Ever heard of? Chartists, not billionaires, but wouldn't be far off!
Louis Bacon
Paul Tudor-Jones
Toby Crabel
Jerry Parker
Salem Abraham
Rich Dennis
Bill Eckhardt
Keith Campbell
Ken Tropin
Monroe Trout
Martin Schwartz
An indicator? What are you referring too? Volume, price action, time in confluence? I am not talking of RSI, MACD etc, these are TA 'indicators'.
At the end of the day, does it matter if the direction is right or wrong? I get 40% right and still make $$. Because I maximise my winners.
Look for an entry point, usually a micro pattern, within a long-term uptrend, yielding good swings, and enter at the break of resistance. Vice versa for shorts. Change exits depending on market conditions. Trailing stop of one form or another, whichever you choose, if the market is trending. Can either be an MA, or ATR chandeleirs (spelling), using your preferred (backtested or forward tested if you will) MA period. Use any stop criterion you choose if it works and is tested to work. Either way, whatever works, as soon as you trade live, may not work anymore. Keep good records and you can keep track of this. Decide your maximum drawdown. All the same things most systems and mech traders have to use themselves.
Times like now, profit targets are best, and high frequency, small timeframe trades.
Keep it simple! Sure, quant traders (yes I have two degrees myself, but maybe not from an Ivy League institution) can make cash, but so can discretionary traders or any type of trader if you find the edge. And this IMO is with trade management. Entries are never going to guarantee a high win %, as is the nature of the markets.
And I never said you need 5k to make a living, you need a HELL of a lot more than that, unless you have a MASSIVE edge, something not many can claim. Not even a Hedge fund. I am with Man Investments, a top hedge fund, and they do not make near the money a discretionary trader I work with makes.
Oh, and I think you will find the Turtles had a bit more than 5k to begin with! They were longer term trend followers trading commodity futures, generally a new 55 day high or low. Basic trading, and only a very simple algorithm involved in position sizing.
Louis Bacon
Paul Tudor-Jones
Toby Crabel
Jerry Parker
Salem Abraham
Rich Dennis
Bill Eckhardt
Keith Campbell
Ken Tropin
Monroe Trout
Martin Schwartz
An indicator? What are you referring too? Volume, price action, time in confluence? I am not talking of RSI, MACD etc, these are TA 'indicators'.
At the end of the day, does it matter if the direction is right or wrong? I get 40% right and still make $$. Because I maximise my winners.
Look for an entry point, usually a micro pattern, within a long-term uptrend, yielding good swings, and enter at the break of resistance. Vice versa for shorts. Change exits depending on market conditions. Trailing stop of one form or another, whichever you choose, if the market is trending. Can either be an MA, or ATR chandeleirs (spelling), using your preferred (backtested or forward tested if you will) MA period. Use any stop criterion you choose if it works and is tested to work. Either way, whatever works, as soon as you trade live, may not work anymore. Keep good records and you can keep track of this. Decide your maximum drawdown. All the same things most systems and mech traders have to use themselves.
Times like now, profit targets are best, and high frequency, small timeframe trades.
Keep it simple! Sure, quant traders (yes I have two degrees myself, but maybe not from an Ivy League institution) can make cash, but so can discretionary traders or any type of trader if you find the edge. And this IMO is with trade management. Entries are never going to guarantee a high win %, as is the nature of the markets.
And I never said you need 5k to make a living, you need a HELL of a lot more than that, unless you have a MASSIVE edge, something not many can claim. Not even a Hedge fund. I am with Man Investments, a top hedge fund, and they do not make near the money a discretionary trader I work with makes.
Oh, and I think you will find the Turtles had a bit more than 5k to begin with! They were longer term trend followers trading commodity futures, generally a new 55 day high or low. Basic trading, and only a very simple algorithm involved in position sizing.