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TheBramble
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Invest as much time as you can spare on the freely offered systems and methods which abound on this site. Find which work for you and use them.
As for commercial systems...check the various threads on this topic and make your own judgement.
As for commercial systems...check the various threads on this topic and make your own judgement.
FetteredChinos
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the only system worth investing in is the "Using the Noggin" system.
basically, save any money you would spend on a system on funding your trading account. then spend a few weeks at the very least testing with small stakes.
when you realise how easy it is to lose money. then learn all about support and resistance levels, and chart formations..there are plenty of sites on the web that will help you. this one included. and unlike most other sites, this one actually deals with the theory in practice - the market frequently doesnt behave like the text books says it should.
to save yourself time - dont read up on indicators/moving averages etc. price action is the "way forward".
support and resistance are all you really need.
with any luck, the experience of losing money in the first few weeks will teach you the importance of money management, and not trying to get rich quickly.
every trader makes losses. some more than other. it is how to manage these losses in relation to the wins that seperates the "rans" from the "also-rans".
FC
basically, save any money you would spend on a system on funding your trading account. then spend a few weeks at the very least testing with small stakes.
when you realise how easy it is to lose money. then learn all about support and resistance levels, and chart formations..there are plenty of sites on the web that will help you. this one included. and unlike most other sites, this one actually deals with the theory in practice - the market frequently doesnt behave like the text books says it should.
to save yourself time - dont read up on indicators/moving averages etc. price action is the "way forward".
support and resistance are all you really need.
with any luck, the experience of losing money in the first few weeks will teach you the importance of money management, and not trying to get rich quickly.
every trader makes losses. some more than other. it is how to manage these losses in relation to the wins that seperates the "rans" from the "also-rans".
FC
The best investment is your time in your own system.
Develop something that works for you.
This will take a lot of time because once you have a workable system which works on paper ( and allow for plenty of slippage in your paper trading ), then you have to train yourself to trade your system for real.
Trading it for real is very different to paper trading and the results can vary enormously. This can be due to your own pyschological make-up - have you got the bottle, patience etc. - or your speed of reaction. One blink of the eye or a cup of tea picked up at the wrong time and you are suddenly 20 points past your entry point.
So, develop your own system and then develop yourself through practice.
The best commercial systems will only work if you work properly so I would say the development of your trading skills, pysche etc is rather more important than the system itself.
Dunno if I have strayed off the point but there you go.
Develop something that works for you.
This will take a lot of time because once you have a workable system which works on paper ( and allow for plenty of slippage in your paper trading ), then you have to train yourself to trade your system for real.
Trading it for real is very different to paper trading and the results can vary enormously. This can be due to your own pyschological make-up - have you got the bottle, patience etc. - or your speed of reaction. One blink of the eye or a cup of tea picked up at the wrong time and you are suddenly 20 points past your entry point.
So, develop your own system and then develop yourself through practice.
The best commercial systems will only work if you work properly so I would say the development of your trading skills, pysche etc is rather more important than the system itself.
Dunno if I have strayed off the point but there you go.
Thanks for your guys input, I am still looking trough a couple of systems and asking the owners some questions.
I know what you mean by the psychological side of trading, Im looking for something that allows me to leave my emotions somewhere else.
But out of the many systems available a few must be very good, and trying to get the bottom of which 1 is the main problem. Most systems have no proof or just seem to be fixed to only work in certain market conditions.
Jaytrader
I know what you mean by the psychological side of trading, Im looking for something that allows me to leave my emotions somewhere else.
But out of the many systems available a few must be very good, and trying to get the bottom of which 1 is the main problem. Most systems have no proof or just seem to be fixed to only work in certain market conditions.
