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I agree with Tony's comments. If you are really completely new to trading,
then your first task is to do some basic reading in technical analysis.
Without that basis Metastock will be useless or worse. A good place to start
is John Murphy's "Technical Analysis of the Financial Markets". For your
basic charts you will be fine with any of the online offerings (e.g. Yahoo
or prophet), most of which have long lists of indicators available.
If you get through Murphy and want more, move on to Edwards & Magee,
"Technical Analysis of Stock Trends" which gives a thorough treatment of
chart patterns and Dow Theory, the basis for TA as we know it today, Nison
"Japanese Candlestick Charting Techniques" and Elder "Trading for a Living".
Timothy Hayes "The Research Driven Investor" will give you an idea of how to
combine fundamentals and technicals.(There are many others, but these are
easy to read and give you an exposure to many aspects of TA).
Paper trade until you're able to make money consistently (yes, really - I
lost 25% of my capital in my first year, which was an expensive lesson - and
I was one of the lucky ones). And if you want to start system testing, read
LeBeau "Computer Analysis of the Futures Market" which may be old but
provides a clear dose of reality to help you manage expectations.
If you're still enjoying yourself after this, consider taking the Chartered
Market Technician exams. It's a time commitment (though not as bad as the
CFA), but by the end you'll have had an excellent introduction to TA.
Good luck
Andrew
-----Original Message-----
From: Tony [mailto:TraderSeven@xxxxxxxxx]
Sent: Tuesday, November 09, 2004 8:27 PM
To: toby2651
Subject: Re: [Metastockusers] Thinking of buying meta stock.. your opinions
please
Hello toby2651,
Monday, November 8, 2004, 5:36:42 AM, you wrote:
t> New to Share dealing, thinking of buying Metastock 9
t> Just wondered what current users thought of this Software, and
t> would they reconmend it?
t> Is there any part of the program that will allow me to PAPER
t> trade. (for example a Simulator ?)
t> Thanks for taking time to read this post
t> As i said i am a total New user, would appreaciate the advise of
t> other experienced users.
I addition what superfragalist wrote I have a few other suggestions/remarks.
MetaStock is a very nice program. But if you are not able to program you are
missing 50% of its functionality IMO. It's also a very expensive program.
What if you don't like trading? Maybe you could start with something cheaper
and move on later if you know trading is for you. Besides that's hard work
some people find it boring. On www.download.com you find many shareware
programs you can try for a month. Personally I find www.amibroker.com real
value for money. If you are a real programmer you can also take a look at
www.wealth-lab.com MetaStock certainly is a good program that works very
well. But whatever you read in the adds remember programs don't make money.
You only you can make money. A program is a nice tool. That's all. Other
wise the programmers of MetaStock just would keep the program for them
selfs. Start it and get rich sleeping.
--
Best regards,
Tony
Heart Attacks ... God's Revenge For Eating His Animal Friends.
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