I just read a post by Rathbone_Exile on the new "Gann" thread and, so as not to interrupt that thread, I am posting my thoughts here.
Are you a successful coin flipper?
To get that right, you need to be able to keep tight stops and to allow profits to run. There is no reason for that method not to work and I think that that is what most of us do but, although we dress it up in complicated fashion to make us look good , we will not admit to it. The trouble is that we do not follow through with the "cut losses" part of the deal, neither do we know, quite often, how to maximise our profits, allowing the market to get back what it had lost to us.
I try to trade with the "probabilities" on my side and I hope to bias the trade in my favour and I get some excellent results, but I am wrong too often to allow myself the luxury of letting the trade run into loss while I trip off to the corner shop! This is a form of luck, or coin flipping. Much as I try to avoid calling it that, that is what it is!
As RE, more or less, says, entry is random. Using horizontal lines which can be over shot by 50, or more, points is like hitting a fly with a hammer. My calculated guess is as good as all of those carefully calculated points. What gets us out of trouble is cutting and running guerilla tactics.
Are you a successful coin flipper?
To get that right, you need to be able to keep tight stops and to allow profits to run. There is no reason for that method not to work and I think that that is what most of us do but, although we dress it up in complicated fashion to make us look good , we will not admit to it. The trouble is that we do not follow through with the "cut losses" part of the deal, neither do we know, quite often, how to maximise our profits, allowing the market to get back what it had lost to us.
I try to trade with the "probabilities" on my side and I hope to bias the trade in my favour and I get some excellent results, but I am wrong too often to allow myself the luxury of letting the trade run into loss while I trip off to the corner shop! This is a form of luck, or coin flipping. Much as I try to avoid calling it that, that is what it is!
As RE, more or less, says, entry is random. Using horizontal lines which can be over shot by 50, or more, points is like hitting a fly with a hammer. My calculated guess is as good as all of those carefully calculated points. What gets us out of trouble is cutting and running guerilla tactics.
