Hi Steve,
I think the system is worth following, but I don't trade it everyday regardless- it's something I use along with other methods and I take what I've learned plus various daily info to decide whether to trade DIT or not. I've traded it twice over the last 6 days with one winner and one loser which was yesterday, although I cut the trade early when the DAX got stopped out very quickly and the CAC then just ambled along. I've done this before and lost out, so it's swings and roundabouts but if I think a trade is going against me I will always look to get out.
If the markets start trending again I will undoubtedly use it more, but it' is only part of my overall trading 'plan', (sounds grander than it is), along with FNT variants and FTSE trading. I am always looking for new additions- currently I am looking for an evening strategy- as well as trying to learn all I can about technical analysis. I'm not trying to appear smug- it's taken me 10 years and thousands of pounds to finally learn that you have to have a business-like mentality and strict money management to get anywhere. (I used to think 'Ooh the markets going up- I'll buy!!', then be stunned when I lost yet more money).
I started again earlier this year with a plan, a few hundred pounds and some new found discipline and I've made modest progress. I think you actually said it was a marathon, not a sprint and you're right. I think DIT will come back to us but in the meantime I am happy to use other methods. I know it's supposed to be a daily, set & forget system but I don't think anyone should trade blindly!
I should point out by the way that when I was Beta-testing this I traded every day using the enhanced profits plan exactly as directed by the evaluator!
Hi annicx
You don't sound smug, just sensible.
In fact nobody on here sounds smug - not even the obviously very experienced people. There are some insulting people, sure, but I haven't come across smug.
In my turn I don't intend to sound smug either, but I think I have reached your point of awareness without having gone through the process of losing thousands. I set up a pot of about £500 a couple of years ago when I first heard about one of these systems (actually system is too grandiose a word) and as with a lot of these things it worked very well for a few days, and then I got some losses. At that point I sort of went on 'tilt' as the poker players say (in spite of having instinctively used a rudimentary money management system up until then) and lost the whole lot. Actually, the only reason I did that was the very fact that I HAD set up the pot with money I could afford, financially and psychologically, to lose, and therefore paradoxically I was happy to have one last throw, like putting it all on zero at the roulette table. If I won, then I'd carry on, and if I lost then it wouldn't hurt and I'd have proven to myself that these systems don't work and I could forget about them forever. As it is, it is probably a blessing that I didn't win, because with that sort of mentality I might then have gone on to lose a lot more!
But then the DIT sounded interesting, and I got lured back in. So here I am.
But I agree with your 'no quick fix' philosophy, although I do believe that with hard work and shrewd judgment I might be able to conjure another income out of this stuff.
I just bought some books on the subject and I'm also sort of looking for a mentor. Another contributor to this site very kindly also sent me his 'Trader Dante' notes, which are very interesting. Certainly when I wanted to get into buying property to let I looked for a mentor and found one, with the result that I now have quite a decent portfolio. So if you know anybody or have any ideas then I'd like to hear, and if we could get that private forum up and running then that would be very helpful.
If you have the time it would be good to hear more about your 'plan', although I'm really just writing this to add to the sum total of friendly comments!
