct summary of SCT principles by an independent practitioner, not references to Jack's long-winded and elusive presentations.

You might have noticed that many of us skeptics are fond of simple systems, or at least clearcut numerical rules. For example, I trade about 20 systems which take about 1300 lines collectively to code. So with an average of 60 lines per system, they clearly are simple. Indeed, the most powerful of them takes only 20 lines.

I personally believe that SCT can be expressed by very simple rules, but Jack tends to embellish the system whenever challenged, so that the current practice of it is IMO bloated.

Socrates,

SCT principles exist in a thousand books and a million minds....lambs to the slaughter....maybe?

Here's a question, for anybody...


How can 'orthodox' work on a competitive market?


Respectfully,


Dackster.

 

[Socrates]

Not to hog the posting, but IMO there ARE unique elements in SCT:

use of orthodox concepts that are claimed to be unorthodox

the aggressive claim of profit potentials of several multiples of the daily range

the belief that YM leads ES

trading all countertrend legs at high trading skill levels

esoteric interpretations of volume patterns

a whole new vocabulary to replace what's in the literature

the odd notion that trading acumen is enhanced by development of good character

paying it forward by mentoring and charity

exceptional cult of personality fostered by unbelievably impenetrable turbid/turgid prose.

The best I can think of to say is that Jack apparently wants to be paid by adoration instead of money. Me, in my life I have always enjoyed taking an incredible amount of abuse for good pay.

P.S.: Still waiting for that quantitative defense of "pool extraction". Apparently they can't abide even the tiniest crack in their orthodoxy. St. Jack says it, so it must be true.

 

[college_trad3r]

Quote from Socrates:

Not to hog the posting, but IMO there ARE unique elements in SCT:

use of orthodox concepts that are claimed to be unorthodox

the aggressive claim of profit potentials of several multiples of the daily range

the belief that YM leads ES

trading all countertrend legs at high trading skill levels

esoteric interpretations of volume patterns

a whole new vocabulary to replace what's in the literature

the odd notion that trading acumen is enhanced by development of good character

paying it forward by mentoring and charity

exceptional cult of personality fostered by unbelievably impenetrable turbid/turgid prose.

The best I can think of to say is that Jack apparently wants to be paid by adoration instead of money. Me, in my life I have always enjoyed taking an incredible amount of abuse for good pay.

P.S.: Still waiting for that quantitative defense of "pool extraction". Apparently they can't abide even the tiniest crack in their orthodoxy. St. Jack says it, so it must be true.

My name is college_trad3r, and I approve of this message.

 

[Dackster]

'Pool extraction', SCT is (i pressume by looking at the JH chart) not going to bear anything other than garden variety traders, with no advantage.....an easy target, an easy pool to extract and not trading with an 'edge' (edge being a sharp market awareness) which SCT does not provide.


Yours,


Dackster.