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I think Alex Benjamin and JPJ trading are using traditional MP. I think Tom Alexander may be teaching modern MP, though I do not endorse him. Ray Barros teaches both, according to his site, and Reza of profiletraders.com may be as well. Don Jones talks about the run-pause nature of the markets, but I have not taken any of his courses. |
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I think its time I responded to the comment of Traditional MP vs Modern
Those that refer to me as Traditional MP have little concept of what it is that I do or preach. Many people believe that Tradional MP theory has little place in the current modern environment. But that is almost to hark back to the mid 1980s when the floor traders believed that MP might take away their edge. Nothing could have been further from the truth for you cannot mess with the bell curve and its mathematical/statistical functions.
Yes I take the so called Traditional MP theory and I have since the day I met Pete back in 1987 adjusted it and developed it to a modern advanced and evolving world where many of the concepts that were taught have been adjusted almost dramatically. EG: the descriptions for analyzing the day type need to be re-worked or what consitutes a day and where it begins and ends (and I have done so in both these cases made dramatic adjustments and much more in other areas of MP).
The original concepts had little in the way of entry let alone exit strategy and even less taught about risk managment. All of these are alive and evident in MP if one digs sufficiently under the surface. Yes it is a tool for organizing the data but in that respect as a Data Warehouse the information extracted can give probability scenarios which are still valid for P/L in excess of 80% in Stocks and 90% in Bonds. Percentages that Pete suggested back in 1989 when the 2nd CBOT Handbook was written were possible but he additionally stated that if you wanted a systematic approach by rote then you were almost doomed to failure. Now again imho I believe that those words are a bit strong and over the top for it is normal that the human requires rules. Rules = understanding = justification = measurement. To state that Tradional MP has little bearing/influence/out of date and many more adjectives does not understand that the original 2+2=4 can be adjusted to 2*2=4 or 9-5=4 or 16/4=4 or -6+10=4. ie you cannot screw with the numbers
and it is through evolution and adjustment that the Tradional MP is still a valid tool.
The Data Warehouse being a dynamic tool is frequently the downfall of many for they approach trading from the basis of wanting it all now where they have only skimmed the education and they use references like "I trade the VA" which is a bogus concept for surely the concept is to buy below VA and sell above VA. Even Pete
Steidlmayer wrote something like that somewhere and is that not the basis of all auction market theory whether that be the price discovery of an airplane ticket or the purchase/sale of cars/houses or trying to get that extra tomatoe thrown in for nothing at the green grocers.
Addendum- (Yes there is a previous CBOT Handbook version written in 1985 which I have and which imho is not just a much easier read but a better manual) -