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Bob,
Your explanation certainly covers most of the bases in regards to indicators, and I sincerely appreciate your efforts. My original thought on the matter of indicators was due to my not using them much the past couple of years and a desire to be brought up to speed if any had proven to be useful to anyone. I use some Gann methods, fib relationships (mostly from Bob Miner's work and software and tools within Advanced Get real time) and Andrew's lines to anticipate market turns in day-trading the SP. I use some stochastics from Bressert to confirm a top or bottom, but I put very little weight on those kinds of indicators. I look at chart patterns more in conjunction with a 20 period exponential moving average on different time frames (from Raschke's work) than I look at oscillators. Since I do use moving averages, I will look at Jurik's indicators, as they have been recommended to
me by members of the site.
In regards to the hard work needed to be a profitable trader, I agree that nothing substitutes for diligent studying. I have attended or viewed seminars from East coast to West coast as well as a trip to the UK last year to hear from a researcher that seldom participates in seminars. I have gotten used to the fact that trading books sell for hundreds of dollars and are seldom worth it for the information gained. I have even been stung with high priced trading systems and even higher priced money managers. I have found only a handful of useful market letters, Paragon Trading being a conservative (read: doesn't over trade) technically oriented one that I still get. I find Princeton Economics a good site and the Elliot Wave International site discusses Elliot wave ratios well. One of the most useful books I've read recently is Bob Miner's book, since I use his software and find
his trading approach well though out. For those drawn to trading the SP, I find LOS (Listen Only Squawk) service indispensable to confirm the price on your screen as well as get tuned in to who is on the bid or offer with what size. In fact, a trip to the SP pit in Chicago is time well spent, and the traders that run LOS were helpful in orienting me to the players and the mechanics of local trading.
All of this is just saying to know as much as you can about the markets you trade. I still feel that I am just out of the beginner stage. My only truly useful indicator is when I see black ink in my trading account on a regular basis.
For all of those that have replied, I appreciate your time. I hope that it has provided some help to those who might have the same question.
Stuart Briscoe
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