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nothing you might buy from a vendor that promises turning points in
advance (ala golden box and compass :))and riches beyond the dreams of
advarice. the only stuff that works "consistently" is the stuff you
figure out for yourself. the rest are empty promises and busted dreams.
if i were starting out now as a day trader, i'd get a cheap quote
system (quote.com), pick a couple of markets that i'd like to trade,
and study them tick by tick for 6 months before placing a single trade.
forget system vendors, forget seminars, forget website services, forget
newsletters, forget ts, forget books (except for one); forget all this
stuff, it gets in the way of the learning process. the only book i'd
read during this time of exploration and discovery is perry kaufman's
"trading systems and methods", a good one for either a discretionary or
system trader.
once you get a feel for the markets, then develop some simple trading
methods if you want to trade with discretion or some simple systems if
you have a systematic bent. this is critical, no two traders are alike,
the trading system/methodology needs to be tailor made for your own
psychology. i've seen many eod traders blow out trying to day trade,
and vice versa.
the point is that you've got to work yer friggin ass off to
consistently take money out of the markets. this shit called trading
ain't easy. if it were, then anyone could throw a wad of money at the
indicator/system de jour, and get filthy rich. like aberration :)) it's
best in the long run to develop your own stuff. then you'll have the
confidence to trade it thru thick and thin, richer or poorer, til debt
do us part :))
the truth is most people are lazy. they approach the markets like a
crap shoot rather than a business. that gambler mentality kills most
day traders. they have no plan, so they're here in the morning, and
gone in the afternoon:)) the pit boyz eat these guys for lunch. most
would get fired if they worked as little in their jobs as they do in
trying to learn the markets.
TJ
oh yeah, the "golden" freebies won't last for long; these guys ain't in
it for the trading, but for selling
--- Dick Webb wrote:
> I've never sent these goldenbox folks a nickel.
> Nor have they ever asked for money. Since you have 20
> years of experience perhaps you could share your
> wisdom as to what really works.
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