all,
Why don't you add something useful to this thread instead of always cutting down the way others trade. No matter who it is or what they say if it is TA you are going to cut on it. Why don't you just go to some investor site (not a traders site) and stay there instead of stiring up stuff with your nonsense. I am begining to wonder if you have ever bought a stock or futures in your entire life. Or maybe you have and had some bitter experience and need to take revenge by harrasing others who are trying to learn something. For my part we don't need people like you on this thread. You are not adding anything of use that I can see.
Add something of use, interesting, what I have added is an alternate viewpoint. This viewpoint does not gell with the majority viewpoint, and that seems to be a major problem for some, yourself included.
As yet no-one has put forward a rational argument for charts or technicals, apart from the usual .....look at me, I can do it, well mabe yes, mabe no, but can the toiling mass of average traders ever turn a profit, the general evidence from studies would seem to be a deafining no.
The reasons for this I have previously detailed. One would have thought that people on this board would want to discuss how to monitor the fluctuating success rate of the "PROBABILITY SETUPS" that they trade.
Go to an investors site.........unfortunately they are quite rare, and I haven't found one, mabe I need to look harder.
Nonsense.......what nonsense might that be? You have yet to be able to repudiate a single assertion that I have made. Likewise for a number of others.
If I have ever traded a stock or future, ........on the evidence so far, you look by far the best bet by a long shot, your lack of knowledge has been exposed numerous times.
A bitter experience, and revenge taking.........An alternate viewpoint does not by definition indicate a negative stance due to misfortune, but even assuming that it did, would you not like to balance all the positive posts with some negative? Surely when undertaking research, as our erstwhile PhD in physics, you need a hypothesis, and a null-hypothesis?
He's honest enough to admit that not every trade is a winner. Has he not demonstrated in these trades great skill by 'cutting his losses short and letting the winner run'?
timsk,.......That is the problem, He has been guilty of perpetuating a myth of infallibility around Level2. This is just not the case. It is as fallible as any other technical method out there. The big winner that was experienced could have been caught with a trailing stop. The fallibility is clearly demonstrated with the 2 losses, and 1 small winner. If Level2 was as superior as claimed, then those 2 losses would never have been entered in the first place, as level2 would have ILLUMINATED to micro-analysis, that these trades were traps for the unwary.
The reason for this of course is that there was no pullback intra-day of any significance. This would have allowed a number of strategies to return the winner. On any number of trades posted, you see, out with $0.24 profit etc. These numbers are achievable with standard technicals.........he himself utilised a fib ratio, .....combine with a stoploss, trailing, and ergo, trade winner.
Your quite right. But in the context in which Mr. Charts uses it, he means the exacty opposite from what I suspect you think he means. To clarify, if I've understood Mr. Charts' position correctly on the subject of R:R, he prefers to work on probability rather than pure R:R because the latter is too subjective and involves too much guesswork.
Thats fine, and I can accept that at face value. But why not discuss what constitutes a high probability R/R, and WHY it is a high probability, more importantly, do these probabilities change over time, conditions, or both?
This is a very odd remark. I've been reading these boards for quite a while now and, in my experience, probability is seldom mentioned. In fact, I started a thread to discuss this very subject and it petered out quite quickly
I agree, I was being sarcastic. There is little or no discussion of the reasons as to why (generally) people lose money, and how to stop losing money. These boards are dominated by a number of posters who for their own reasons stiffle discussion.
"As to your reading of the tape, why did your tape reading skills not inform you in your losing trades that it was a no momentum day here?"
Perhaps it did, which is why his losses were so small
I don't think so. His skills, while better than many, are still subject to the general failure and logical weakness of T/A. Contrary to popular opinion, while I do not use T/A myself, neither do I condemn it out of hand, but if you use it, at least use it with your eyes open.
"Useful for what. This is simply a propaganda piece for Level2. You do teach Level2 I believe"?
find it very useful to have the input of a very experienced full time pro trader who is generous enough to devote his time for free so that less experienced traders like myself may learn. For the record, Mr. Charts does indeed teach - but level2 is not the core subject of his coaching. Perhaps you are confusing Mr. Charts with Naz, who is a very well known and highly regarded Nasdaq Level2 trader
Fair comment, however, I still find (this is obviously just myself) that his posts promote level2 far in excess of its usefulness. However I am quite prepared to be proven wrong.
On a general note D998, whilst pttraders comments are perhaps a tad harsh, your general tone is discourteous and unnecessarily beligerant - for no obvious reason. That is to say, no one treats you in the way that you treat them. Please show a little more respect!
On this point I beg to differ. The attemts to kill off the thread by dimwits inc displays extremely discourteous and rude behaviour. Now, if they disagree, then by logical argument prove me wrong, if unable to do so, which to date is the case, then either concede or just abstain. However there is just a concerted effort to post gibberish and thereby kill off the thread.
They will probably succeed, however who are the real losers? The people who actually use these boards to learn something. As I stated previously, you obviously don't like what I have to say, but if I am so wrong, then logically it should be an easy matter to prove me wrong. That this has not happened, would seem to indicate that what I espouse should at least be considered.
Cheers d998
