Why TA does not work

Quote from NoDoji:

As the TA Leader of ET's Free World, I object! How do I and my minions know that this "Pryme Tyme" is a true TA trader and not some street corner panhandler recruited by you to prove that TA doesn't work?
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You certainly have a valid point. He stepped up in defense of TA as mademan (sp) on this thread. Perhaps you should take his place or screen him a bit first?

surf
 
Quote from NoDoji:

I'd feel a lot better about it if Pryme Tyme would answer these key questions:

1. How do you define a trend?

2. How do you determine the price level at which your reason for taking a trade is invalidated?

3. What is the airspeed velocity of an unladen swallow?

http://www.youtube.com/watch4[/ur [...vb/member.php?s=&action=getinfo&userid=316723
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sorry ,those are not TA. just trading rules. those rules are common to any trader who wants to become consistenly profitable.

TA is just tools. either you use it or not. if you think people who do not use TA are losers or none-professional traders. that is non-sense.

look at Warren Buffet, he uses TA to make money? no. when he feels it is undervalue, he did lots of research and buy.

TA makes gambler easier. those fancy indicators will let you think those are the key to successful trading, wrong.

I never want to know what Imploied Volume, or delta, greek, butterfly or spread., and I just do not know.. I found I trade far better than those guys fully loaded with those stuff in option.



Quote from NoDoji:

OK, let's see, should I believe the words of a systems analyst and the self-described writer quoting him, or should I believe the words of the most profitable traders in the world?

Michael Marcus:

Q. Do you always pick a point where you will get out before you get in?

A. Yes, I have always done that. You have to.

Q. I would imagine in your case you can’t actually put a stop in because your orders are too large.

A. Yes, but my broker can hold it.

Bruce Kovner:

“Whenever I enter a position, I have a predetermined stop. That is the only way I can sleep. I know where I’m getting out before I get in.?

Richard Dennis

Q. Do you always define your maximum risk point when you get into a trade?

A. You should always have a worst case point. The only choice should be to get out quicker.

Paul Tudor Jones:

Q. Do you always know where you are getting out before you put a trade on?

A. I have a mental stop. If it hits that number, I am out no matter what.

Gary Bielfeldt:

Q. How much risk did you allow when putting on a trade?

A. Generally anywhere from ? to 1 ? points.

Q. So if you tried to pick a spot that looked good and it didn’t work, you would bail out and try again at another spot?

A. Right.

Ed Seykota:

Q. Do you decide where you are getting out before you get in on a trade?

A. I set protective stops at the same time I enter a trade.

Larry Hite:

Q. What makes Mint different? How have you been able to achieve return/risk ratios far above the industry average?

A. So the very first rule we live by at Mint is: Never risk more than 1 percent of total equity on any trade.

David Ryan:

Q. Since you use an extremely rigorous selection process, do you have a high percentage of winners in your stock picks?

A. No, only about 50/50, because I cut the losers very quickly. The maximum loss I allow is 7 percent, and usually I am out of a losing stock a lot quicker.

Marty Schwartz:

Q. From time to time, you have alluded to your trading rules. Can you list them?

A. That brings me to my next rule: Before taking a position, always know the amount you are willing to lose. Know your “uncle point? and honor it.

Mark Weinstein:

Q. Any final advice you have for a beginning trader?

A. You have to learn how to lose; it is more important than learning how to win. Limit losses quickly.

Tom Baldwin:

Q. Do you have to be somewhat of an egomaniac to be a good trader?

A. Actually, the best traders have no ego. You cannot let ego get in the way of a trade that is a loser; you have to swallow your pride and get out.

Tony Saliba:

Q. Do you always know the maximum risk in a position that you hold?

A. Yes…no matter what happens, I know my worst case. My loss is always limited.

Let me think on this for a while...
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Quote from NoDoji:

I'd feel a lot better about it if Pryme Tyme would answer these key questions:

1. How do you define a trend?

2. How do you determine the price level at which your reason for taking a trade is invalidated?

3. What is the airspeed velocity of an unladen swallow?

http://www.youtube.com/watch?v=y2R3FvS4xr4
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I feel honored that the mighty TA King asks me three questions
Here are my answers sire.

1.looking from left to right , bottom to top or viceversa

2.technicaly reactions , swing highs/lows , midpoints, etc.
Or if the market doesent responds in the favour of my position
But it pretty much depends on How the market acts while i got
A position on

3. 42 ;)

Thanks for the time my lord
 
Quote from NoDoji:

As the TA Leader of ET's Free World, I object! How do I and my minions know that this "Pryme Tyme" is a true TA trader and not some street corner panhandler recruited by you to prove that TA doesn't work?
More...
LMAO :p
 
Quote from trader198:

those fancy indicators will let you think those are the key to successful trading, wrong.
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You mean these fancy indicators? :D

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Quote from NoDoji:

This man is the real deal! :p
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Excellent, you approve. I am sincerely looking forward to following his Combine performance and am pleased a hard core TA user is participating.

surf

<i> follow my twitter feed @marketsurfer </i>
 
Quote from trader198:

if you think people who do not use TA are losers or none-professional traders. that is non-sense.
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I never expressed such a thought nor do I think it! It's the TA naysayers who keep calling us TA-ers losers.

I think you can trade profitably using phases of the moon, and in fact I believe the biggest Holy Grail on ET hangs out at Volente's Bar and Grille, believes all small traders lose, they just lose, and the reason why they lose is because they use stops.

I've no beef with anyone's methods, just with those who claim their methods are the only way, or that noobs lose because they use stops.

Damn, my trade broke out and is headed to the upper channel line! These technical coincidences sure are crazy!
 
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