Posted by:
Widget
(
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Date: August 17, 2013 03:00AM
From July 2009:
"My name is Don Steinitz and for some of you serious chess players out there my last name may ring a bell. Wilhelm (later William) Steinitz (May 17, 1836 – August 12, 1900) was an American chess player and the first undisputed world chess champion from 1886 to 1894.
"My background is in professional gambling. I started counting cards in blackjack back in 1975 when I turned 18. After quickly seeing the potential for making money, I packed my bags and left California to play full-time in Las Vegas Nevada where I live today. I put together a team of player years before anyone heard of the M.I.T blackjack team players.
"We were only interested in games that we could clearly obtain an edge which included but not limited to concealed body computers for blackjack and roulette. We also trained to visually see the occasional exposed card from a blackjack dealer which gave us a tremendous advantage seeing both cards, as you can imagine. Okay enough of me and my past so let’s start discussing the nuts and bolts on how to obtain a significant edge in the biggest game in the world called 'Trading'.
"To understand the importance of first arriving at a sound theory before implementing and testing a trading program, we need to briefly review the characteristics of performance that indicate a robust method.
"When testing a trend-following system, we should expect that a trend of 100 days, compared with a trend of 50 days, will produce larger profits per trade, greater reliability, and proportionally fewer trades. As you increase the calculation period, this pattern continues; when you reduce the calculation period this pattern reverses. You are prevented from using very short calculation intervals because slippage and commissions become too large; the longest periods are undesirable because of large equity swings. There must be a clear, profitable pattern when plotting returns per trade versus the average holding period.
"Each time frame has a logical purpose and is said to be modeled after Gann’s concept that the markets are essentially geometric. The shortest time frame is the one in which you will trade; in addition, there are two longer time frames to put each one into proper perspective.
"The patterns common to time frames are easily compared with fractals; within each time frame is another time frame with very similar patterns, reacting in much the same way. You cannot have an hourly chart without a 15-minute chart, because the longer time period is composed of shorter periods; and, if the geometry holds, then characteristics that work in one time frame, such as support and resistance, should work in shorter and longer time frames. Within each time frame there are unique levels of support and resistance; when they converge, the chance of success is increased. The relationships between price levels and profit targets are woven with Fibonacci ratios and the principles of Gann.
"One primary advantage of using multiple time frames is that you can see a pattern develop sooner. A trend that appears on a weekly chart could have been seen first on the daily chart. The same logic follows for other chart formations. Similarly, the application of patterns, such as support and resistance, is the same within each time frame. When a support line appears at about the same level in hourly, daily, and weekly charts, it gains importance."
If you're interested, the rest of this article is online at
http://www.tradingmarkets.com/recent/improving_the_odds_by_trading_multiple_time_frames-639825.htmlDon's website is
http://www.forexrobottrader.com/Other than emailing him a few times during the past half decade (and buying no trading software from him) and listening to some of his webinars (no charge), I'd say he's somebody who post-gambling has found his money-making niche in Forex (foreign currency) trading. You might want to check out what he's put online and perhaps touch base w/ him.
I've tried futures and options trading and learned - painfully - that they're not for me. I'm naturally good at other things, so I go w/ those. The same is true, IMO, for each person. You're unique; do what comes to you 'organically' and provides you with enjoyment - and, perhaps, enhances someone else's life.
You gotta mentally let Mo-ism go. It's a fraud that wastes much of people's lives - and, fortunately, you're out of the LD$ cult. The Mormon Church and religion are hardly worth a second thought. You can make a choice to transition past it. You're the captain of the ship of your life; it'll go in whichever direction you set.
Re. women, do you want a romantic, meaningful relationship with one of them? If so, you're going to have to make an effort to meet a woman who's a good match for you, intellectually, emotionally, personality-wise, and in other ways. Hockey star Wayne Gretzky once said: "You miss 100% of the shots you don't take." Why not try an online dating site, or join a social group in your area, or become a member of a club of individuals who do what you like to do? You're in charge of how you use your time.
If you're not mentally, emotionally, or otherwise ready for a relationship, you could participate in psychotherapy to come to understand yourself better. Whether it's learning to gamble well or learning about oneself or learning anything else, living effectively requires us to grow in awareness.
Best wishes!