While I was trying to put a put a positive spin on alot of this, I have to agree with dottom that its' buyer beware out there! If you spend $5,000 on a seminar you expect something! Unfortunately , what you usually get is , bad turkey sandwiches, box wine, and a vague trading system! Trust me, I have spent Thousands of dollars on systems and seminars and let me say this in one line. THERE IS NOTHING NEW OUT THERE! After spending thousands and thousands of dollars I feel that the answer is not the entry that everyone teaches( For thousands), but the real key is in trade management. I have had many trades that were 1 to 2 point winners that I let become 3 point losers.If I had gotten out of 1 contract at 1 point and another at 2 points and been breakeven on the other it would have been a different story! Sometimes it takes awhile to learn the markets( I've been at it 12 years).The basics really do work, BUT!!! you have to know what environment you are in. Consolidation vs. trending.Simple things like range contraction/ expansion on the daily chart to help determining the next days plan. If narrow range (of 4 or 7 ) then look for possible trend day, if wide range( of 4) then look for fake outs on extremes. I have gotten to points in my trading, where I thought I would just quit.I then realized that the so called "Gurus" don't know anymore than the rest of us.The way to trade is to find something simple(Support and resistance) , Moving averages, and trade with good money management.There is nothing more! If you get too complex then you get analyze paralysis and don't know what to do.Trading really is simple.`You have to make a complex thing become simple to be able to take trades, otherwise you will hesitate and watch the trade move without you!The market is not black and white but always grey, you have to find ways in your own trading to make it black and white for you!!
I agree. You have to keep it simple. I read more junk about chart formamations that do not mean squat. Butterflies, slim-jims, bowties, flags, cups, domes, steps, retracements...... you name it. I use three things. Bollingers for range. Stochastics for strength. Moving Averages for trend. Throw in a little VIX, and volume. And that is it. I do not listen to CNBC. I do not listen to anything but the charts. And a little rock and roll.
I use them to see if the trend that I am trading is going to pop and when it is going to poop. I know that is not very scientific. But when it hooks over and comes out of the extremes you can see it happen most of the time.
bobcathy1, Do you always enter/exit when the stochastics are at the extremes? And why do you think 70% of the traders answering this poll have not had any success with Don Millers style?
I for one had no success with the system because I did not use it, but still voted 'none'. The poll needs to formulated in such a way that there is an option for those who did not try his system but cannot resist to vote anyway.