Geneva Switzerland
Experience: Intermediate
Platform: NinjaTrader
Trading: ES
Posts: 5 since May 2012
Thanks Given: 3
Thanks Received: 2
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Dr Brooks,
I am currently studying your books that I find extremely interesting (and dense).
You mentioned that you spend 10,000 hours or so working on indicators at the beginning before switching to price action.
I come from a systematic background and, as you, I am moving a bit away from it, partly because I found that "systematic setups" are often too simple to reflect the complexity of the market, or, conversely, because it would take an extremely complex program to reflect realistic setups.
But haven't you tried to mix both approaches?
I mean, being able to rely on solid backtests results is something definitively valuable.
It helps find out if the setups are really EV+ or if, as you mentioned for instance for 1-minute scalping, they are just EV- games in disguise.
Moreover, when you advise beginners to "print charts" and look if a setup works, aren't they just performing a kind of "swallow but complex" form of backtest? (with the downside being that they just remember when the setup was working and tend to forget all the failed ones?)
Personally, that's the road I am trying now. Will see where it leads.
Thanks again for sharing your knowledge with us.
Kind regards.
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