Before you spend $1 on a system read this.

Discussion in 'Trading' started by Samson77, Jan 3, 2004.

  1. Over the last 6 months my trading has become profitable (not totally consistent yet) but none the less very profitable.

    As I reflected on the last 2 years and all the money that I spent on different trading systems, which ranged in prices from $100 books to $7000 seminars. The grand total is $40,000.00 then add to that $60,000 dollars in trading (losses) trying most of it out in the real world.

    I wanted to write a post to share the lessons that I learned from it all so that the wise people on this board could learn from my mistakes.

    Before you buy any system/method there are three simple rules that you need to follow if you want to make the right decision.

    INSIST ON ALL OF THESE OR YOU WILL BE SORRY

    1. A minimum of 4 references ( home numbers ).

    2. If they are advertising profits on there web site, demand real proof (Statements)of the advertised results.

    3. A 30 day money back guarantee (unconditional).

    If you strictly follow these 3 little rules with NO exception you will be safe.

    Now the vendors will give you all the STUPID arguments to defer you from providing you with these things but the simple fact of the matter is that UNLESS they agree to give you everyone of these 3 things and completely co operate with you , you can be guaranteed that you will be VERY SORRY you paid them a penny.

    I was $99,000 dollars worth of sorry and only $1000 dollars worth of satisfied.

    The truth of the matter is that trading is really all about perspective and the methods that work the best are the ones that give you a perspective on the market that makes it, make sense to you.

    Find what makes sense to you and buy all the cheapest material you can find on it, which in most cases is just $50 books (After all there is really nothing new, most of it is just repackaged old classics).

    Doesn't matter if it Fibs, Gann, Indicators of all types, Astrological charts or in my personal case just plain old Price Action.

    If it makes the market understandable to you, than that is as GOOD as it gets. END OF STORY.

    Sorry but that's really the truth, the faster you learn it the closer you will be to profit.

    I hope this helps everyone and I wish ALL prosperous and good trading.
     
  2. i agree.
     
  3. GREAT POST. everyone joining this site should read this thread.
     
  4. Turok

    Turok

    And this guy is a "junior" member?

    Let's just up this guys status to ELITE. What do ya say?

    JB
     
  5. I have not shared your same experience. But your post is well-meaning and good advice for some.

    I find when trading a new instrument an advisory service is helpful to learn with.

    I find Elite Trader helpful to learn with

    I find that every book I read gives me some new ideas.

    I have never left a seminar without a new pearl to chew on.

    The point is that there is no Holy Grail and we all learn at our pace. There are many techniques to learn and I wish you continued success.....but like everything you have learned, even your current trading, can stop working.

    However, if you now discretionary trade price action, then you will be sensitive to the change in character that the market gives.

    There was a post earlier here in ET that said to be careful what you post here...I am practicing that in 2004. I will continue (which I always have) to talk about what I know to be true and not what sounds good.

    To be closed minded and just make a blanket statement about... "all advisories are bad"..."all signal services are bad"...."all black boxes are bad"....."all indicators are bad".....is not what I want to become and do.

    Michael B
     
  6. maxpi

    maxpi

    Kudos!! I've never bought a system but that 3 item checklist looks very, very good.

    I print my own planner pages to coordinate tasks and one thing I print is a page called "transaction". In dealing with people it is often very, very good to have a list of things you want GOOD answers to before starting an inquiry and a place to take notes so you can be sure what was covered in adequate detail and what was not.

    Too cool buddy, thank you for caring about other people's dilemmas
     
  7. NO! Not until he has 484 vapid posts...
     
  8. Turok

    Turok

    Sorry...that would only get him to Senior.

    :)

    JB
     
  9. Amen!!!!!!!!!!

    Thanks for sharing your experience!

    I have had similar experience, although no where near the amounts you mentioned. Sorry to hear that.

    I too, after many years of seeking to purchase the holy grail (it's not out there) now rely on my own analysis and have done quite well over the past year and a half.

    By the way you said

    >>I was $99,000 dollars worth of sorry and only $1000 dollars worth of satisfied.<<<

    If I may ask where was the well placed grand? What are your current tools?

    Thanks
     
  10. nitro

    nitro

    You have learned a great lesson. Ugh, too bad it was so expensive.

    FYI, there are systems that work (50% + a year.) You will _never_ see them.

    nitro
     
    #10     Jan 3, 2004