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1 of 1 people found the following review helpful:
A Grateful Reader, | By | Trading Truth Seeker "K" (Wesley Chapel, FL) - See all my reviews |
Concept #1: Quote: "I had seen clearly that if I relied on oscillators and trend-following techniques, I was always getting into the trend too late. It struck me that I should try to "Anticipate" the beginning of trends rather than waiting to enter in the middle after they had started".
Concept #2: This concept was the idea of "Free Exposure" which Mr. Futia was taught from a seminar by the legendary trader Peter J. Steidlmayer. In essence Free Exposure meant; To enter the market where the risk is the least and the reward is the greatest, one must find, and be able to read where "Value" lies in the market. All entries made at "Value" are essentially tantamount to a "Free" ride in the market, with very little risk "Exposure".
These two concepts started me on my mental journey into what I now call "Anticipating Value" in the market. In any case, back then, after doing months of research and extensive reading on these two concepts my trading was completely turned around for the better. Today, both concepts have melded in one technique, and now form the foundational element of my trading strategy and methodology. Further, since reading this new book, I can see that most of his ideas have since matured into a cohesive philosophy, worthy of anyone's personal library. And by the way, my personal library once numbered over 800 books, so I believe I know a good one when I see it.
Thankfully, I too arrived at some of those same conclusions in his book a long time ago. This is because they were the natural and logical progression from his initial concepts in the 90's. Do yourself a favor and at least read this book, even though you may not agree with it now. Some time in the future, after you have been "sorely tested" in the market for a while, you may be truly thankful that you did. It might just spark a new way of looking at the market for you.
11 comments:
Carl,
I know ur system has been working for u 50yrs, but I disagree that u dont need indicators to trade... U use volume as an indicator to enter/exit a trade! I just don't think that crowd behavior is enough to be able to trade based on my experience... I agree u need an edge, but trading without any indicators/oscillators to me is not possible... Unless u have a crystal ball!
Good Luck
Also, based on ur review, if u didnt wait for an oscillator today to enter at 1092, then u should have entered at 1083 when everyone thought we may go down... I think everyone uses some indicator... Based on this guys review, u missed the move up from 1083!
Wow, Carl, what a great review, not only of your book, but also of you as a trader and teacher!
Have a great weekend!
Carl, I agree with your methodology and style. I have come to the same conclusion, based on personal experience. Trends offer maximum award/risk. They reflect themselves as Elliott waves 3 and 5.
In trending markets, the price jumps from one range to another and the ranges have mathematical relationships. However, we need to stay out of the market when the market is not trending.
extraders, oscillators are great for range bound markets but if you use them in trending markets, you can lose your shirt as they will put you in counter-trend trades. In trending markets, switch off the oscillators and use only Moving Averages, but it is hard to switch the oscillators off if you are in the habit of using them.
Personally, I prefer to trade only trending markets as it is more efficient use of my time. For that, Carl's methodology is the best. At other times, I prefer to stay out of the casino.
Carl,
Super Super review from a voice of experience!
Bottom line: Take the reviewers advice, buy the book, gain the knowledge, develop your edge, and trade your way to success.
Good Job Carl,
Thanks,
Jack
Are you surprised? It´s really one of the best books I´ve read about speculation. I worte it here before. It helped me break the grip media had over my trading. The media diary is a very important puzzle even if you aren´t a cotrarian and just following the trend.
concerning oscillators and other indicators. I started making money when I stoped using them. volume and price is all it´s about. the indicators are just derivates.
Kishore,
The last time i checked a moving average is an oscillator/indicator for trading!
Hi Carl,
That is a wonderful and constructive review.
BTW, I am a proud owner of the book, and I appreciate Carl's sharing his knowledge and experience in the book.
As a new trader, I consider it a blessing to have found out about the book and also this blog. I must say that it is one of the rare blogs where you may find the blog owner being objective with his/her trades, and sharing real time with others.
Regards,
twc
Very true regarding oscillators!
During strong TRENDS, they will keep you out of a trade more then the will capitalize on the trend, especially RSI and Stochastics.
extrader, the only reason I respond to your postings because your postings are so unreasonable.
Yes, you will always be right till you lose it all in the market!
Kishore,
I never claim to be always right... I just trade what i see... Nobody is always right!
All I am saying is that everyone looks at charts and has some kind of filter to go into a trade, whether its volume, stochastics, MA, u need something to filter ur trade...
Carl has found his edge looking at Time magazine covers and it works for him, congrats!
If he has been trading for 50yrs, then whatever he is doing or not doing has worked for him... not everyone can be Carl!
ex
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