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If you want my opinion,keep it as simple as possible...We have all passed
this point,buying books and seminars,searching for indicators,hoping that if
we just find another promising indicator or system,we'll become rich....
The fact is that many things work,if you persistent and disciplined
enough.The money management concept is the key to success.Keep your losses
very small,let your winners run,use trailing stops and money will come....
The problem nobody tells you about,consists of 2 parts:
1.ALL indicators are lagging the market....If you use plenty of them,you'll
have similtuneous controversial signals...It's very easy for anybody to show
you a chart that has great signals.I can show you other 5 charts where the
same indicator whipsaws continuously.
2 All the patterns are time frame depended.....A triangle or a flag forming
in a 5-minute chart,will dissappear if you use a 10-min chart....Bill
Williams tried to solve this problem,stating that patterns are fractal in
nature,that is a pattern is part of a bigger one and at the same time
includes smaller patterns of the same shape,but with poor results....
Try to work with levels of price.They don't depend on a time frame and they
are REAL,they are the levels where the market reversed.The market has
memory...and that is totally different from the false assumption that the
future will resemble the past.An assumption on which all technical analysis
is based.
I've tried all forms of reversal bars....Maybe one of the strongest
tools...but when a setup based on a reversal bar is put in another time
frame,the reversal bar has dissappeared......
I hope that all these will help you.And don't ever think of buying a black
box system.Most of them consist of very simple technical tools that you
already have.......
A.A.
P.S This is a big industry.Many people make money and a good living out of
it....They are brokers,newsletter writers,T.V. commentators,program and
seminar sellers,etc.If they could make money trading,they would stop all
this crap.The same happens in any profession.A good doctor operates.An
unsuccessful doctor teaches younger doctors....Try to remember that,when you
buy the next program,book or seminar.
----- Original Message -----
From: "kathay1199" <futowiec@xxxxxxxxxxxxxxxx>
To: <Metastockusers@xxxxxxxxxxxxxxx>
Sent: Thursday, February 03, 2005 1:37 PM
Subject: [Metastockusers] Re: How to fix the Trailing Stop in the systems
tester
>
>
>> Has anyone any experience of WealthLab, now free with Fidelity?
>
> Yes, I have some. I 'm seriously considering to "change my horse" as
> Metastock seems to stay far behind competition...
>
> You can download WealthLab and use it 30 days for free. They have
> very helpfull forum, a tons of tips and houndreds of systems & new
> indicators- all given on their website for free. Almost all data
> formats are supported. What's great you can test all their systems by
> running them directly on their website (and Activetrader Magazine
> website as well).
> The problem is a new language (chartscript) and logic you have to
> learn. It's not easy for newbies and quite different from Metastock
> language. But Welathlab has very good debugger and manual.
> Another great advantage is money managment built-in support (special
> simuscripts where you can determine your betsize) as well as
> possibilty of portfolio testing of a few markets or trading systems
> at once in one simulation.
>
> I'm still learning it ... and the same as somebody mentioned before I
> check idea of new system or indicator in old good Metastock 7,0 then
> translate it into Wealthlab adding money management codes;
>
> There are 2 more advanced programs: Veritrader (developed by former
> Turtle - Curtis Faith) and latest machine introduced by well known
> Murray Ruggiero - TraderStudio. Both look promising , I 'm familar
> with their features but haven't tested yet.
>
> regards
> Kathay
>
>
>
>
>
>
>
>
>
> Yahoo! Groups Links
>
>
>
>
>
>
>
>
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