Sounds good. As to questions, one of the questions I'm most often asked is how one develops a watch list.
My most commonly asked questions about trading (as a beginner): 1. Which trading method is profitible and how can I learn it? (still haven't found this yet) 2. There are many sites and firms that are offering to sell you an education about trading. Which of all these could I join and actually learn how to be profitible? If the person selling an education actually knew how to make money trading, why would they bother to try and make money teaching. Wouldn't it be a lot easier just to trade. (still haven't found this yet) 3. There are many different charting programs such as Tradestation, Metastock, Ensign, Sierrachart, Neotracker, Wealthlab etc. Which program is the best to invest the money to purchase it and invest the time to learn it? (still haven't found this yet)
This ought to be linked to the "What do you wish you knew" thread in Trading. What I wish I had known is that these are the wrong questions. Practically any trading method is profitable. The problem is the trader. Could have saved myself years.
1. The key is if the trading method fits your personality and financial condition. Any method can be profitable or a loser. (Agree with dbphoenix) 2. Education from trading is best leaned hands on. That means defining the proper risk managment for your situation so that you can make enough mistakes, enough time, and not trigger strong emotional reactions. Then you'll have a better chance to really learn. There are many educational sites. Here is a short list just to get started. www.CompassFinancial.com www.DayTradingUniversity.com www.eStreetTrading.com www.Futuresknowledge.com www.Futures-trading-Commodity-Trading.com www.Futurestradingsecrets.com www.glomtc.com (Global markets) 3. All of the charting programs you list do basically the same thing. Some have more tools than others. They give you a picture of the markets. For stock traders, who don't follow a huge universe. I'd suggest using a combination of Quote Tracker and Prophet.net. You'll save tons of money and really have good resources. I use Neovest, First Alert. It has huge filtering capabilities and does much of what these other programs do. Again, it's not what the software does.... it's what you do with it. Great Trading! Slim
I'd need more info to answer this one. Is this a test? I hope its not something you want to use when your are trading poorly! A "bullet strategy" is a bond portfolio with maturities concentrated near a single point on the yield curve. a "bullet bond" cannot be redeemed before maturity (vs. callable) Slim
Slim, For equities, what is the single most used tool by you, that allows you to run winners up, as opposed to cashing out early ? TIA !
Hi, How do you feel about trading multiple accounts? One would be for scalping retracements, counter-trend trading and other short term movement. Another would be for trend trading and would be for several hours through swing trading. A third may be for position trading. Is this too confusing or does this match the perspectives which a trader can objectively quantify the information which presents itself in the markets all the time. Thanks.
OK, OK... let's don't be an ass. Regardless of Slim not being a sponsor and having a segment in SFO (aka PFG promo mag.). Seriously, I think it's a good thing that he's contributing to the site. Though, a lot of the advices that he gives and gave doesn't have a point in a lot of terms like other trading mentors or advisor. Simply put, how would you embrace an emotion to your own good, with will? Having an subjective answer is fine. All of the "advices" are rather reflective than constructive. It's like re-reading a book after a year, and saying, "Ahhh.... that's what he meant..."... going on through some self-appraisal, confirming the results of the efforts. Which is not that all bad. I'd like to hear and read some constructive answers to the "Most Commonly Asked Questions" I know it's hard... it may be like having a dog meow and a cat bark, but doing so would truly help other traders unlike other BS mentors. What are your thoughts as a mentor? PS. Are you a Cubs fan?
Dear Slim: I've seen your articles in SFO and there great!! My question to you ....Although I have a very simple trading method that works, I am still driven to modify my methods to see if I can make it better. Furthermore, I am on a relentless journey to learn other peoples methods to see if I can incorporate them in to my own strategy. What advice do you give to someone who cannot stop seeking the "Holly Grail"? I ask this question because trading is such a competitive business, the need to know or to constantly develop better methods seems to be a natural drive that many of us need have in order to survive. Besides, the markets do change over time despite the fact that there are a few timeless predictable patterns in the market. Or is it that good risk management and control over our emotions is all you need, even if your best results in trading is just 50%?