Jaytrader
FetteredChinos
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Most systems have no proof or just seem to be fixed to only work in certain market conditions.
totally agree with you there. which is why i advocate using your brain and eyes as your "system". it will eventually work in all market conditions, accross all markets, and for as long as human emotion runs the markets in question.
everyone wants an easy route to riches, and im sure we have all been down that road at sometime - wanting to find a system that will be the path to eternal wealth and your own private jet.
agreed there are some great "systems" out there, but you can bet that some people will NEVER reveal them to other people for fear of it becoming public domain, and therefore in time stop working. Which is where i come back to my original gist - try to develop your own system. if you find a method, it is easier to have faith in it and trade it through a bad patch as you have the confidence that it will come good eventually , and cancel out the losses.
for example. if i on a daily basis said "buy here" or "sell here". how would you know if my methods are sound?? what if i went out of business?? how would you then trade the markets??
if you want anything resembling a system, then i suppose i can offer the following advice
BUY into weakness, after a decline and when approaching support
SELL into strength, after a rise, and when approaching overhead resistance
look at any chart you like, and draw lines that touch the peaks and the troughs. you will see the prices more often than not reverse when they approach levels which were previously peaks or trough points.
basic i know, and there is definitely an art in establishing what constitutes a trendline/channel, but these methods have worked for years, and will work for years to come.
other people may be able to advise on more complex reading matter, but for a beginner, there is a thread on these boards started by FTSEBeater, which is basically a simple guide to trading patterns..
you would do well to heed what is said there, and of course make modifications in time when you have developed your own personal trading style.
roger over and out
FC
totally agree with you there. which is why i advocate using your brain and eyes as your "system". it will eventually work in all market conditions, accross all markets, and for as long as human emotion runs the markets in question.
everyone wants an easy route to riches, and im sure we have all been down that road at sometime - wanting to find a system that will be the path to eternal wealth and your own private jet.
agreed there are some great "systems" out there, but you can bet that some people will NEVER reveal them to other people for fear of it becoming public domain, and therefore in time stop working. Which is where i come back to my original gist - try to develop your own system. if you find a method, it is easier to have faith in it and trade it through a bad patch as you have the confidence that it will come good eventually , and cancel out the losses.
for example. if i on a daily basis said "buy here" or "sell here". how would you know if my methods are sound?? what if i went out of business?? how would you then trade the markets??
if you want anything resembling a system, then i suppose i can offer the following advice
BUY into weakness, after a decline and when approaching support
SELL into strength, after a rise, and when approaching overhead resistance
look at any chart you like, and draw lines that touch the peaks and the troughs. you will see the prices more often than not reverse when they approach levels which were previously peaks or trough points.
basic i know, and there is definitely an art in establishing what constitutes a trendline/channel, but these methods have worked for years, and will work for years to come.
other people may be able to advise on more complex reading matter, but for a beginner, there is a thread on these boards started by FTSEBeater, which is basically a simple guide to trading patterns..
you would do well to heed what is said there, and of course make modifications in time when you have developed your own personal trading style.
roger over and out
FC
adrianallen99
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Although this page is worth a look, it show the turtle trading system and its free. http://www.originalturtles.org/
A good read and the system worked well over the back testing, but it is very very difficult to follow strictly, Emotions usually get the better of you.
A good read and the system worked well over the back testing, but it is very very difficult to follow strictly, Emotions usually get the better of you.
Without wishing to sound negative I suspect no matter what advice you get here you will go through the beginners cycle anyway..LOL.. we all do even though we don't believe we will when we start out..
On the off chance you're smarter than us simply reread what you have already been told above.Then rearead it again, and again ,and then again before you start reaching for your cheque book.
To offset the negative's here a positive...learn how to not lose money first before you do anything else..
Cheers
On the off chance you're smarter than us simply reread what you have already been told above.Then rearead it again, and again ,and then again before you start reaching for your cheque book.
To offset the negative's here a positive...learn how to not lose money first before you do anything else..
Cheers
Im not as fresh as you might think, Ive been through the beggining cycle of becoming a trader, Ive lost a few hundred quid and that just using very small stakes. Im trying to work out a good system for day-trading that works most of the time, Im sure its out there, but where???
Ive been through site after site promising this and that but its just not believable without some king of proof.
