|
PureBytes Links
Trading Reference Links
|
I should clarify what I meant when I said "constant quest for new methodologies": I was speaking with the prejudice of a non-discretionary trader.
And with this prejudice, I disagree that once you have a winning method, you should look no further. Perhaps to the discretionary trader, either you have it or you don't, and once you have it, all you can do is use it.
Perhaps discretionary traders will fail if they keep changing their methods because it's like admitting they don't have the touchy-feely knack, or right stuff. Likewise, the knack of the non-discretionary trader is his unrelenting curiosity, research, analysis, evaluation, and overall process towards building new and sometimes bizarre trading systems. I was only referring to the constant search and discovery of new trading systems, which can have very different methodologies, rules, approaches, etc.
Of course, if anyone is spending all his time trying this and that and consistently fails, sooner or later, the guy will run out of time and money. It's a race against time. But no matter what happens, there has to be passion for the markets, which turn 70 hours a week into a short adventure and make novice traders take their leaps in faith.
BH> So in one sense I've confirmed what you said, at least to a degree.
BH> However, I can tell you that I still use the same entries, the same
BH> timeframes, the same methods to determine the market's S/R levels, and the
BH> same techniques to manage a trade - which are all based on PRICE action (and
BH> I still despise any and all indicators/oscillators). The underlying
BH> foundation has not changed at all, and that is really the point I was trying
BH> to make in my earlier post because there is a huge difference between
BH> adapting to subtle changes in the market (consciously or subconsciously)
BH> versus constantly being on a quest for New methodologies. If that's the
BH> road someone is traveling down then they will never become proficient at any
BH> of them.
BH> Bob
|