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Strategies & Market Trends : Harmonic Trading with The Phoenix
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To: the-phoenix who wrote (835)7/4/2003 9:20:36 PM
From: Little Joe  Read Replies (1) of 941
 
Without trying to diss you, because I am a great advocate of "simple" technical analysis, although I think it works mostly because it keeps you out of trouble, I cannot give a great deal of credibility to your assumption that fibo works.

There is a great story about Gann who in the presence of newspaper reporters made a large number (I think about 30) consecutive trades, all of which were profitable. I think he knew something, although I don't know what, despite having read most of his books (which are unintelligible) and the writing of many who claimed to have his secret.

For all of the trading systems and techniques that I have seen, read or read about, I don't know anyone who can match what Gann did.

I have never seen a trading system or technique which works in all markets at all times. I have a suspicion that it is more about discipline and successful money management than it is about the techniques involved. I would suggest that if you took your money and divided it by ten and invested one tenth in ten different stocks, buying some and shorting others and using reasonable stops and letting your winners go, that you would make money. Not because this is a great system, but because, the system forces you to cut your losses and let your profits run. Technical analysis foreces us to do that and that is why I believe more than other reason that it is successful.

Little joe
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