Response to sunseeker
Hi Tom
The thread's not an advert for OUR workshops Tom!
Regarding putting Setups on this forum - dangerous area, prefer to respond to sentiment charts buying activity - research screening of selected US shares - I always go back to the basics with a few Tech Analysis indicators (Keeping it simple). There are so many theorists ready to promote their "System" - In fact there are over 27,000 books on the subject so I have been informed. I like the honestly of JohnnyT - who admits to not making money on the DOW. I find Company research, anaylist recommendations, reports etc. fascinating on a few selected shares . (just choose a dozen to keep my eye on)I'm currently looking at the following shares at the moment
NORTHROP GRUMMAN CORP (NOC-NYSE)
CUMMINGS INC (CUM-NYSE)
CIT GROUP (CIT-NYSE)
EBAY INCORPORATED (EBAY-Nasdaq)
GENZYME CORP (GENZ-NYSE)
IVITROGEN CORPORATION (IVGN-Nasdaq)
CATERPILLAR INC (CAT-NYSE)
CITY NATIONAL CORP (CYN-NYSE)
But I must admit to cheating as I use many websites that supply a lot of this information freely - I subscribe to some fantastic US websites for research and for live Active charts and end of Day Data - I have two live feeds and can cover all the shares I want to and they keep me informed by sending me daily charts on the shares I am interested in. You see Tom I don't want to spend my life in front of a computer screen I prefer to take my dog for a walk and walk the fields smelling some great somerset aromas.
I freely share information with others - Have you received this months Traders Magazine Tom - I have a 4 page article on Setting up for Technical Analysis on Yahoo (USA version) which gives you (for absolutely no cost - FREE) some UK and US indexes and Some UK shares (Effectivly live Data- provided you know what to do)
The internet is a Diamond Mine full of FREE information, why people chase the Rainbow by buying expensive software Systems, Expensive Data Feed in the UK(Wow some is.......a lot of money) just worked out that my total expenditure is less than $50 a month. Thats For Two technical Analyasis Sites (with live data feed)and one research site... thats just more than £30 a month.
Do I give examples of what I trade and results - No thats usually my business although a couple of recent trades (my last two) are indicated in another thread (one still active as I write this) I shall not be doing this again. Too many snipers waiting to attack.
As you know Tom I only trade part time, yes I did try trading the Indexes in a small way for a long time - but came to the opinion I could not make sensible money on them in fact I lost- (as sidinuk so correctly pointed out) they are too irrational. I came to the opinion some while ago to stick to selected USA shares (the best trading decision I have made) - I do not use the scatter gun approach to trade, by opening up many positions, usually one maybe two and occasionally three are the maximum I will trade. Whats the point of offsetting gains on one share to compensate for the losses on another. But thats just my opinion each individual must develop their own trading style. And not try to shortcut the system by trying to learn or purchase other peoples setups that is why I believe that every potential trader should learn the basics. Then as they begin small they learn from their mistakes, they know the feelings, emotions exilleraton and disapointments of doing it for themselves.
There is as you know Tom no setups that work consistanty, it is much better that in the beginnings the basics are learn't and that the mental part of trading, the ability to accept losses, the need to always look forwards become emotianally detached from your money(now thats really hard) and 100% concentration on not losing much, rather than how much can I win. This has to be the the No 1 priority for beginners. If you can't stand the preasures of trading - no set up, system software or expensive data feed matters. You won't be around that long!
I am still waiting confirmation that traders make money on the indexes over a reasonable time. Although its a good place for beginners to start. You don't see the big traders trading the indexes. Unless someone advises me differently. As you know from working with a couple of spreadbetting companies Tom their most profitable areas are the DOW DAX CAC40 ad the FTSE. Many of the discussions on this site revolve around the DOW and the FTSE or am I wrong.
Trading is like Submitting posts to this site, some contribute and can take the critisms that flow if they state their views. and are controversial (the older you get the easier it is) some can only submit posts to attack, knock, critisise, feel important, react, challenge, always wanting to prove how clever they are without actually contributing anything. The remainder (the majority) just view and enjoy reading the Threads.
You Tom contribute massivly to this site and put a lot of effort in. It is appreciated by many including me.
So sadly publishing my setups is a non starter because every trade is new and different (and exciting) to me I look at the big picture by reverting to the basics (Dow Theory etc) keep in mind the many mistakes I have made in the past (very many) put it in a bowl mix it with experience a smattering of good luck, toss a coin and away I go - hope that answers your question!
