Max Corder sent in this feedback:
“Michael, Nine months ago I started down the trend-following pathway. Your book was one of the first of more than a dozen I’ve read and is certainly one of the few that I keep on my bedside table and/or desk to constantly check some info or to refer to insights from the traders you interviewed. The others are the two Market Wizards books, Ed Seykota’s Trading Tribe, and of course ‘Reminiscences‘, perhaps the greatest of them all. Reading and re-reading always leads to new ‘ah-ha’s’. I can report to you that everything you and the others say is, of course, true. My greatest enemy has always been impatience and not having a detailed plan. The two issues go hand in hand. Impatience breeds frustration/indecision and indecision comes from not knowing exactly what to do and how to measure and understand the probabilities of the various outcomes of one’s actions. Your book, and others such as Van Tharp’s, told me in no uncertain terms that unless I could develop a testable systematic approach to trading, I could not trade with any confidence, which would lead me back to impatience and frustration. I began to get the picture, and committed to working with software that I considered appropriate for my style of trading. I completed enough testing by mid-October to have the confidence to invest real money with my system. My timing worked out, as a new up-trend began in my preferred market (US stocks) at about that time. I just received and have started reading your updated version of ‘Trend Following’. My college-student son was home for the Christmas Holidays and took the original version back to school with him! We talk about trading once or twice a week now and he tracks the family portfolio on line. We’re working with gotomypc.com and he’s learning the system so that he can run it from school in the evenings (we use end-of-day data) if I am traveling and not able to access the computer. It takes no more than 30 minutes to update our system in the evening and enter any trades necessary. No need to watch the market during the day. Thanks for your excellent book and websites. My study of trend following and system development has given me the confidence I needed to believe that really superior returns are possible. Max Corder”
I posted this feedback to further reinforce the idea of using end of day data for trading decisions.