A note of encouragement for all new folks: I paper traded this "system/understanding" of Jack's and Spydertrader for about three months with around 10% gains per month on the total capital. Then I started trading it with my real money. My results so far: January: 7.5% gain on total capitol February: 8.8% gain on total capitol Those totals are after opporating costs (brokerage fees, etc.) I continue to learn and can easily see how 10-20% gains will become regular monthly. I say that because almost all of my winning stocks continued on well past my sell point. After seeing that for several months I am very encouraged to hold longer with good faith that they will achieve the left hand side of the channels. One final interesting note. I studied classical piano for many years. And over and over I keep seeing how similar this process is to learning an instrument. It takes practice and time, with the goal of expertise through artful engagement with the market. It is not just a specific "system" that you apply. Instead it is an art that has many layers. And just like with learning the piano, I have discovered that I have breakthroughs that appear to come from my unconscious mind, having worked on the problem in the background and suddenly I am able to "see" in new ways. How nice is that? There are many other relationships to learning and playing an instrument that I have noticed. You learn how to read the different patterns and relationships on the charts just like you learn to read music notes. And while you play many different keys on the piano in multitudes of ways, with stocks it is simpler. You only have a few actions to take when you are told to do it by the market/chart: buying, holding, selling/reversing. Anyways, maybe the above insights will help you stick with it and practice.
Nice post (above) Personally I find trading to be analogic with playing golf. Spyder, thanks for all the help and I encourage others to join us in the live ET chat room daily. We have a lot of fun!
Yep, I am way ahead. I have a subscription to Next Month's Paper this Month. It was suppose to read October and November.
I am trying to figure out what times frames to use when looking to buy or sell. If someone could please explain to me how to pick the appropriate time frames under both buy and sell conditions that would really help me out. All the time frames have different technical readings so which ones should I follow and under what circumstances. - Monk
Beginner Method (Journal One) - Trade on Daily time frame. Enter and Exit on 30 minute time frame. Weekly Pivot Points as automatically drawn in by QCharts. - Spydertrader
Rickylc, Your down channel for COGO you drew were pretty much like mine. Can you pls clarify why you did not enter on 15November (wed) instead (your entry was on Friday 17 November) as it had already broken out of the down channel? I would have entered on 15November only to be stopped out. Thanks. PS: I've attached Gooch's previous COGO chart for quick reference in the next post Spyder, Thanks for your earlier answer
Is there any alternative to wealthlab, or even a subscription service? It is maddening to have to constantly try to do a scan only to be told to come back later. I was trying to do my work as early as 1 hour prior to market open to no avail. Apparently you can get a pro version by opening an account with Fidelity, however, I'm very pleased with IB so that is no possible.