I will eventually find a system to trade and use it to better myself and of course make a system that works best for me.
Does anybody know of a trading service or anything like that, where I can follow trades???? This will also educate me as to the best times to enter and exit trades.
Cheers
Jaytrader
Ive been through site after site promising this and that but its just not believable without some king of proof.
I will eventually find a system to trade and use it to better myself and of course make a system that works best for me.
Does anybody know of a trading service or anything like that, where I can follow trades???? This will also educate me as to the best times to enter and exit trades.
Cheers
Jaytrader
Jay,
You don't need to buy a system for daytrading.As a starting point go over to the Dow thread under indices and ask for some advice on their simple 100 ema and then tweak it until you are happy.
That's as good a starting point as any other.
For proof what do you need,either backtest something, and or papertrade it. Most of what you need is on these boards to be read and the rest is between your ears.
Cheers
You don't need to buy a system for daytrading.As a starting point go over to the Dow thread under indices and ask for some advice on their simple 100 ema and then tweak it until you are happy.
That's as good a starting point as any other.
For proof what do you need,either backtest something, and or papertrade it. Most of what you need is on these boards to be read and the rest is between your ears.
Cheers
FetteredChinos
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mate, a few hundred quid is nothing.. i was down 2 grand before i started turning a profit, and im fairly sure im not alone..
if you want a decent "site" to suggest buy and sell points then go for www.signalwatch.com but please be aware that the guy who runs it (Ed Downs i think) doesnt actually trade his recommendations. he runs the site as a theoretical exercise.
i will say it again - if you just want to follow someone else's BUY/SELL signals you will go bust in a very short space of time. it is also not trading!!!!!!!!
Please learn a method of your own creation. READ THIS WEBSITE THOROUGHLY. I CANNOT RECOMMEND ENOUGH the monthly FTSE thread run by Admiral Bonsai, or the weekly Dow analysis run by Field Marshall Chartman:-
http://www.trade2win.co.uk/boards/showthread.php?s=&threadid=8217
http://www.trade2win.co.uk/boards/showthread.php?s=&threadid=8328
just try to study for yourself. it will save you a lot of pain in the long run, not to mention the financial suffering caused by following sites..
it is hard enough to follow the DOW when it is flying about all over the place, without also trying to keep one eye on a website that will tell you when to get in/out of a trade!!
FC
if you want a decent "site" to suggest buy and sell points then go for www.signalwatch.com but please be aware that the guy who runs it (Ed Downs i think) doesnt actually trade his recommendations. he runs the site as a theoretical exercise.
i will say it again - if you just want to follow someone else's BUY/SELL signals you will go bust in a very short space of time. it is also not trading!!!!!!!!
Please learn a method of your own creation. READ THIS WEBSITE THOROUGHLY. I CANNOT RECOMMEND ENOUGH the monthly FTSE thread run by Admiral Bonsai, or the weekly Dow analysis run by Field Marshall Chartman:-
http://www.trade2win.co.uk/boards/showthread.php?s=&threadid=8217
http://www.trade2win.co.uk/boards/showthread.php?s=&threadid=8328
just try to study for yourself. it will save you a lot of pain in the long run, not to mention the financial suffering caused by following sites..
it is hard enough to follow the DOW when it is flying about all over the place, without also trying to keep one eye on a website that will tell you when to get in/out of a trade!!
FC
Ive come across this site (well I was given the link by a mate) he says this service is truely awesome, but Im not sure.
This guy only takes on 20 students and Ive been told theres 1 or 2 spaces available.
I would post up the site for you guys to have a look for yourself, but Im not sure its allowed.
Jaytrader
Anybody else a member of any service???
This guy only takes on 20 students and Ive been told theres 1 or 2 spaces available.
I would post up the site for you guys to have a look for yourself, but Im not sure its allowed.
Jaytrader
Anybody else a member of any service???
