|
PureBytes Links
Trading Reference Links
|
Mark,
As Lawrence suggests there are many issues in trading. I'd recommend two
books on trading and systems development and one on psychology be read
before you commit too many dollars. You'll learn more about trading and
systems from these books than any fib stuff or Elliott or MACD divergence
material you could buy.
The Ultimate Trading Guide by John Hill and George Pruitt of Futures Truth
covers trading approaches, systems trading and system evaluation.
Trading Systems that Work by Thomas Stridsman will give you enough clues to
develop a systems that outperform Aberration and probably Trend Channel.
You'll also understand why some of the short term systems that look great on
the futures truth website will kill you with slippage in real life. Read
both books though.
Trading in the Zone by Mark Douglas who wrote the Disciplined Trader needs
to be read, practice, re-read and absorbed .... to give you the attitudes
and beliefs you need to make discretionary or systematic trading work.
After reading most of the authors you quote and winning and loosing tens of
thousands in the markets I believe that these three offer the closest thing
you'll come to the truth :-)
I also welcome Lawrence's view of these authors.
Good Luck, John.
----- Original Message -----
From: "Lawrence Chan" <stnahc@xxxxxxxx>
To: <mbailey@xxxxxxxxxxxxxxxxxx>; <omega-list@xxxxxxxxxx>
Sent: Friday, January 26, 2001 1:28 PM
Subject: Re: REALITY CHECK
> After careful contemplation, I choose to focus my
> time and money toward
> the art & science of intraday stock index futures
> trading. The works of
> Angell, Abell, Appel, DiNapoli, Gietzen, Lloyd,
> Natenberg, Pesavento,
> Raschke, Schwager, Tharp, and Zweig represent
> familiar territory.
... if memory serves me correct, none of them have
real systematic trading experience :)
not even Schwager.
>
> I'm not so naive to expect that list members would
> share proprietary
> secrets that evolved after hundreds of hours of
> research. However, all
> comments pointing toward "reality" are appreciated.
the reality is "not hundreds of hours" but
many times that :)
if you are going for "discretionary trading", then
expect to have huge drawndown before you might (maybe
never) learn to discipline yourself to cut the losses.
if you are going for "systematic trading" then
expect you will have huge drawndown on all the
systems you've made that seems to work - plus,
you still need to learn to discipline yourself to
trust your system (if it is a really sound one).
I always encourage people not to take trading
as a career - being an advisor or trainer is easier :)
Good luck.
=====
Lawrence Chan http://www.tickquest.com
Innovative Analytical Software for Trading Professionals
|