Subscribe Feed (RSS)Russell Sands on being a Turtle
July 25th, 2008 by eyal | Filed under Trading Resources. |
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I’ve just watched a talk by Russell Sands on his experience as a turtle trader and what it means to be a trend follower. It was quite an interesting talk. When that finished I watched another one by Chuck Le Beau about exit strategies. This is a topic I’m very interested in recently as I’m working on the futures methodology. One of the interesting concepts he covered there was varying exit strategies based on what the market is doing. He’s a very strong supporter of using ATR so he was talking about things like activating a different trailing method once you have let’s say 5 ATR of open profit. But this idea can be applied in other ways. For example, you could be counting bars, either all or particular type (long range, NRBs, etc.) or you could be watching for volume patterns and use that as a trigger to activate a new type of trail/exit. They key is looking at your data and then finding a meaningful pattern. There are quite a few good lectures on INO TV, worth checking it out if you haven’t already.
