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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade
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To: Eric P who wrote (54)1/7/1998 2:01:00 PM
From: Ken Wolff  Read Replies (1) of 2120
 
Hi Eric,

By only using simple quote screens and TOS data to make your trades, how are you able to arrive at the expected probability of success for your trades?

Since I am a pattern trader I find that NEWS momentum is more reliable because you know the reason for the momentum. TA trades can also be dramatic but overall most of my trades are NEWS driven and very predictable. In a nervous market I find that shorts are also a good tool to have in your bag of trading techniques. Many times you can double your profits on a nicely swinging trade by reversing into a short but you must time it properly.

How do you evaluate new methods?

I arrive at my percentages by paper trading my theories until I achieve a high percentage trading success. I have found that patterns repeat and once you research a method it may change on you but will always revisit like an old friend and I am quick to take advantage because of prior homework.

How does Watley compare?

I have found that entering and exiting your trades is mostly a matter of timing and I can use conventional Brokers and do well. Watley has done very well for myself and many of my traders but I always enjoy trying a New Broker.

Ken
mtrader.com
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