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Jack Hershey’s Incomprehensible Method at Trader’s Narrative





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I adore simple things. I’m a “simpleton”. There’s an elegance in simplicity that I find difficult to fathom. Paradoxically, simplicity isn’t simple at all. When you see something simple, beautiful… it is because everything “not beautiful” isn’t there.

There’s that old story of the sculptor saying that he didn’t carve a masterpiece but only chipped away what shouldn’t have been there. The next time you see something that is easy to use, delightful, simple, beautiful to look at, remember that a lot of thought and wisdom went into making it so. In contrast, it is very easy to make complex and convoluted things. No thought, no intelligence is really required.

This week I’ve been re-reading Curtis Faith’s “Way of the Turtle” when I came to this part:

One sure sign of a Pseudo-expert is writing that is unclear and difficult to follow. Unclear writing comes from unclear thinking. A true expert will be able to explain complicated ideas in ways that are clear and easy to understand.

That made me think of one person: Jack Hershey.

If you’ve been on any sort of trading messageboard long enough, either he or his incomprehensible system will pop up eventually. Some think it is the key to the market. He certainly claims mastery - although he has provided nary a shred of evidence.

From what I understand (I’ve lost way too many brain cells trying to decipher his gobble-digook) his futures trading method calls for you to always be in the market, either long or short. And he claims he can consistently capture 3 times the intraday ATR. Oh and then there’s the little matter of never losing. Seriously. I’m not making this up.

Hershey has been asked, and even begged, to go into any chat room and do a live trading session. He has consistently refused. Instead he continued to make grandiose claims and litter boards with his writing. And it is the most muddled jumble I’ve ever seen. Words (he loves to use Gaussian in every other sentence), made up words, acronyms, etc. all smashed together into a mash of goop.

Some actually fall into the trap of believing that since it looks incomprehensible and complex it must have value. They think, ‘It must be an amazing system, because I have no idea what he just said!’

I’ll never forget the time a few years ago that I found him on a thread of mine on elitetrader. I decided to respond in his “language”. I wrote a bunch of nonsensical words, phrases and threw in a few Gaussians, and voila! He replied positively. I couldn’t stop laughing for the next hour or so due to a very bad case of the giggles.

jack hershey method.pngIt would help win me over if Jack made some sense. Instead he says things like “volume fine sweeping” and claims that the YM is a bigger market than ES. It would definitely help if he actually demonstrated his method via live trading for one day. I’m sure the whole trading world would like to see him extract 3 times intraday ATR, always being long or short. Without a loss.

But I’m not holding my breath.

I’ll stick to simple.

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29 Responses to “Jack Hershey’s Incomprehensible Method”  

  1. 1 Johan

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    “… (he loves to use Gaussian in every other sentence), made up words, acronyms, etc. all smashed together into a mash of goop. Some actually fall into the trap of believing that since it looks incomprehensible and complex it must have value. They think, ‘It must be an amazing system, because I have no idea what he just said!’

    I’ll never forget the time a few years ago that I found him on a thread of mine on elitetrader. I decided to respond in his “language”. I wrote a bunch of nonsensical words, phrases and threw in a few Gaussians, and voila! He replied positively. I couldn’t stop laughing for the next hour or so due to a very bad case of the giggles”

    Hehehe! Great story! In one of the philosophy genres it is said that if you cannot put words on it, it means that you don’t really have a clear thought of it, since you are using ordinary words/language to build your thoughts even internally. I hope you can understand what I mean now, because if you can’t, it might mean that I don’t really know what I’m saying. :)

    I really believe that Nietzsche was a very cleaver man and was on to something! “It is my ambition to say in ten sentences what others say in a whole book”.

    I have a question, what links do you normally use during a week? I’m sure you some good links that I’m not aware of and could learn from. Maybe that could be a post by itself.

    Thanks! Have a great weekend!
    Johan

  2. 2 Babak

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    Johan,
    that’s a great idea for a post. I’ll pull together the links. There’s a lot of them!

