Quote from hazardfish:
Why do you find it difficult to pick a direction of a stock? That's the easy part, most of the time, experience comes in to let you know when to take profits, or start pairing out of a trade. And using stops allows one to makes a dozen mistakes in one day, and with one winner, still make money.
It's an odds game with psychology, but every trading style takes experience with that style. Personally teaching what Don does works. Guys make money that way, but putting it on a pedestal is what's wrong with most firms in the first place.
They have a system and simply don't understand or know how to trade another way, so they train one way, and it works, they develop profitable traders, so they continue in this way.
So usually I find with these A types, they diss anything else, it often shows how closed minded they are. And/or that is their business philosophy, so they must continue to sell it as "THE" way to make money, which is just not the case, it's only one style.
There are hundreds of styles of trading that are profitable, and anybody who tells you otherwise is just full of it. And you have to now discount everything they say, no matter how concocted and difficult to understand.
That there in lies the gimmick, the edge, the power, the sophistication, the braggart with the know how,
I'm not dissing Don or anybody else for that matter, but the arrogance of knowing it all. That is what new traders and experienced traders alike have to be careful of and understand.
I see all the time one guy with a strategy who makes money, and is somehow consumed by his ego, and then talks down all other ideas or concepts.
