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Are there any journals that define a completely OBJECTIVE method?
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Are there any journals that define a completely OBJECTIVE method?

  #41 (permalink)
Trading Apprentice
Vancouver Canada
 
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Q1 "OBJECTIVE way to trade": stm forrestang isn't asking about an 'objective method'
but an 'absolute method'

Q2 "define a setup/pattern that is 100% recognizable" – absolute no-loss entry

haven't read any journals but since the price time waves movement is IRREGULAR
the answer to both questions is NO


but they're interesting questions particularly as I've just recently started to ask myself
'how would I explain/state my entry rules to a complete novice trader in order for them
to enter a trade that doesn't get 'stopped' – loses ?'

take reversal formations: simplest are a V at the top of a trend/wave, inverted V at
the bottom, but
they don't always appear

so if you see a pattern at the end of a t/w and call it a reversal formation/pattern
you might expect it to signal - after it's completed, now is a good time to exit the
current trade and enter a new Buy/Sell order, but
at the end of the new t/w – there was no reversal f/p ???

so right away you - only me has a rule to watch out for reversals that may or may
not happen, and that I think has to be rule # 1, but
if there's no reversal, you - I miss the best entry price, so rule # 1 isn't about reversals

if I were using a line I could say 'when the price crosses and closes above the line
exit current trade enter a Buy, v v Sell' as rule # 1

rule # 2 would be 'watch out for reversals', but
it might also have to be traded, unless, maybe anyway but if a Stop is being used
it may or may not get hit since the downleg of the inverted V either stops above the
opposite leg, same level as, or, drops below the level of the upleg - Stopped

then, IF the formation was a reversal but not part of a correction with another t/w down
to come, it possibly might be an absolute Buy/Sell entry pattern

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  #42 (permalink)
Urban Samurai
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@trdr

I'm not sure what you're saying in your post?

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  #43 (permalink)
Elite Member
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forrestang View Post
2.) Knowing their EXPECTANCY. If a trader had #1 figured out above, and knew their EXPECTANCY was positive, why wouldn't they take every setup they were supposed to trade? The answer is that they would take every setup! Unless they didn't have a basic understanding of math, and a high school education should be sufficient to conquer that.

Now the caveat to all that is that #2 could have the expectancy skewed so that a string of losers could make that difficult. But that simply means the trader doesn't REALLY KNOW or trust their expectancy.

Good post. I think that last point is the real killer, the primary reason it would be difficult for most people to trade even a fully objective system. Once you experience a string of losers, it can be very difficult to maintain confidence in the system. Even if you "know" the system's expectancy, you're also aware in the back of your mind that there could still be at least two reasons why the expectancy that you expect is not what you'll get in the future:

1. The testing you used to figure out your system's expectancy was inadequate or otherwise flawed; or

2. The market has changed in a way that impacts your system's expectancy.

This in a nutshell is why trading is hard. As soon as you hit a drawdown that's larger than you expected (and it's a matter of when, not if), it's easy to let all logic fly out the window. At that point it's very hard to trade out of the drawdown.

-----------------------------------------------------

"If you must forecast, forecast often."

-- Edgar Fiedler
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  #44 (permalink)
Urban Samurai
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r3algood View Post
I trade a completely objective system that I created a few months back.

Been looking to automate it since then but I have a grand total of 0 programming skills lol.

It takes me out of the equation, just when this happens you do this, when that happens you do that.

Would you mind sharing some of your thoughts on the topic as it relates to your trading?

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  #45 (permalink)
Trading for Fun
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Forrestang, my method is completely objective and I will be sharing it with the forum (maybe in some sort of journal?) as soon as I have it automated. Someone from the forums is currently working on automating it, but I would be glad to share it with someone else that would also try and automate it.

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  #46 (permalink)
Urban Samurai
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r3algood View Post
Forrestang, my method is completely objective and I will be sharing it with the forum (maybe in some sort of journal?) as soon as I have it automated. Someone from the forums is currently working on automating it, but I would be glad to share it with someone else that would also try and automate it.

Sounds interesting.

Even if its not specifics of your method, what are you thoughts on the topic? About what 'OBJECTIVE' means, how do you define your level of 'objectivity'...... things like that.

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  #47 (permalink)
Trading for Fun
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To me objective means, completely taking the human element out of it, make it so simple a 3 year old could trade it...

For example: One line crosses another you do this, another line crosses another, you do this.

Purely objective methods lend themselves to being programmed quite nicely.

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