Laptop and the book abou wall street

How to Make Your Money Stick

Important note: the Turtles were not traders but they did Characterize how trades were to be made, build and demo a system, real live trades, and did not take trading as a business. This is important to understand, as many books on trading being written today talk as if they sweeping statements.

Individual approach to a problem

Success is predicated on the individual approach to a problem, the pattern or result of a process, a strategy that will guarantee success.

I will use a non-algorithmic trading approach, one inspired by Elliot, and its pattern is Elliott Wave.

Elliott Wave Principle is that the tendency of markets to develop a certain pattern over a determined time varies, measured in percentages of movements, finally with the development of an unavoidable tendency or problem.

Turtle Trading system

To try the Turtle proposition and build a Turtle Trading system make use of an EA named “ReverseHP” that is run from your computer. A typical entry in an uptrend is a slice of the Direct Trend, the Smart should set a bullish stop at the initial 20 levels with a long entry on the next one of R1. You should place your buy at R2 and should the bearishness, in an uptrend, force a downward entry at the initial 80. Once at a level of $80 you should reverse and place a bearish position at R4 and hold, while the Market is moving down at the initial 20. You should have a position at R1 before the upwardunicipal30( moved to B1 by the experience developers position).

Previously, an uptrend lasts quite a long time, sometimes over several weeks, and in the most comprehensive models, over many years. There are internal patterns to it that allow for this. Trading is based on odds, if you bet sufficiently long with a sufficiently fine probability that your bet ends up as a winning trade, you may come out with a very handsome profit.

The trouble is traders are impatient, it is now considered conventional wisdom that we should always be “two steps forward, one step backward” and it is lobbying that as investors we need to trade “in a bull market”.

I don’t know about you, but I am more interested in “getting something” and getting started, especially when your trading money is at stake!

In his Turtle experiment, it was observed that most traders, when trading ideally, attempt to time the market. They tend to take positions shortly after prices begin moving up, and about the same time, to get in on a lower entry price.

What you should aim to do, is identify the direction of the trend as early as possible. There is a sixty second rule, and it is this:

1. Identify the price high for the beginning of the trend,

2. Once the trend is well in motion, measure the actual direction.

3. Exit from the position of holding a position in the same area.

This gives you short term signals on where to exit a trade, and should not be taken to mean that you must not exit from holding a position early!

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