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This information is posted to help some. So please, if you do not agree
with this information
do not start bashing me. This is only the way I see it.
I also make money in the market. It can be done. I use Trade Station
now, before that I
used Meta Stock. If Trade Station stops working in the year 2000, I will
move on to another
program.
You can give the Holy Grail to most and they would still fail. There are
reason why
others and myself do not share many things about trading and programming
on this list.
1) We do not like getting bashed.
2) We only have time on weekends, because during the week we are very
busy trading and researching.
To become a good trader you need enough money and time to learn, most
people do not have both. If one thinks
he/she can start with ten thousand and make money, think again. Most who
have made it, have lost tens of thousands
and have spent thousands on books, indicators, systems, and seminars
before they become a successful trader.
Some will never get it. Trading is an art. If it was completely
statistical or a scientifical fact, then some one could
write a program that trades one hundred percent accurate all the time. I
am not saying statistics, systems and
indicators are not good. I am just saying there is nothing that is
absolute. I have trained many people how
I trade and a few have become very good.
Here are a few tips:
Most people can learn how to get into a good trade quickly. What they
lack is a game plan. Here's where most will
quit reading. Money Management is the key to becoming a good trader. The
reason I say that, is because I have
seen this many times with people. I have been at seminars where guys
like Walter Bressert was teaching, and you
guessed it, when he started talking about Money Management and a game
plan some left the room while others
did not pay attention. I wonder why they did not make it as a trader?
Not hard to guess. I will give some information
that can help some, others will not agree, and that's OK. If you can
help then do so, but please don't bash.
Thanks in advance.
1) Never trade without a stop. Big Problem: Most put their stops too
close.
2) Never trade with out putting in a profit target, "a reasonable one",
not too close and not too far out.
3) Develop a set of trading rules and stay by them, of course, if they
have been proven.
4) This one always amazes me, and you would not believe how many times I
have seen it happen.
A person takes a trade, you guest it, it's a looser. They may have 3 or
4 in a row. Then they don't take
the next one, you guess right again, it's a good one. The next two or
three they don't take would have been
good. Now they take the next one, right again, it's a bad one. This is
why a set of rules, or a game plan is important.
If you know a system or a method can have five losing trades in a row,
why would you quit trading a
method or system after three or four losing trades in a row. I
personally can not understand why people do this. But
yet I have seen hundreds of people do this over and over again. Let's
use R-Breaker to prove my point. A
few years ago it would have up to "X" number of losing trades in a row.
I have talked to many traders who
traded R-Breaker, knowing it could have "X" number of losing trade in a
row. After the third
or fourth losing trade they quit trading it. If they would have taken
every trade for that year they
would have made a profit with R-Breaker.
Here is one of the biggest problems I have found with trading systems
programed in Trade Station. Yes,
Trade Station has some problems, we all know this already. Data, Data,
Data, and DATA. I am
sure some will not agree this, so "let it be", as Paul McCarty would
said. I can program a system and
put it on many computers with different data feed, and/or same data feed
and get different signals. Why?
All data is not created equal even coming from the same vendor. Sun
flares have a lot to do with this. If you do
not believe this try the following: Call someone in another state. Spend
a few minutes and compare
their tick data with yours, you will be amaze at the difference.
Systems, indicators, and Trade Station can
only use the data it has. This may sound funny, but some think it fills
in the different on it's own and should
know what should have happened or did happen. This is why some of you
have bought systems from
vendors and are not getting the same results as the vendor or others who
use it. If everyone does not have
the exact data and input setting, then it would be impossible to get the
same signals. This is a fact.
May you have great success trading.
Roy Kelly
http://www.trendpro.com
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