See ***'s for my inserted answers.
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William O'neil ''canslim'' method
- Thread starter TKOtrader
- Start date
Quote from jack hershey:
See ***'s for my inserted answers.
ok loser, since you cant answer a damn question im done with you !!
jack : i use canslim
qt : does canslim still work ?
jack : no
qt : so it doesnt work ?
jack : i use it once a week
WHAT A RETARD !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
PLUS ITS MARDI GRAS HERE !!! SO ITS TIME TO LEAVE ,
JACK, I'LL TELL YA MOM YOU SAID HI !!
I've always been attracted to Canslim (which shows how pathetic my life is). But here's my question to all the Canslim experts: what is so marvelous about a strategy that only works in bull markets? I'm not trying to be inflammatory, but it's that very issue that made me give up on it after reading the book.
Like most everybody else on ET, I've built a variety of systems. One thing I always do is test these systems in bull, bear and channeling market periods. Here's what I always find: everyone of these systems does INCREDIBLY well in a bull market. They all succeed with huge win percentages and average profits per trade.
I mean isn't that like falling off a log for the most of the people here at ET? When breakouts work 75% of the time and there's plenty of volume with volatility and ma's/rsi's/stochastic's/S&R all work gloriously almost all of the time - is there anybody on ET that won't be making money hand over fist?
Let me know what I'm missing here. Again, I'm not trying to be combative, but I just don't get it. I've never traded in a bull market, so I'm probably oversimplifying.
Like most everybody else on ET, I've built a variety of systems. One thing I always do is test these systems in bull, bear and channeling market periods. Here's what I always find: everyone of these systems does INCREDIBLY well in a bull market. They all succeed with huge win percentages and average profits per trade.
I mean isn't that like falling off a log for the most of the people here at ET? When breakouts work 75% of the time and there's plenty of volume with volatility and ma's/rsi's/stochastic's/S&R all work gloriously almost all of the time - is there anybody on ET that won't be making money hand over fist?
Let me know what I'm missing here. Again, I'm not trying to be combative, but I just don't get it. I've never traded in a bull market, so I'm probably oversimplifying.
I parsed this where you asked questions. look for ****'s
**** you have a very shallow viewpoint which you have gained through personal experience. Which chapter of HTMMIS do you remember most? Which chapter did you learn the most from?
Lets begin with these two questions so you can find out where you are.
Quote from ShoeshineBoy:
I've always been attracted to Canslim (which shows how pathetic my life is). But here's my question to all the Canslim experts: what is so marvelous about a strategy that only works in bull markets?
*******CANSLIM works all the time and every day. It is a very significant well based comprhensive strategy. It deals with IT (which means Intermediate Term Trends. The seven part approach is compregensive and thoroughly bounds the stock market and the equities traded and used for investment.
...Snipped your viewpoint.
I mean isn't that like falling off a log for the most of the people here at ET?
***** investing and trading turn out to be the same degree of difficulty at all times. Once you come up with a thoroughly prepared approach as CANSLIM is for intermediate term traders, You will find there is no log falling off times ever. What you perceive may be times that exceed your expectations. You will, naturally, grow as time passes, then you will see things from a weathier point of view at least.
When breakouts work 75% of the time and there's plenty of volume with volatility and ma's/rsi's/stochastic's/S&R all work gloriously almost all of the time - is there anybody on ET that won't be making money hand over fist?
******Yes. There are many people here who have not had the experience of making money near the potential for doing so not only when you make money but when you can't make money so far. Soon you will get to a place to realize that there is in all markets a continual opportunity to apply the same techniques to the highest quality stocks that are always available. Right now, you have missed a lot in understanding much.
Let me know what I'm missing here. Again, I'm not trying to be combative, but I just don't get it. I've never traded in a bull market, so I'm probably oversimplifying.
**** you have a very shallow viewpoint which you have gained through personal experience. Which chapter of HTMMIS do you remember most? Which chapter did you learn the most from?
Lets begin with these two questions so you can find out where you are.
