Why learning to trade from Jack is so difficult

quoting from c. alexander (via r. gabriel, via grabow 1983)

"Only recently have I begun to realize that the problem is not merely one of technical mastery or the compettent application of the rules--like trowelling a piece of concrete so that it's really nice-- but that there is actually something else which is guiding these rules. It actually involves a different level of mastery. It's quite a different process to do it right; and every single act that you do can be done in that sense well or badly. But even assuming that you have got the technical part clear, the creation of this quality is a much more complicated process..."
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I have read just about everything i could get my hands on re Jack H. And I have also read many of Spydertrader's excellent and very clear posts on ET re the modifications of Jacks methods that he, Spydertrader, uses. My impression is that Jack's thought processes are a bit muddled and that he has some difficulty expressing himself in written English. In some odd sort of way his ramblings are poetic and artful, however unclear they may be. His promotion of a binary ranking system 0-7 is a worthwhile idea that might be applied succesfully in another context, though it doesn't work for stocks in the regular 0 through 7 pattern he claimed. In fact, i have never found a stock that hit all eight binary values in sequence. He implies that at least some stocks do. His ideas about dry-up volume, however, do seem to have some merit and particularly the idea of using the volume in the first two hours of the trading day to project what the volume will be forward in time may have some merit. Especially if one applies the proper fractional values to each time increment. Something, so far as I know, he has never mentioned. It is definitely true that many stocks show the cyclical volume pattern he infers.
No, I don't trade using his methods. But I was amused by them. In general, i would agree with many of your remarks regarding those who promote various complex "trading systems." So here's to you Jack, may you continue to ramble on, bless your heart.
 
Quote from ehsmama:

Moreover, I don't know what is there to learn from anyone.

Trading is - If it is going up - Buy, If going down Sell....What is there to learn from anyone?????
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Um, that's rather a confident statement. However I think you wrote "trading" when you actually meant to write "momentum trading". There are numerous other approaches besides momentum trading, some of which go by the names
  • Pullback buying: when the price falls, you buy*
  • Seasonal trading: Sell in May and go away, etc.
  • Option selling: make carefully considered bets on what is not going to happen
  • Support and resistance trading: When price rises to R-line, go short
  • Value investing: if earnings yield is high, and return on capital is high, buy
  • Cyclical trading: buy when price falls to a projected multi-cycle bottom
  • Overbought-oversold trading: when price rises so far so fast that oscillator says "overbought", go short
What is there to learn from anyone? Perhaps: traders have invented many different ways to trade and you may not know all of them.

*Some wildly profitable pullback buying mechanical trading systems are on the Wealth-Lab website at http://www.wealth-lab.com/cgi-bin/WealthLab.DLL/viewfamily?family=Pullback Buyer
 
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