Quote from JimmyJam:
it's alright bro, no hard feelings here, as none of us trade the method anyway. I'm just saying it's a jumping off point for new traders which doesn't cost anything (you don't have to attend the seminars or whatever else they might be selling at the site). And also, believe it or not, there are plenty of folks who don't like the concept of intra-day trading, and don't believe you can make money at it ...
And by all means - for all those new traders out there who might be reading this thread in the hopes of finding out about the method (and if it works, or if not, if it even "adds value" to their trading) - if you have something better for them, please share.
Best Regards,
Jimmy,
P.S. BTW, did you later talk to those "good traders" and get any helpful suggestions from them? I hope so, because most of the lessons of the market come at pretty h$gh cost (that's ASSUMING a trader learns from his/her mistakes ...)
P.P.S. and I'm sorry for the reactionary name calling, NOW that I see that you've had a bad experience with it, I can understand where YOU'RE coming from, it just wasn't MY experience.
No problem. I started a bit harsh as I definitely have an opinion about this approach.
I actually
did trade the techniques for awhile, tried it out with others in private rooms on paltalk (Dr Bob, being one of those others) backtested them and found they didn't work. Also found the moderators were frequently faking their calls. I remember DrBob getting into it with Gio about the fact that her calls couldn't be verified. Around that time the NinjaTrader, FuturesTrader, BracketTrader coders came up with a way to post trades directly to paltalk as they were executed. No one did so...
My real concern on this thread is newbies. I traded for years before Woodie and have traded for years after. My biggest loss was time. However, the education was "priceless" as I don't waste my time with "rooms" anymore.
Personally, I come from a backtest, papertrade, live trade with small size, and then full production school of thought. That way you own it and know when it is going awry. I'm not wedded to any particular approach although I find mean reversion and breakouts to be fairly consistent in their success rates.
As to threads I have liked on ET, off the top of my head:
1. There is the OptionCoach's Spread thread.
2. RiskArb's volatility thread
3. Anomoly_Research had a breakout style thread that worked well for a year or so and then the edge got eroded out of that strategy.
4. There was one thread on statistical anlaysis to determine if you really had an edge or not. I forget the handle but the guy went off to do a hedge fund for awhile and showed up again recently. Maybe someone else will remember his name.
5. There was a thread on MP that was kind of interesting but not for me.
6. At one point, I was part of an autotrading room -- we all ran canned systems -- where we batted ideas back and forth while the computers fought it out. Some of those guys are here and contribute occassionally but don't tend to author threads.
7. There is a relatively new one with 1 month holding periods -- Systematic US Equities Investing. The results are good and hold up but the approach hasn't really been delved into in detail yet.
That's what comes to mind this second. There weren't systems there as much as ideas that could be incorporated into things I was doing. Whether that benefits new traders or not I don't know. After 10 years of trading, it's hard to remember how I got to where I am today.
One thing I can say for sure, it wasn't systematic and took a lot longer as a result.
Sam
...just not my cup of tea).