I must concur...great post. Although I've never paid money outright for a system, I have incorporated many trading ideas into my own trading from various books and trading magazines over the years. What have I learned? The same thing as you learned...the system has to make sense to YOU, the trader. And, like you, I've also learned the hard way that simpler usually IS better. You really can take an old idea, put your own twist on it, and make money if you are dedicated and consistant in your execution.
I too have subscribed to 2 services.....lost money on them 1 black box.....dreadful signals, lost a lot of money 30 cheap tapes......got a little out of each one 100+ books....got a little out of each one. 3 expensive tapes.......worth every penny of $200, but cost $2,000 I think everyone needs an education. And we will not know how good or bad something is for us until we try it. We learn from good and bad experiences. Some of the prices I see being charged for seminars are ludicrous. Websites for $300 or more a month.....And often I see the same ideas being presented in much less expensive books. Trading is not something they teach in college. Too bad.
Could you expand your post a little with some specifics. What systems did you buy? Futures, bonds, equities, etc? Save someone here some money would ya? and 7K for a seminar? Whose seminar? Also for that kind of $$$ why didn't you just buy a system ranked on Futures Truth that would have met your criteria. Am also interested in what you bought or saw or listened too that did have value. More Details would be appreciated. Cheers.
I have never spent money on a system because a packaged system sounds too much like selling someone snake oil. I have however spents several thousand dollars on trading books, courses and seminars. There is not one purchase of knowledge that I regret. Although some purchases were much better than others they all contributed to the trader I am today. I think it was cheaper in the begining to learn from others than to learn all the hard lessons with my own money. No book, seminar or course on its own was the holy grail but the total body of knowledge was worth the cost. In that vein can anyone recommend a book on daytrading equities or futures written in the last year that they enjoyed. I am low on reading material.
Great Post! Well my wasted money so far on software/systems about $5000. The time spent trying to master them - hundreds of hours. The money lost using them - maybe $10,000. I feel I got off very light. Samson, it is amazing you have been able to turn all this around and now become profitable. fantastic. Please keep writing about what is working for you.
seminar on bond intraday futures trading ( do not want to name the teacher , but he has been written about in market wizards , and some trading magazines) I lost a few grand trying to trade one of his methods perhaps it is my fault as I am sure I do not have the discipline he has I am doing better now trading bond / notes using my methods instead
I'd be wary of relying on "Money Back" guarantees. What are your remedies if they refuse to honor it? You can't justify filing a lawsuit for a few thousand dollars, and even with a court judgment it's not always that easy to collect.
So true....in fact the one I am trading will never be sold publicly...why would I? ..it's making great returns...I am dubious of "any" tool/system that is being sold to the general public...great thread.... rttrader1 -
I just read about deeptrader .... on a drawdown ( since nov03) right now in the cubes .... but has been profitable for last 3 yrs