Where is a system that works?? Help Please!!

[pirate]

Best intro to day trading is by chairman maoxian, see his 95 dummy lessons at http://www.maoxian.com/archivecat.html

Trader x blog also well worth checking out.

Would stop looking for some magic system - doesn't exist.

The Chairman puts it well..."One sensitive soul wrote in to ask if I wasn’t giving away the keys to the kingdom with these how-to posts. The answer is that good trading is 10% methodology and 90% psychology. People defeat themselves. It doesn’t matter how often you repeat basic trading principles when almost no one will practice them".

 

[Prevail]

along those same lines, even with the magic system, few have the mental tenacity to pull the trigger through a losing period, which usually occurs just before the equity curve turns up.

 

[ProfLogic]

Quote from pirate:

Best intro to day trading is by chairman maoxian, see his 95 dummy lessons at http://www.maoxian.com/archivecat.html

Trader x blog also well worth checking out.

Would stop looking for some magic system - doesn't exist.

The Chairman puts it well..."One sensitive soul wrote in to ask if I wasn’t giving away the keys to the kingdom with these how-to posts. The answer is that good trading is 10% methodology and 90% psychology. People defeat themselves. It doesn’t matter how often you repeat basic trading principles when almost no one will practice them".

This is one time where the phrase, "Trading for Dummies" is an appropriate title.

I agree that "magic" in trading doesn't exist but common sense does and 95% of the traders out there can't successfully apply that concept to their trading. They think pattern recognition, calculated pivots, calculated fibs or calculated anything for that matter is the be-all-end-all to their trading.

I agree that the psychology of this environment is extremely important but imagine how nice having your head screwed on straight and trading an objective, strict, and non varying rules based methodology would be on top of that.

 

[Joab]

Chopper,

For once I agree with proflogic (just don't buy anything from him and you'll be fine).

Unless you have a fantastic mentor it will take you YEARS to make $$$ in this business.

The problem is that even if you are lucky enough to find that mentor it will guarantee you nothing and it may still take years.

Get a job, trade part time and READ, READ, READ and paper trade, paper trade, paper trade.

 

[ProfLogic]

Quote from Joab:

Chopper,

For once I agree with proflogic (just don't buy anything from him and you'll be fine).

Unless you have a fantastic mentor it will take you YEARS to make $$$ in this business.

The problem is that even if you are lucky enough to find that mentor it will guarantee you nothing and it may still take years.

Get a job, trade part time and READ, READ, READ and paper trade, paper trade, paper trade.

Damn, I was going to hit him up to buy my classic 82' Berlinetta with 64,000 miles painted Buckeye scarlet & grey but now I can't . . .

lol

Joab is correct, get a job, trade part time and READ, READ, READ and paper trade, paper trade, paper trade.

 

[Prevail]

of course one could forget the job and sell 3 sigma naked puts.

 

[Tums]

Quote from WaveStrider:

Thx ES.

so he is an ES trader !
for the longest time I thought he trades forex.