I know you have a lot of experience, so I'd enjoy hearing what you have to say. Let me say what I really liked about the book:
1. Underneath I believe in "technimentals", i.e. fundamentals are as important as technicals.
2. I like the idea of buying the best of the best breaking out of an accumulation period.
3. I liked his research showing the explosive nature of the very best stocks which nullifies overbought/oversold.
But here are my questions:
1. In this really a trending market? That is for any given number of days, do we really have any reason to believe will continue increasing instead of reversing?
2. Can we count on even the best of the best to follow through on a breakout?
3. Is there any way to make money (using true CANSLIM) during a choppy or downtrending market?
1. Underneath I believe in "technimentals", i.e. fundamentals are as important as technicals.
2. I like the idea of buying the best of the best breaking out of an accumulation period.
3. I liked his research showing the explosive nature of the very best stocks which nullifies overbought/oversold.
But here are my questions:
1. In this really a trending market? That is for any given number of days, do we really have any reason to believe will continue increasing instead of reversing?
2. Can we count on even the best of the best to follow through on a breakout?
3. Is there any way to make money (using true CANSLIM) during a choppy or downtrending market?
I never really answered your question though: I actually enjoyed every chapter in the book. But underneath I can't stand the idea of sitting out for four or five years of a secular bear.
Quote from ShoeshineBoy:
I never really answered your question though: I actually enjoyed every chapter in the book. But underneath I can't stand the idea of sitting out for four or five years of a secular bear.
Thanks for your reply. I try to orient to the person with whom I am communicating. There are some limits like those presented to me in this thread by a couple of people, however.
I can see that you have read and studied the book but it isn't something you have been able to assimilate into your regular appreciation of capital.
For background, in my travels I have participated with CANSLIM and some of it's followers. Amoung others a protege of WJO.
So I have been involved with their institutional service, the beta testing of dailygraphs, etc. I was also asked to produce some math to replace the weekly sort for cup and handle and on another occassion to deal with an arbitrage function for the institutional service. Enough said.
The chapters of the book orient you in a methodical way to what is what. At the end WJO takes the trouble to give you a list of things to eliminate from your investment orientation. This is such a great contribution.
Quote from jack hershey:
Thanks for your reply. I try to orient to the person with whom I am communicating. There are some limits like those presented to me in this thread by a couple of people, however.
I can see that you have read and studied the book but it isn't something you have been able to assimilate into your regular appreciation of capital.
For background, in my travels I have participated with CANSLIM and some of it's followers. Amoung others a protege of WJO.
So I have been involved with their institutional service, the beta testing of dailygraphs, etc. I was also asked to produce some math to replace the weekly sort for cup and handle and on another occassion to deal with an arbitrage function for the institutional service. Enough said.
The chapters of the book orient you in a methodical way to what is what. At the end WJO takes the trouble to give you a list of things to eliminate from your investment orientation. This is such a great contribution.
JACK , DAMMIT MAN , WHAT IS YOUR PROBLEM ? I MEAN , YOU CANT ANSWER A DAMN QUESTION CAN YOU ?? ''SHOEBOY'' JUST ASKED YOU 3 STRAIGHT , CLEAR CUT QUESTIONS AND YOU DIDNT ANSWER ONE OF THEM WITH A STRAIGHT ANSWER. YOU CONTINUE TO BEAT AROUND THE BUSH. (IF THAT) SO FROM THESE POSTS OF YOURS I'M SURE THAT EVERYONE REALIZES THAT CANSLIM DOESNT WORK IN TODAYS MARKET !
I'LL GIVE YOU THE BENEFIT OF THE DOUBT AND TAKE IT THAT SINCE YOU WERE INVOLVED WITH CANSLIM'S SERVICE YOU DONT THINK IT WOULD BE RIGHT TO JUST SAY '' NO, IT DOESNT WORK !'' ,, BUT I GUESS I KNOW WHAT YOURE TRYING TO SAY
Quote from ShoeshineBoy:
I know you have a lot of experience, so I'd enjoy hearing what you have to say. Let me say what I really liked about the book:
1. Underneath I believe in "technimentals", i.e. fundamentals are as important as technicals.
2. I like the idea of buying the best of the best breaking out of an accumulation period.
3. I liked his research showing the explosive nature of the very best stocks which nullifies overbought/oversold.
*** Thanks for these insights. You have captured the most salient point that can be made.
From this starting point, you can see everyday contains opportunites for appreciating capital. Lets dig in here and get on with making money.
