Dear all,
this new thread starts from another very interesting and serious one, the �Trading Systems in 'New Concepts�� founded about one year ago by dpaterso and followed by a group of heroes in these months.
Before starting any discussion I find it necessary making a tribute to one of the most amazing and wonderful guys I ever met on the �cyber space�, and namely to Dale Paterson. In making that I hope it will also result clear why I decided to set up a new discussion forum, and therefore this tribute is also the better introduction to the discussion.
In most cases, in trading books and often in trade blogs, you generally find only �success stories�. The usefulness of such kind of reports is normally quite low, because, as soon as you start putting into practice the �sold wisdom� (even worst when �sold� entails also a monetary disbursement!), you notice how life (= markets) are much more complicate, and how theoretic �stellar� performances, or �handbook-like� setups rarely happen again, after the time your mentor was able to show them on a chart (in the past!).
Dale is not such a teacher. Rather, he more often had the braveness of showing his mistakes and losses, perhaps, than the pride of boasting out his wonderful performance. But, in making that, he also showed: [ul]
[li] an exceptional endurance, and an almost stubborn will of deepening the knowledge and refining reliable and waterproof trading methods
[/li][li] an infinite patience and invincible attitude towards sharing his findings, problems and successes with everybody sincerely committed to undertaking a serious process of research and self-development
[/li][li] the value, and at the end the good results, of the application of rigorous and controlled experimentation of the markets and of the systems.
[/li][/ul]
For this and other, quite a lot of us had the honor of becoming his faithful �cyber friends�, going along, from the beginning or from the midway (as in my case) his long adventure.
Dale has also some defects, which make him so �human�, near, and cute. The first one is that he has an irreducible tendency in attributing to J.J. Wilder Dale Paterson�s merits. What I mean is that he really found many �tricks�, or better �correct interpretation� of Wilder�s findings, so to have them serve better to the trading onto current markets. And these �things� were not actually in the original Wilder�s work, or at least were so cryptically or embryonically laid out there, that it was just thanks to the work (and pain!) of Dale that they were got our, clarified, put into practice. I think that this process must now go on further from Wilder and beyond, and, in agreement with Dale, it is probably time to pursue this discussion in another place, leaving the �closest to Wilder� stuff in the original thread.
The second is that Dale is a tireless and sleepless full-time trader. Some of �his� methods, and for sure his constancy, are not easily available for �us poor part-timers�. This thread would like to be a challenge: is it possible also for the �one-to-two-hours-a-day-trader� to be profitable on the forex? Is it possible with Wilder-like, or Wilder-beyond methods? This is another reason, a sort of �peculiar viewpoint� for starting another discussion. So Dale: you�re warned! It will be a BIIG honor and enrichment having you here: but DO NOT ASK US TO STAY IN FRONT OF THE SCREEN AT 1:00 AM! Clear? LOL, LOL!
The third defect (he says that!) is that sometimes Dale likes �seeing what he wants to see�, instead of �what�s in front of your eyes�. And so, here, we would better like to name things with their nouns, and eventually also �destroying� some pieces of the puzzle. Destroying is sometimes the way for building new things up, and this should be the spirit here. So �criticism�, but in its �scientific, constructive� meaning.
This means that everybody is warmly welcome, but, please, let�s try to �make a job here�, so being serious, constructive and positive. And very respectful for each other. That makes life nice and allows building a good mood. Of course this does not mean not to laugh a bit together, when necessary or useful!
I have quite a lot of �introductory ideas� in mind, but would try to alternate a bit of �philosophy� with a bit of �bread�. And, as time, for �part-timers� is always short, I just shut up, and post a first crumb.
Bye
Fabio