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Strategies & Market Trends : Technical Analysis - Beginners

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To: Trader X who wrote (11166)	1/31/2001 4:26:50 PM
From: Dick Brown	Read Replies (2) of 12039

I must add my 2c here..I've been in this game awhile and have made these observations, some I suppose obvious, but they all were not to me initially..To all the Holy Grail'ers..You cannot know the future(unless you have inside information)..there is uncertainty in all trading..How must you deal with this fact?..Two ways..Don't trade at all or sound Money management..This is the true Grail..Can you take a loss and move on? Will you let your trades become long term holdings because of your lack of control?. Support/resistance has been mentioned..Well in a bull market we blow thru resistance all the time..like it didn't exist.. In a bear market(receint activity) we blow thru support as if it didn't exist..It appears that only in trading ranges both are something to bet on..I try to have the market talk to me..I have found nothing more valuable than the most basic principle of higher highs or lower lows with a higher timeframe in sync..but the money management saves me as we will be wrong often..80% $$ made on 20% of the trades..I have no use for xover systems..It may provide me with information but I would never trade that type of system.. Each to his own..I know there are 100s of techniques.. If I see a trend in place I'll take a shot as I don't believe anyone can CONSISTANTLY find better entry points(than semi-random entry points within a TREND).. If you want to trade and be long and the trend is up you have to take a position..But I TRY never to loose too much.. Money management saves me. Without it the best traders..well,, would never become the best.. Dick.

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