Hey guys, I was wondering if anyone could suggest a great program that helps me place trades and such by giving me good and accurate forecasts. I heard about vantagepoint.com, any good? What are some programs you all recommend?
Trading by forcasts listed by other people is a bad idea, if you are serious about trading, do your own technical analysis and form your own judgement calls.
I agree with acerbits. Just start collecting a lot of books via Amazon. Read the reviews prior to buying. Sometimes you have to worry about reviewers, but you can usually tell if someone is sincere. Generally speaking a sincere reviewer writes a well written, well thought out review and has a history of writing such reviews. RE: VantagePoint. I was one of their first customers and bought all or almost all of their products. I think the experience was educational, but I also think I could have done it on my own. I would never buy a similar product now. You need a few things: 1) A solid charting program. I started with TradeStation, and then ensign. I use ensign and amibroker now. 2) Real-time quotes. I use iqfeed. 3) A well stocked library. Some of the books you will buy can't be found at amazon.com. I have several books that are self-published. Several of these books cost over 100 USD and most people would scoff at paying that much for a book. Let them scoff. Every limited edition book that I've purchased has paid for itself. 4) Consider a daily newsletter service, preferably one focused on cycles. 5) Consider a chat service but be very careful. The good ones will cost 250 to 500 or more a month. In my personal opinion, the mark of a good chat service is that there is no chatting. None. Only the host chats and even that is limited. Also, the host must have some sort of demonstrable edge. This can be access to the floor, or access to people in the know, or a real system etc. 6) Study data mining. 7) Speaking as a day trader, and as a former medical specialist, I believe day trading successfully the way it is commonly done (10's of trades daily) is not sustainable over the long run for the average person. I believe something will break. 8) The other side of item 7 is that there is a way to day trade that is unlike the way people commonly day trade, and I do believe that form is sustainable. Pick specific times of the day to trade. Look for value areas, and if your set-up occurs, take the trade. If not wait for the next time. If no trade, call it a day.
================= BnB; If i had to pick one section. pick books, top green line this page. [2]Wisdom is profitable to direct, dont have to pick just one; so wouldnt pick just one Looking at lots of data , lots of time frames helps; like QQQQ,ES ,SPY,DIA.
To me this is the most important part of trading. Don't trade at all if you don't have your set-ups. Learn to sit on your hands until they come.