Hello,
I have studied/attended/reviewed numerous books, videos, seminars and software, like many of you.
As they stand by alone all by themselves, they generally are not worth the money. I examined the techniques they described, and found for the most part that they do not test out as they are described.
It's safe to say that none of the patterns work all the time. Some of the patterns work some of the time.
In my opinion, the key is to figure out which technique, and when these techniques, are likely to work. Unfortunately, none of the books/videos/seminars explicitly tell you how to determine this. They may give clues, but it's all very subjective.
I believe however that if you study any particular technique in great detail, execute it in real-time and then analyze the results, you can learn when the technique is more likely to work. This will of course take time and effort.
Also, I've learned that a lot of the materials I've studied does not "click" with my personality. They may be too complicated, too subjective, not to my liking, etc. Going over all these materials haven't entirely been a waste of time and money though, as it has helped me learn what my "trading personality" is like. Some of the materials really clicked with me, while most did not.
I have found the following to be helpful:
+ Mark Douglas' "Trading in the Zone" - trading psychology
+ Hayden's "The 21 Irrefutable Truths of Trading" - trading psychology
+ Koppel' and Abell's "The Inner Game of Trading" - trading psychology
+ Schwager's Wizard books for inspiration.
+ Writing out a trading plan, executing the trading plan, keeping a trading log of trades, analyzing the trading log for areas of improvements, and then modifying the trading plan.
Good luck with your trading.
-- ITZ
I have studied/attended/reviewed numerous books, videos, seminars and software, like many of you.
As they stand by alone all by themselves, they generally are not worth the money. I examined the techniques they described, and found for the most part that they do not test out as they are described.
It's safe to say that none of the patterns work all the time. Some of the patterns work some of the time.
In my opinion, the key is to figure out which technique, and when these techniques, are likely to work. Unfortunately, none of the books/videos/seminars explicitly tell you how to determine this. They may give clues, but it's all very subjective.
I believe however that if you study any particular technique in great detail, execute it in real-time and then analyze the results, you can learn when the technique is more likely to work. This will of course take time and effort.
Also, I've learned that a lot of the materials I've studied does not "click" with my personality. They may be too complicated, too subjective, not to my liking, etc. Going over all these materials haven't entirely been a waste of time and money though, as it has helped me learn what my "trading personality" is like. Some of the materials really clicked with me, while most did not.
I have found the following to be helpful:
+ Mark Douglas' "Trading in the Zone" - trading psychology
+ Hayden's "The 21 Irrefutable Truths of Trading" - trading psychology
+ Koppel' and Abell's "The Inner Game of Trading" - trading psychology
+ Schwager's Wizard books for inspiration.
+ Writing out a trading plan, executing the trading plan, keeping a trading log of trades, analyzing the trading log for areas of improvements, and then modifying the trading plan.
Good luck with your trading.
-- ITZ