Last edited:
bbmac
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I am being cynical here, but does anyone think that 'jaytrader' is about to plug a system? empathetic 'backdoor' marketing at it's best!!! but a blatant attempt at a plug. Read the whole thread from start to finish, and bear in mind the 'newbie' status and no of posts, what do you think guys/sharky?
(I could be wrong.........it wouldn't be the first time.)
(I could be wrong.........it wouldn't be the first time.)
neil
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Jaytrader said:
You are right Jaytrader - "Spamming" is not allowed.
A cynic I am but, as repeated by many others on similar threads, why sell a "service" or "method" when you could trade it yourself, or with a little effort, tweak what is given away free on this and similar sites?
But you are welcome to post up your trades "live."
neil
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Furthermore....
So very true......now here is another FREE nugget (meaning I will not be revealing a system etc for sale)
Go to:
http://boards.fool.co.uk/Message.asp?mid=8336252
for free info on trading forex. Do a little research/reading by looking up threads/persons alluded to; add discipline and money management and you might be successful.
FetteredChinos said:
So very true......now here is another FREE nugget (meaning I will not be revealing a system etc for sale)
Go to:
http://boards.fool.co.uk/Message.asp?mid=8336252
for free info on trading forex. Do a little research/reading by looking up threads/persons alluded to; add discipline and money management and you might be successful.
TheBramble
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I have no idea if JT is about to unleash a plug for a system/service or not - let's see what develops.
I've suggested to JT by PM, a course/book being offered elsewhere on t2w without specific recommendation from myself, but in the interest of them satisfying their desire to 'buy' a system.
I think most of us have done that, at least once, and perhaps it's a necessary part of your trading education. Just like the first loss.
JT - as for the "'just 1 or 2 places left' hook - well, it is just a hook.
Just like the "only 5 days left" approach.
I think you'll find there's always 'at least one place left' and always 'only 5 days more' in these things...
Now, am I being cynical or what?
I've suggested to JT by PM, a course/book being offered elsewhere on t2w without specific recommendation from myself, but in the interest of them satisfying their desire to 'buy' a system.
I think most of us have done that, at least once, and perhaps it's a necessary part of your trading education. Just like the first loss.
JT - as for the "'just 1 or 2 places left' hook - well, it is just a hook.
Just like the "only 5 days left" approach.
I think you'll find there's always 'at least one place left' and always 'only 5 days more' in these things...
Now, am I being cynical or what?
Hi guys, why do you think im trying to plug a system, Im just being honest and putting all my cards on the table.
The same guy who introduced me to the service has also said that Trendsignal is a great service too.
I was merely asking your guys opinion of sevices and trading methods that are offered all day long over the internet. On a previous post on this thread originalturtles.org was posted as a link is this not "spamming"??? Surely not we are all here to help each other.
I had a look at that site and yes they truely are turtles (if not snails)
Jaytrader
The same guy who introduced me to the service has also said that Trendsignal is a great service too.
I was merely asking your guys opinion of sevices and trading methods that are offered all day long over the internet. On a previous post on this thread originalturtles.org was posted as a link is this not "spamming"??? Surely not we are all here to help each other.
I had a look at that site and yes they truely are turtles (if not snails)
Jaytrader
I have no system mate, thats the whole point of me starting this thread in the first place!
If I had a system I wouldnt be asking which ones you guys recommend, also I can give you a list of systems and links to check out (the 1's that stand out) but again thats not allowed.
Jaytrader
If I had a system I wouldnt be asking which ones you guys recommend, also I can give you a list of systems and links to check out (the 1's that stand out) but again thats not allowed.
Jaytrader
Sharky
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Unfortuantely it have come to our attention that JayTrader, DOWtrader and Mug2k are more likely than not the same person.
Mug2k has already been warned in the past for registering a duplicate nick, namely DOWtrader.
As a result all three nicks will immediately by banned from this site, and I'm closing this thead.
Mug2k has already been warned in the past for registering a duplicate nick, namely DOWtrader.
As a result all three nicks will immediately by banned from this site, and I'm closing this thead.
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