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That's a good point, but only because a lot of the members are day traders. You can find longer-term traders -- they are here -- and you can post about your trading or your trading preferences, and it will be read with interest. There are all sorts of ways to trade.
Day trading appeals to people, but it's not the only game in town. That's why there's no specific area for non-day-trading: there's no specific area for day-trading either. It's all trading.
I do hope you find stuff you can use here. Or start something.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
Platform: Ninja Trader, Meta Trader, Tradestation, Multicharts, Fibonacci Trader
Broker: AMP Futures
Trading: Eminis + Stocks
Posts: 16 since Oct 2009
Thanks Given: 3
Thanks Received: 13
$1.5 Mil tax evasion. Is that mean he is a successful trader?
He was the World Trading Champion several times. He proved his system worked at any time, not just in the 90s. also, he proved anyone could do it by teaching his daughter to trade and making her enter the World Trading Championship. She won that year. He still trades for a brokerage firm. His posted return (audited) is about 40% a year, but like any trader in the world, one bad month or two can easily wipe out 50% of the entire account.
He did run a fund before, working along with other gurus. I can't remember who those gurus were, but it wasn't successful.
I do agree with someone else post that many of these gurus, to sell their courses, focus much time and effort on the psychology part of the trading. I assume those parts are always the shady part that gurus often use as CYA (Cover Your Ass) tactic.
Nevertheless, Larry Williams has a few good ideas that make sense logically. I don't know how he was able to use his system before Windows 95 era. He is a pioneer in that sense.
He uses Seasonality, Chart Formation, Cycle, Sentiment (COT-Commitment of Traders), and more to trade. No one can evaluate all that and wait for a perfect entry. That is almost inhumane to be that discipline.
you can get COT like data for interday trading from Cotbase.com the product is called ICOT .....about 100/month....used it for months in our testing looked like a great product but not for us...
Platform: Ninja Trader, Meta Trader, Tradestation, Multicharts, Fibonacci Trader
Broker: AMP Futures
Trading: Eminis + Stocks
Posts: 16 since Oct 2009
Thanks Given: 3
Thanks Received: 13
COT should not be the only reason for trade. it should be just a small part of trading. For the market sentiment, I like using CNN Fear and Greed Index. It is a much better indicator than just looking at VIX. You get ready to buy or sell when it hits the extreme. It is free.
I interact with Larry quite regularly on the spec-list. In fact, I recently originated a thread on the list in which Larry is a contributor. Not surprisingly, Larry is bullish equities and believes that the October low is the beginning of a bull market. Few on the list, including myself, agree with his assessment. The "senator" as he is often referred to by spec-list members is for the most part a die-hard bull. This wasn't a bad thing to be over the last 40 years, and especially the last 13 years. What are the factors that gave rise to investors’ success over the last 40 years? We saw major contributions from (a) the economic growth and preeminence of the U.S.; (b) the incredible performance of our greatest companies; (c) gains in technology, productivity and management techniques; and (d) the benefits of globalization. However, all those factors pale in comparison to the role of declining rates, and post-GFC quantative easing and ZIRP policy.
So undoutedly, it was good to be a bull in a bull market. You could buy dips unflinchingly, knowing the the Fed had your back. One could pretty much throw analysis and methodology out the window and simply buy the f-ing dip. That being said, economic conditions at this moment are overwhelmingly different from – and mostly less favorable than – those of the post-GFC climate described above. They have been "terminated" and may or may not "be back" It is extremely unlikely that we will see the same optimism, easy financial conditions, and subsequent tailwinds, that we saw post GFC. Traders, (especially perma-bulls) that do not adjust to this new regime will not do very well. An intrinsic element to a successful forward looking view is understanding where you are NOW. Anachronistic views along with out-of-step-with-the-times methodologies, is obvoiusly not going to be best practice.
Trading is nuanced and requires a higher order of thinking; one that is in tune with today's regime not yesterday's. I would focus on an understanding of flows, positioning, sentiment, and perhaps factor anlaysis. Read all you can from Charlie McElligott. But, more importantly, you need sufficient capitalization in order to weather the inevitable idiosyncratic and consecutive losses you will have to endure. Just as essential, you must strive for a high win rate (don't overtrade) and learn how to build out your positions (sizing) so that you can achieve asymmetric payoffs when the opportunities present themselves. It is this synthesus of relavent knowledge and proper execution that will be most beneficial to your progress and success.
