That's just one take on this issue and not necessarilly better than others as it invites analysis-paralysis. If you trade a mechanical system you don't need to understand anything, all you need to do is follow the rules and trust the system... There are many strategies out there that do not stress understanding anything really that profound except the rules. The problem is, as evidenced on this board many times, that even this is already too much for the average wanna-be trader. So you think they would do better if you required them to understand something on top of that? I seriously doubt it, they would only get even more confused... The best thing is to keep things simple and so I am not a big fan of courses that try to teach me understanding something. That usually means that the teacher will try to convince me to his personal ideology. Trading is craft, to perform it well all you need is tools and experience. Anything more will more often than not be just an obstacle to doing things right. I once saw a course that attempted to teach the 'understanding'. The guy who wrote it must have been a total crackpot...
But can I sit through the course more than once with no extra charge? After all, if it didn't work the first time, I might as well sit through it again and again.
trust with my money a system that i don't even understand? i too keep it simple. i trade very basic setups with no indicators other than price time and volume. and i can explain, in terms of crowd psychology alone, each and every setup that i take, and why i except it to result one way or another. of course, some people have much more complicated methods, and they may work. but that's all outside the topic of this thread i believe.
Well, I do like the system to be based on some appealing idea, but apart from that I really do not need any understanding as long as the system has been proven to work. In fact, to be honest, I might not be able to provide the 'understanding' and pretending that I can is not my cup of tea... For instance, we really don't understand how gravity works on the fundamental, that is quantum, level as we have no quantum theory of gravity yet or even why it is such a weak force (relativaly speaking, compared to other physical forces), but we know how to use it and that is enough for most practical purposes.
electron, subscribe to my course and you will understand everything i was taught by the legendary Jesse Livermore! (i.e. i read his book) remember ONLY $10K for a life time of success!!* * clarification: this is not a scam.
They are all guilty until proven innocent. If I must go somewhere for information, I would probably bet on Linda Raschke and Mark D. Cook for their more extensive seminars and not their two dollar talks. They will get more from you than you from them if you fail to take the next step to test out new ideas extensively yourself and build on top of what works. If failed to take the next step, even if you find a great system, you might not be able to trade it profitably IMO: 1) You don't REALLY know whether it is profitable or not. 2) You try to tweak it the wrong way because you don't know whether the system is sick or healthy. 3) The system might not fit your personality. Trading a system is like getting a pet dog. You have to spend a lot of time baby-sit it and nuture it. Even though you are the proud owner, her well-being (profitability) is very much depend on you. You can't go anywhere for an extensive period of time (Some trend system might depend on a few trades). You become somewhat of a slave. A good pet gives you wonderful time together even though you might have gotten bitten once (drawdown). This is great responsibility... Am I up for the job for the next ten years? Anyway find your pet first.
Oh yeah... Mark Fisher is also a good bet. http://www.clicklive.com/NYMEX/symposium_2003/content_page.htm
Hello: I have found Linda Raschke to be a good source of education for new and mid level traders. She was very generous to me when I was starting out. Her chatroom is a little pricey, but then I think that motivates the trader to pay attention. For options traders, I like Larry McMillan. His advisory is reasonable and he is very knowledgable. Again his services are best suited to beginners and mid level traders. Another good resource is Tom Bierovic. He is knowledgable and his service is used by several brokerages. Danny Gramza is pretty knowledeable and is teaching courses in Chicago. Mark Fisher is a good guy and although he does not offer a chatroom, he has a lot of experience to call on. His book "Logical Trader" is worth a read. John Person is a good guy and quite experienced. I don't think he offers a chatroom but his most recent book is "A complete guide to Technical Trading Tactics" and it is a good way for both newbies and mid level traders to advance their knowledge. All these folks are well known to me. I have known them over a period of years.. They mean well and are sincere, and most importantly, they each have something of value to offer. What more can I say? Now for the person who thinks that this business is full of con artists, well at some point you will need to develop a more mature understanding. Good folks are out there, you just need to open your eyes and take a closer look. Lefty
john person has free hotcomm room i have been off and on when i am bored. You can go to nationalfutures.com for details