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Strategies & Market Trends : Trading For A Living
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To: Darren who wrote (744)7/6/1998 1:30:00 AM
From: Rick Faurot   of 1729
 
Darren-

I don't think Wolff has a hidden secret. He watches quotes and TOS to find bottoms and tops. That's the whole deal. In order to make calls for others, he will call a trade before it has bottomed or topped in order to give students a chance to get in at the best point. So sometimes he looks psychic in his ability to call a bottom or top in advance, but he misses quite often too. That is why I cautioned Bob, and anyone else not to jump on Wolff's--or anybody else's--calls until they have a firm grasp of their execution setup and understand the trades. Wolff says this himself over and over again--don't trade till you understand the trades. It is worth repeating. Wolff expects students to be ABSOLUTELY ready willing and able to exit a trade on the first sign of a wrong tick. And this is why I say that L2 is essential, because us non-psychic traders need to see what the MM lineup is doing in order to anticipate a reversal.

Rick
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