>>Well Tom, it seems every time I follow another trader's advice, I get burned. The bottom line is, I think I'm going to go back (again) to strictly following my own instincts/reasoning/conclusions<<
Dwight, ultimately every one has to find their own methodology/system for trading. Like I have posted before, following the system that some one else has developed just does not inspire the confidence to continue using the signals when things go wrong. I am stating this from personal experience.
It is different when one is trading a system that one has developed--for example, I have just had two consecutive losers amounting to 20 points on the futures or $5000 per contract. But I am supremely confident that over a span of time, the system will be profitable. In the meantime, I follow every signal--irrespective of my opinion or that of anyone else as to what the market is going to do, what Greenspan is likely to say, any economic reports that are likely to impact the market, whether Clinton is likely to survive, what happens in Asia, Russia or anywhere else, etc. If the signal is wrong, I'll be stopped out with a loss--if not, I'll make money.
>>I could relate a string of diametrically wrong market calls made by very experienced traders and others who follow every blip of the
market<<
Even the best traders will be wrong at least some of the time -- what matters is how much money one makes overall--not the percentage of correct/profitable trades. This entails taking every signal -- because one never knows which signals will work out and which ones will not do so.
As you have stated and I have acknowledged, Don has made some very impressive calls on the market. But I suspect that he has "dry" spells as well.
Have a good weekend |
