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PureBytes Links
Trading Reference Links
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With the recent postings on the above subject, I thought I'd put in my
feedback. There have been many good books recommended, and a variety of
trading methods/styles mentioned i.e. system trading, technical methods,
fundamentals, etc. We each are a product of all that has gone before us,
but there is no one method that is best for all. You have to find & use
what works best for you and suits your psychological makeup. Whatever
method you choose, be prepared to put the time in & you'll probably pay
your dues at "traders university" (drawdowns) before you're done the
learning curve. This is a probabilities business and you are looking
for the best edge that works for you. Money management is also one of
the key components.
With reference to mentors, I have been fortunate to have had several
good ones over the years. For position trades, I had a very good one who
passed away in 1992. He was located in my home city which made things
very convenient. At that point in time I was reading an article in Club
3000 & Ed Moore's name was mentioned favourably. I got on the phone &
spoke to him several times prior to his course being available. I
mentioned to put me on the list when it became available & his methods
now form the foundation of what I do. If you want a good idea of the
learning time involved, go into his website & look at the FutureSource
section. Do not expect to buy the manual & know all there is to know
about the method; initially I was on the phone daily with him until I
got into his head for all the info I wanted, real time, during market
hours. I was always given quality phone time, never cut short etc. (but
I kept conversations brief & to the point). If you work the system
right, you are drawing on his approx 40 years of trading experience. He
also posts 5 minute charts, 3 times during the day & a 30 minute chart
at the end of the day, on his internet site. These charts contain
general market commentary in addition to the relative info on trading
his method, for both S&P's & OEX. What he teaches in not canned or black
box, you have to think for yourself; but the method is designed to find
the high probability trades.
Bottom line, yes find a good mentor if you can. A good mentor should
prove to be a superb learning resource. The books are good. A lot of
good advice has appeared on this list. Watch the money management. Get
on the phone & talk to anyone you're considering for a mentor & read
between the lines to the questions you're putting to them. Are you
comfortable with their answers and their style. Does their style fit
your personality? Are they available during market hours? Do your phone
homework properly & you should know who you want to go with. There are
many methods & vendors; your job - find what works for you & go with it.
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