"There are some regulars who have been on this list for many, many years and Tim Morge is one of them. I use quite a variety of tools (EW, regression channels, forks, etc.) and apply the tools individually or in combination as the market varies its character. I do use some of Tim's methods and they do work well for me. I also enjoy reading Tim's commentary because they describe in logical detail how he does his setups and how he executes his trades as the market unfolds. I've been around trading long enough to spot a BS artist from quite a distance and Tim is not one of them."
I thought that my explanation was clear enough - that it wasn't my intention at all to critisize Tim when I was expressing my opinion about systems vs other methods, so it was unnecessary to come to his defense at this time any more.
Thanks God Hurst, Eliott and Wolfe(?) are dead. Otherwise I might have heard from them too.
" Finally, most wannabe traders will take a good system and lose money with it because they will not have the discipline to execute the system as it needs to be executed ... been there done that."
Most wannabe traders will lose money with both, good systems and good discretionary methodology.
I say again: use what works for you.
Jan Philipp
----- Original Message -----
Sent: Friday, October 21, 2005 1:43 AM
Subject: Re: [RT] My impression is that many had a bad day
Tim,
It was never my intention to accuse you of fitting forks into trades or vice versa. It's just that pichforks, wave count, Wolve, etc. all of them prove well in hindsight, but are not so easy to set up ahead of time to get good results. This all boils down to the question: what is the accuracy of these methods which is hard to answer because they are as much science as art. Not many traders will get the same results using the same methodology of that sort.
I mentioned the Median Line because I visited your "conference room" ystd and watched your chart at the same time as I was trading my system (from ~12:30 to 13:10) so it was the first thing that came to mind. And I did say that pitchforks often work which obviously was the case of your recent trades.
As to my trades of ystd, I just showed what a system can do (not as evidence of my prowess) on a day which caused some confusion among some traders on the list.
Let's not be too sensitive and no bad feelings, please,
Jan Philipp
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