There are many automatic sites for using CANSLIM. Each one makes a requirement of the user. You will be able to see how the posters here have missed the point of CANSLIM once you see how to connect canslim to what you do. The way you do this is by choosing the values in CANSLIM to make CANSLIM work in your system.
That is why I qualitfied my first post the way I did. I chose as a basic premise to make money on the optimum fractal. It is not the one WJO has chosen. You can see how quick TR and kowchild commented disregarding the context I provided. They are glued to something that is not wirking for them apparently. It must be frustrating, too.
The indicators in the CANSLIM sorting websites are related to parts of CANSLIM. I simply adjust the combination to the tightest values that are needed to get a universe that is the most desireable size for my approach to investing in securities.
I will explain this in detail later. But initially you need to review your universe requirements for making money and fit a CANSLIM sort to that so you now have the universe you need to rapidly appreciate capital at all times.
Thus you eliminate, immediately the silliness of if you can make money in any market. CANSLIM criteria operate at all times and their is at all times a way to get a universe with which to invest.
QED.
But here are my questions:
1. In this really a trending market?
**** Markets always have trends. There are three to choose from: up, down and lateral. Lateral means going side ways. Immediately it is clear if you guess the market character, you are going to loose. You must pick one out of three and that is a failing process. Of course this is not important to do anyway. What is important is to use CANSLIM to pick successful stocks in what ever market is underway. The M of canslim is good to know about. The key leading thing WJO introduces to you for this is the "rally attempt analysis" Well it is beautiful as an element because you always have an answer that tells you what is going on. A pass is nice. a failure has the same information value. Thus you do it all the time so you know what is cooking.
Because you need to get yourself calibrated, you check out all major market turns of the past with it and get the clear and amazing feeling that the test is flawless. Kowchild is oriented to the fact that whatver he reads is just Monday night quarter backing. this idea makes him stck and he appear to be a retard as he explains it to us all. If and when he does something like homework or evaluating his hangups using other peoiple's successes in discorery, he may emerge from his boyness.
the rally attempt analysis is a short term analysis that is a leading measure. See how it is coupled to the IT approach WJO uses for investing.
That is for any given number of days, do we really have any reason to believe will continue increasing instead of reversing?
****WE can speculate but it doesn't matter because we have, in a comprehensive approach, a wy to deal with anything.
I use my universe as a small place to keep very reliable stocks. Reliable stocks are the kind that make money under very low risk because they do what I need them to do without much failure. (7 out of 8 times). There is a possibility that some people do not know this about the stocks in their universe. Why not? Well they just do not get around to qualifying their stocks as performers who are reliable. This is a missing element of what they do (don't do actually). If you discover this, then fix it.
2. Can we count on even the best of the best to follow through on a breakout?
*** this is insightful as an observation. Two problems do exist. The time duration of IT is relatively long and when you check out the past, you can see that the M of CANSLIM may not be consistent for the checkout. I do not have this problem, however. I changed the rules for making money to a rule of making it as fast as I can instead. The market tells me how to make it the fastest and i have to obey because of my limitations on controlling the market.
3. Is there any way to make money (using true CANSLIM) during a choppy or downtrending market?
*****Yes, we will cover as much as you wish.
The way I work is diadactically. It is best to go to where a person is and then suggest how to follow a path to the best place possible. It is insane, I think, to expect aperson with a belief system and the according behavior to jump to a new place without a path to follow.
My long posts certainly eliminate several types of people from participating. And that is kewl too. They aren't up to thinking as yet and they need to simmer a while longer.