Yeah, I think
I’m generally with you there Hani. I always remain cautious when taking
any kind of advice, paid for or offered for free and will never use anything
unless I totally understand what’s going on and have back-tested
everything myself to ‘prove’ it works. That said, I try to always
keep an open mind…it’s all too easy to get cynical about people who
try to sell you things.
This may sound
trite to some but I believe it can be a matter of psychology. Trading is generally
a very lonely business. Most of us who do this full-time just sit alone in
front of our computer with very little in the way of human interaction for most
of the day. Monetary issues aside, I can fully appreciate why a successful
trader might want to go the route of the seminar circuit…to meet people,
share ideas and generally get back in with the human race again! There are
people that will trade all their lives because they simply love it and would
never consider doing anything else, but maybe these authors/lecturers have
achieved their own financial targets and are now pursuing a more (for them) emotionally
rewarding pastime…that of teaching. I can understand that motivation and
I don’t begrudge them their bit of fun.
Of course
there are plenty of charlatans out there…but it’s up to us to separate
the wheat from the chaff. It’s our money they’re chasing after all.
Personally
speaking, I’ve only ever been to one seminar and can’t see myself
repeating the experience for a while. However, I reserve the right to lecture
at one when I have perfected my trading system and made £200 million from it. Then
I won’t give a monkey’s what any of you think about what I have to
say anyway and I wouldn’t charge you for listening to me either. I would
simply be using the experience to satisfy my own ego which, by that time, will
have probably inflated to the size of a small planet. However, this wouldn’t
necessarily mean that the attendees will walk away having learned nothing
useful…
Let’s
keep our minds open, eh?
From:
Hani [mailto:elmagd2000@xxxxxxxx]
Sent: Friday, February 04, 2005
9:46 AM
To: Metastockusers@yahoogroups.com
Subject: Re: [Metastockusers] Re: How to fix the Trailing Stop in
the systems tester
> 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.
Dear AA,
Agree with most of your points but, I don't agree
more with the point that
mentioned above. This is not absolute. Bill
Williams and many other are
considered trading wizards. However, they are
frequently release books that
cost them months of work beside their careers as
traders. Furthermore, they
travel to give lectures at aprofessional exhibit
(sometimes for free or for
pennies that they can gain in a trading day ). So
I conclude, not all
supporting businesses are for less successful
ones.
Best regards,
Hani :)
----- Original Message -----
From: "AA" <arnaouto@xxxxxxxxxxxxxxx>
To: <Metastockusers@yahoogroups.com>
Sent: Thursday, February 03, 2005 7:07 AM
Subject: Re: [Metastockusers]
Re: How to fix the Trailing Stop in the
systems tester
>
> 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@yahoogroups.com>
> 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
> >
> >
> >
> >
> >
> >
> >
> >
>
>
>
>
>
>
> Yahoo! Groups Links
>
>
>
>
>
>
>
>
Yahoo! Groups Links