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Chapter Nineteen
Doug Patrick:
You Could Live off My Mistakes |
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Doug has spent over 10,000 hours programming and checking out every conceivable trading system. Though his concept of trading Chicago-style relies on sending real-time signals to subscribers, his overview of the Chicago markets is focused and accurate. Doug and I first met after he purchased Pivot Point software from me. Later we learned that we both work with the same software programmer. |
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Residing in Boca Raton, Florida, Doug does not have to brave the Chicago elements, but to trade the Chicago markets, he definitely decided to be a system trader. |
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Neal: Doug, you seem to be a big believer in not following the crowd when trading. |
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Doug: Follow the crowd and always be confused; that is what I say. Every day, we hear about market sentiment and how it pertains to the future course of prices. To many bulls it's bearish, and to many bears it's bullish. The problem arises in determining how many is too many and whether they are long-term bullish or short-term bullish, looking for a correction or some trend change. The problem compounds when we try to actually trade on the information. A little-known fact is that 75% of analysts were bearish at the top of the 1929 market. The problem was |
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