Blue Chip Trader from Micro Corporation

JTrader

Guest
5,741 506
I am interested to here from people who have knowledge and experience of this company and their stockmarket analysis software.

If you have bought the software program, how pleased with it's performance and the results which you have attained are you?

If you haven't bought it, why haven't you bought it?

Any other relevant feedback will be greatfully appreciated!

Many thanks.
 

Skimbleshanks

1
2,325 16
Isn't this the one which appeared a year or so ago in the Mail on Sunday? Or perhaps I am mistaken ...

No-one needs any stockmarket analysis software - it's sold by people who know less than you do about stocks. If they were that good they would be sitting on a beach in the tropics.

Just stick around here if you want to learn how to pick stocks, and it won't cost you a single penny.
 

JTrader

Guest
5,741 506
Thanks for the reply, I found the article of significant interest.

You said just stick around here if you want to learn how to pick stocks. Which precise part/s of this website should i focus my attentions on?

Many thanks
 

ChartMan

Legendary member
5,580 46
Not so much about picking specific stocks, but if you have the time to search the archives, there are jems all over the place on strategies, ideas, tricks, tips etc. I post regularly about trading the Dow and ES Futures, hopefully encouraging other to "think for themselves". You certainly won't get any "pick of the week " type things. Bounce your ideas around here and you'll get lots of replies and discussion- usually :)
You certainly would be wasting your time buying stock picking software. What you need is experience and understanding of how things work in the markets. Far more valuable than any trading software. Read Technical Analysis of the Financial Markets by JJ Murphy- a great book for learning all the basics of TA.
There are regular posts in the TA section about indicators, how they work etc. If you are a "beginner", start posting in the "First Steps" section.
Unfortunately, you won't find many posts regarding UK stocks........but plenty on indecies, US and UK/Europe and US stocks.
 

Skimbleshanks

1
2,325 16
jamest - what type of stocks are you thinking about, and what do you want to do with them? ie, UK or US, and are you an investor and a buy and hold type of person (balance sheets and fundamentals will appeal to you), or a weekly trader (you make your trading decisions each weekend) buying stocks as they are going up and selling before they take a serious tumble, or are you planning to look at your stocks once a day? I presume you're not thinking of daytrading, but please correct me if I am wrong.

Once we know a little more about what you think suits you, we can perhaps suggest some areas for you to start looking at, including where to get free or low-cost software to help you make trading decisions.

We never give any recommendations on which stocks to buy/sell, but we aim for people to make their own trading decisions based on sound reasons.
 

JTrader

Guest
5,741 506
Skimbleshanks - thanks for the help.
I am looking to trade stocks and shares on a short term basis, hoping to profit from rises in price.

I am also looking at ways of trading indexes, starting with the FTSE100, through spreadbets and then progressing to CFD's.
I would like to gain some knowledge of accurate signals and indicators which would allow me to profit from the majority of my trades.

I do not intend to trade intra-day, at least not until i have reached a point of success where i can quit my day job.

As a novice trader it seems that trading the indexes may be a more straightfoward way, with fewer complications, of making money through the stockmarket, with fewer variables to consider, once you have a reliable and accurate signal. Would you agree with this?

Any pointers will be gratefully appreciated.
 

Skimbleshanks

1
2,325 16
Indices are fun to trade because they have volatility, and the swings can be big. That also means they can be dangerous and expensive if you don't know what you are doing and let a position go against you.

You will learn from your mistakes, and assume that you will need to make the same mistake quite a few times before you learn the lesson.

You can get a lot of practice by using spreadbets, and experience the emotion of trading. Trading is probably 90% emotion, and the only way of knowing your demons is to trade. So get yourself an account with, say, Financial Spreads who allow you to trade pennies per point on the Dow. This is important, because you are statistically likely to lose the lot. Companies such as Cantors have a minimum bet on Dow of £2 a point (correct me if I am wrong), so you won't get too many trades in before you lose your pot.

As an example, the Dow can swing 400 points in a day. So if you are trading EOD (end of day) then you need to have sufficient depth of stops in place. Remember too that Financial Spreads only let you use stops if you are betting a minimum of £1 per point. If you are trading 1p a point, you do not need to use stops as you should be able to lose £4 without worrying too much. £400 is a different matter entirely (unless you have pockets down to your toes).

And do pay attention to ChartMan's daily review of the Dow which he posts each evening - you will learn from these, and every day is different (although the same patterns do keep appearing).

Don't even consider giving up the day job until you are consistently profitable under all conditions - in two years you might be in a position to consider it!

Do feel free to ask any further questions, and we shall try and help.

Skim
 

JTrader

Guest
5,741 506
Shimbleshanks - thanks again for the valuable information. If I have the confidence to give up my day job in 5 years let alone 2 years I'll be a happy man!

I notice that underneath your username it says moderator, what does this mean?

You mention that the Dow can swing 400 points in a day. From this what is a sufficient level of stop loss from an entry point?

By how many points does the FTSE100 typically swing in a day?

What is a sufficient level of stop loss from an entry point for the FTSE100?

Thanks again.
 

Skimbleshanks

1
2,325 16
A Moderator is just someone who helps keep the peace on these boards (although T2W is self-policing by its members on the whole). We also remove any posts which are advertising, and move posts onto more appropriate boards, etc. We also try and help others based on our knowledge and experience of trading.

I don't know anything about the FTSE100 because I only trade US markets (more volatility and liquidity, no stamp duty, and the commissions are peanuts). But I'm sure one of the FTSE traders here will help you out with that question.

Your stop depends on your strategy. If you are trading EOD then you need to make sure that you give the Dow sufficient space to move without hitting your stop. The Dow (and all stocks and indices) swagger like a drunk - they don't go straight up and straight down. Just take a look at an intraday chart and you will see the swings which go against the trend - you need to take these into consideration when placing your stops so that you don't get stopped out on an ordinary retracement.

One of the common places to place stops is below the last swing, assuming you are going long. But remember that everyone knows this, so the price often dips down to knock out all the stops before careering on upwards without you.
 

ChartMan

Legendary member
5,580 46
400 points on the Dow is a typically good day. Trading intraday I have seen "tradable" swings totalling double this. An advantage of trading the Dow, or ES futures, is that you can get some really good trading experience just trading the post tea session, if it suits your lifestyle. Check out the charts from 6pm to 6:30, and get ready to trade. There is regularly good opportunities to get 100 ponts from 7pm to 9pm. You will also gain valuable experience during this time as to how the Dow performs. Search the archives under "Dow". Another advantage is that you can use simple TA methods to trade it and take decent profits. Trading this way, you would not be at the mercy of overnight gaps and potentially large loses- you should always close your session at the end of the day. Don't be sucked in by the prospect of the glory of 100 point gap overnight!!! For every 100 point overnight gain, you are likely to get hit for 3 overnight 150 point losses.
In contrast, you would have to trade the FTSE at EOD levels, which frankly I find boring and uninformative. ( Others will of course have their own opinions).
Most importantly, there's no need to rush in and dump your cash on the first thing you see. Read, learn, and inwardly digest and find something that you can identify with.
 
 
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