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Originally Posted by et_phonehome_2
If what all say is true of his system then I don't understand how anyone can say his book is invaluable. Do you think its still worth it for me to spend the money on his book?
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Easy answer.
First, to become a critic you need to read all books of BW and have a general knowledge about his trading style.
The first step for any approach with sense.
Letīs say you want to buy XYZ book in amazon and before you read the customer reviews. There are 3, 2 bad and 1 good.
You would have an idea about what these people things of the book. However you donīt know any about these people, studies, experience, age, personal history.
IE: Maybe one of them is a philosophy teacher angered because they can understand this high level maths book
And what is bad for two of them could be extremely good for you.
I always remember a research work in the university a couple of years ago about health and government budget .
The women in charge prohibited us to use internet except for send emails. The idea behind is to exclude all foreign thoughts/works which can influence your owns.
A teacher in the preparatory said to us: Never trust in something with the eyes closed. I does not matter what I can tell or teach you if you can't make your own conclusions about if it right or wrong.
Some tips:
The initial book is from early 90īs, beginning of the bull market in shares and futures.
BW recognizes today trends are less present in the markets. Because that is the update of the first book Trading Chaos Second Edition and developing new ideas.
Second, in all three books you learn to trade been a trend follower or a breakout trader using his tools.
Alligator is a typical trend following tool meanwhile fractals is breakout tool.
The divergence bar is a invaluable tool in any market for all traders, he called wiseman 1, Demark called buy/sell pressure, Dinapoli called Rail Road Track, etc
Third, the only invention of BW is the MFI, useless in forex because we donīt have volume.
At first view the system looks amazing, but against "forex sellers" opinions, currencies do not trade in long trends more than shares or futures, in fact theyīre do less. And, like 90% of systems, BW method works great with strong trends
Justine, his daughter, said BW do not trade forex.
Take a moment to thing a little. Thereīre 4000 shares "only" in US market, dozens of commodities, against max 10 (blue chip tradeables) currency pairs.
Is bit more easy to find a daily trend between 4000 than 10.
The system is good? maybe, bad? maybe.
Go to visual tester and take your own conclusions.
Chaos Theory by Bill Williams
Linear Mode
