Giving the long dollar trade another try

[tippy]

[ QUOTE ]
Not stupid, yet definitely not long-term +EV. Shorting before mid-March 2000 in any size requires recklessness, strong belief in prediction, or both. Market participants can maintain an irrational belief about price for a long time.

Initiating shorts in March/early April of 2000 is simple because price and volume is speaking clearly.

[/ QUOTE ]


Mr. Now, I'll offer one piece of advice about trading and then I'll fade to black:

You have got to get your head out of those theory trading books and quit quoting Covel, Tharp, Douglas, Elder, etc. Kind of like the way people have to finally put down the Sklansky, Harrington, etc. and simply learn to play poker. Yes, books have some good ideas and you may think quoting them on a message board makes you look smart, but you can't be so dogmatic. You keep spewing all these great academic theories on trading, but many just don't work in the real world. You have to find your own way, not the way of the authors who wrote the books. Try an original thought rather than quoting others.

[tippy]

Damn I only got half of what I wanted. 5 lots from 1.4705. I'm putting a stop at breakeven on these. The market has formed a nice top and shouldn't move back past 1.47. If it has enough force to get back up there, the trend will likely continue.

[Mr. Now]

I apologize for being hard to understand, both in content and motive for posting here from time to time.

Mr. Now doesn't see any citations of any academics in his reply to the OP, which is the item you refer to.

Mr. Now does not quote Tharp, Covel nor Elder.
Mr. Now in fact considers the Tharp stuff to be pure theory and possibly, empty calories.

Mr. Now has deep respect for the author Mr. Mark Douglas.
Understanding what Douglas is actually teaching may be difficult without 5 or more years actual experience trading. Certainly, his ideas have value, and may in fact be priceless in the hands of certain readers.

My intent in posting here-- specifically about trading-- is to catch the attention of-- and help, a few-- the very few that are actually doing the extremely hard work necessary to be successful at trading.

Mr. Now is no theorist. It is in fact ironic that you think this, since I am in fact skewed toward a very empirical approach.

Mr. Now notices that there are zero quotations of any purported theorists in the reply-post of mine that you refer to, above.

I read constantly. Any quotations Mr. Now cites are incidental to that process.

For example:

“Practice is the best of all instructors”
Publilius, 1st century Latin writer of maxims

“Experience is a dear teacher, but fools will learn no other”
Benjamin Franklin

Some of what Mr. Now is reading now:

THE LUCIFER PRINCIPLE by Harold Bloom
FATE IS THE HUNTER by Ernest Gann
REMINISCENCES OF STOCK OPERATOR by Edwin Lefevre (4th or 5th reading)

Again I apologize for being hard for you to understand, both in content and in motive for posting.