  3. 3 Pr0crast

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    I would just like to say that Jack’s stuff is INCREDIBLY simple and logical. It is true that Jack is often difficult to understand (the guy is eccentric, what can I say), but there are PLENTY of people who have taken the time to understand/decipher it and have repackaged it in simple language for folks like yourself, if you just take a moment to find them. Take Spydertrader’s journals on ET for example. He has gone to great pains to refine and simplify Jack’s concepts, and he, along with many others, are currently experiencing very good successes.

    You’ve obviously passed up on learning his stuff and that’s cool– but if you give it a second go around someday, there are plenty of people OTHER than Jack you can learn Jack’s methods from. So Jack’s odd teaching style is hardly an excuse for personal failure… :)

    Good trading to you,
    Pr0crast

    PS- Look hard enough, and you will find plenty of people who HAVE witnessed Jack/Spyder trade live or make live calls. Spy does it pretty much daily in the ET chatroom, but everyone seems to be too busy asking him to do live calls to notice that he IS :-D

  4. 4 Babak

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    Pr0crast,
    “eccentric” is one way of putting it. Look, even the most sophisticated trading methods, from arbitrage, carry trades, option combos, pair trades, etc. can be explained in one or at the most two clear sentences. Can you or anyone do that for Hershey’s method?

    And re spyder, I like the guy a lot but what he’s done has more to do with his intelligence, tenacity and trading instincts than anything else. He’s making money inspite of Jack not because of him.

  5. 5 Pr0crast

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    Babak,

    Absolutely I could.

    “For any market, on any time frame, price Continues to progress, up and down, within a sloped channel until market sentiment Changes and price begins to follow a new channel of opposite slope. When the SCT trader sees signs of Change on the time-frame he is monitoring he reverses, otherwise he holds (having decided to enter in the first place on seeing Change). The rate of change of volume helps the trader differentiate between Continuation and Change, provided sufficient liquidity exists.”

    Everything after that is just icing on the cake– iterative refinements, if you will.

    Good trading to you,
    Pr0crast

  6. 6 Pr0crast

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    To simplify even further, all it is is trading channels while using the price/volume relationship to ensure that the objectively “correct” channels are drawn.

  7. 7 Pr0crast

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    @Lord: I am truly sorry that you have had such a negative experience with the market that you wish such bad will upon others.

    I couldn’t care less what the big H or Spydertrader can or can’t do. I only care what I can do, which might I add I am very pleased with. The difference between you and me is my “proof” comes from within, from DOing. You on the other hand expect to be “convinced” by certified P&L statements and the like before you will even look at something. Anyway, I challenge you to provide me with a link where one of them explicitly claimed that they have never had a trade that wasn’t profitable. I doubt you will reply to this message.

  8. 8 Pr0crast

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    You are really obsessed with me, Stephen Knight (aka fubar aka t28 aka lordofthetrade aka the most frequently banned member on ET)

  9. 9 Babak

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    I have a simple proposition:

    why not go to wallstreak.com’s futures room and do a live trading session?

    this offer stands not just for Pr0cast but any other Hershey method user. Personally I’m very curious to see it in action. After so much polemic on the theory, I’d love to see real life action.

    ps please keep it civil - no personal insults allowed here.

  10. 10 Pr0crast

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    Babak, I respect your wishes to keep things civil here and I apologize if things have taken a turn for the negative here. While I appreciate the nature of your offer, I myself have nothing to prove. Nor am I an expert. If you wish to witness someone trading live however, talk to Spydertrader. I believe he has a number of open offers on the table to let well-known ET members see him do his thing in person. Also join the ET chatroom and you can see live calls there practically every day, and not just by Spy but other people learning his method as well.

