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Re: Being Serious About Trading
Originally posted by philhackett
1) Either be an engineer or an oily rag. You choose. Best to get trained as do Plumbers Doctors Lawyers etc. This is not a business for amateurs, hence so many heavy losers.
Absolutely, that's the importance of looking at all aspects of profitable trading. Just looking for a system to predict market direction and ignoring everything else is the major reason 90% lose. I forget the exact figures now but in a university study around 100 traders were given exactly the same profitable system to trade, only 10 made any money.
2) Keltner Channels, 5 SMA are essential. Dema is the best available.
3) 50 MA gives an idea of where the day is going.
4) Floor Traders use Pivots; you should too.
I don't use any of the indicators you mentioned yet I still make money. Your system may suit you, none of those indicators are essential though, there are hundreds of profitable systems out there using a wide range of indicators.
5) Dealbook can be trialed free, for a month. You can then set up my indicators and see for yourself. This morning it produced 25 pips in a very quiet market.
25 pips from this morning's market is nothing to shout about really, there are systems that made more and systems that made less, your results are mediocre at best.
If you cannot appreciate the significance of my system, you shouild not be trading. I have not loast money for years!
lol, of course, yours is the only profitable system out there, and after all you're a qualified technical analyst!
Mick
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