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T.Ohrt - no offense taken. Everyone must find their own way. There is
a lot of bulls**t out there, but also some credible. Ultimately,
others can recommend systems - and you are right to be sceptical -
but each man/woman must find their own way, and that can only be done
by exploring with an open mind (how philosophical :)
Dennis - you are entirely correct. On "paper" 1% a day makes
$trillions compounded over years, but in reality you can only buy so
many positions at a brokerage and sell them when you need. Plus,
taking into account decent money management and not risking more
than, say, 2-5% on any one trade - so 1% overall returns are much
smaller.
If you search for The Rumpled One (TRO) on the net, you will see this
guy is VERY credible. I have learnt a lot from him. And it is all
FREE! Some people - and no offense if you are one of them - will not
be able to accept this.
TRO recommends:
1. Do NOT diversify. Focus on 1 or 2 stocks/FX/whatever and NAIL them.
2. Keep it simple
I know for a fact the first time I used his indicators, systems, they
were so simple I HAD to meddle with them. That says a lot about
myself. I am now approaching with a more open mind.
I have ported his indicators over to Amibroker at:
www.kreslik.com
(OFF TOPIC: I do love Amibroker! It is very good for the price. I
just wish - and no offense intended - that Thomasz would have more
support staff).
There is a lot to take in at kreslik.com - but I really do recommend
it. Please explore.
(BTW: I have NO financial interest or otherwise).
TRO trades AAPL primarily - for an hour or two at the US Open. You
can see how AAPL very often "prints" $100 notes. TRO has a chat room
(also free), where he talks thru his trades each day as they happen.
I learn a lot from this.
HOWEVER - his trading is not 100% mechanical. He is very experienced.
Myself - I am still demo trading, but am using the ideas from
www.kreslik.com to backtest one of the systems. I am aiming for 1% a
day and reckon it can be done. I prefer mechanical systems, as I am
jumpy and impatient - and don't want to be hovering over the Sell
button when in a position wondering.
Utlimately, give 10 people the same information - 5 will make losses,
3 will break even and 2 will do well. This is a fact of life.
If day-trading is not for you, definately check out David's book
(through my affiliate link would be great :)) - David's system is EOD
and good. His support is excellent - and personal! - and he taught me
a lot about spread-betting, risk management (which I had no idea
about before!) and swing trading. And if you don't like the eBook -
he does refunds.
I own a lot of systems, but these are the two I recommend.
I hope this helps.
Alex
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