    Best wishes,
    Pr0crast

  11. 11 Babak

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    Thanks Pr0cast, it isn’t about “proving” anything. It is about learning and sharing. What better way to demonstrate a method than by live setups? In any case, the invitation stands, anytime you would like to join us over at wallstreak.com you’d be welcome. :-)

  12. 12 Pr0crast

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    Well said! Perhaps someday I will join you.

    Good trading to you,
    Pr0crast

  13. 13 Pr0crast

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    OH RLY?

  14. 14 Pr0crast

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    OH RLY?

    You appear to describe Jacks Futures Trading#post1209659

  15. 15 Pr0crast

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    Feel free to remove the previous two comments as they are in response to someone else’s deleted comment.

  16. 16 Pr0crast

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    Give it a rest, Steven. All you have to do is join the ET chatroom to see live calls every day. Your act is getting boring.

  17. 17 Steven?

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    Not sure who Steven is but a rose by any other name :)

    You can shut me up anytime Procrast by simply calling live trades or even posting in the P/L thread.. but we both know wy you cant do that don’t we

  18. 18 Pr0crast

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    It would take an act of God to shut you up, my aussie friend. As I’ve said before anyone who wants to see live calls can chill in the ET chatroom for awhile. This is the last time I reply to one of your posts (ever), so enjoy it. You are a monumental waste of time.

  19. 19 Steven?

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    That is a blatant lie Procrast and you know it, not a single one of you have ever called a live trade and the only time your mentor ever ventured on record he lost 26% in a trading challenge without real money on the line, imagine how much Jack would have lost with the psychological heat of real money on the line? SCT has become a religion and like all religions it is not based on fact and is adhered to by glassy eyed devotees who cant think for themselves and take everything on faith in another.. only brave individuals make money in this game.. not followers

  20. 20 word

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    all babies

  21. 21 Mark Brown

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    jack is a nut and anyone who can’t figure that out in 5 minutes is also a nut!

    mb

  22. 22 KarlKimbal

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    “It is easy to see that using the YM column and anotating the chart almost completes the transition from being in the grandstands to fully imposing on your radial glial fibers to transport all new neurons from the ventricular zone up the flag poles to your cortical surface.” Jack Hershey, ET 2/11/08

    So what is it about Hershey-speak that you do not understand????

  23. 23 Babak

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    LoL that’s a great excerpt
    reminds me of “As Good As It Gets”: Go sell crazy somewhere else, we’re all stocked up!

  24. 24 Tony

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    I will tell you people a little secret : Jack Hershey gets paid to post because his ramblings attract a lot of attention.

    That’s why he will never call any live trades.

  25. 25 Johnny

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    Where can I find the teachings of this Jack Hershey?

  26. 26 Ciro Verdi

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    Excellent piece on Jack Hershey’s Incomprehensible Method. You said it all:

    “One sure sign of a Pseudo-expert is writing that is unclear and difficult to follow. Unclear writing comes from unclear thinking. A true expert will be able to explain complicated ideas in ways that are clear and easy to understand.”

    “Hershey has been asked, and even begged, to go into any chat room and do a live trading session. He has consistently refused. Instead he continued to make grandiose claims and litter boards with his writing. And it is the most muddled jumble I’ve ever seen. Words (he loves to use Gaussian in every other sentence), made up words, acronyms, etc. all smashed together into a mash of goop.”

    Quickest way to shut these hucksters up is to challenge them to a trading demo.

    Ciro Verdi – Senior Systems Analyst/Programmer (45 years)

  27. 27 tool

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    funny piece and so true. Just came across his name as well (when looking into the use of volume bars) and was reading the complicated threads and thinking by myself djeezz I must be real stupid hehe

  28. 28 Bluehorseshoe

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    Many people trade for the enjoyment of it, rather than to actually turn a profit on the time and $$ they invest in the process. That is the only conclusion that makes sense of people who would follow a Hershey ‘methodology.’ Or they could be just plain stupid. Who knows. Who cares. Hahaha!

  1. 1 Charles H. Dow Award - Price & Volume, Digging Deeper by Buff Pelz Dormeier


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