Hi am a newbie would love some advice using the Guppy methods

[sharks]

Hi I am a newbie although I have invested in training with Guppy previously I am continuing with his methods for the time being until I get a handle on things. I have done his 14 week course and have a no of his books etc sure is a lot to get your head around.
I am trying to decide on what charting software and data providor, I am trialing Bodhi but do find them to be a little unorganised and I have had a few problems getting the data I want and especially getting the data to update and download correctly their help hasnt been stellar.

In terms of charting I am would have bought Metastock but missed out on their sale recently and would have used that with the GTE Toolbox. I have been using ezycharts and it doesnt seem bad but certainly doesn't offer what Metastock does. I am thinking of a combination of Metastock and GTE toolbox but from what I understand GTE Toolbox ties me into Bodhi data which I would prefer not to have.
Interested in all and any comments and advice best of luck to all of you I am very pleased to have found this forum.
Rgds

 

[tech/a]

Greetings

All basic Technical education.
You have to do it until you settle on something that's suits you.

You need to know what you dont need to know so that you know what you dont need to know!

Amibroker is also a great start but the language is clunky.
I used Bohdi for years with no issues.
Premium Data is great

 

[sharks]

Greetings

All basic Technical education.
You have to do it until you settle on something that's suits you.

You need to know what you dont need to know so that you know what you dont need to know!

Amibroker is also a great start but the language is clunky.
I used Bohdi for years with no issues.
Premium Data is great

Thank you for the reply , when you start out I guess basic info is a good place to start , I have a trial of Premium Data and it does seem to work well so will so that may be the way I go. Thanks

 

[tech/a]

I started with a burning desire to be profitable in an arena that very few are.
Red Rag to a bull--95% fail.
You hear it time and again that you must find your own path.
Bit like applying for your first job and being ask what experience you have!

Best advice I can give you.

Keep it simple.
Learn all you can on risk mitigation.
You can go broke taking a profit.
You can make huge profits and be wrong
way more often than being right.
Be patient you dont have to trade.

Keep a trade diary and chart mark ups of
ALL trades winners and losers.
Understand the difference between
Discretionary and systematic and System trading.

Fear is your enemy.

Enjoy.

 

[sharks]

I started with a burning desire to be profitable in an arena that very few are.
Red Rag to a bull--95% fail.
You hear it time and again that you must find your own path.
Bit like applying for your first job and being ask what experience you have!

Best advice I can give you.

Keep it simple.
Learn all you can on risk mitigation.
You can go broke taking a profit.
You can make huge profits and be wrong
way more often than being right.
Be patient you dont have to trade.

Keep a trade diary and chart mark ups of
ALL trades winners and losers.
Understand the difference between
Discretionary and systematic and System trading.

Fear is your enemy.

Enjoy.

Thank you I think that is some of the best advice ever and highlights things I will be working hard to adhere too. Every comment is such good advice and I really appreciate the time you have taken to underline their importance too me!!
I dont understand the absolute difference between these so I will be looking in to them "
Discretionary and systematic and System trading."
Many Thanks

 

[barney]

I am very pleased to have found this forum.
Rgds

Welcome @sharks No particular input from me other than 2 points.

1. The "Duck" speaketh sense.

2. If you find a talking Duck, pay attention

 

[Country Lad]

Fear is your enemy.

Particularly FOMO, the fear of missing out. A trade on that basis can have a high chance of failure.

 

[tech/a]

CL has also been trading for a LONG time !

 

[peter2]

If you want to be a chart or technical trader you'll definitely need charting software and a data subscription. There are a few free charting resources (Tradingview.com) and inexpensive options (Incredible charts.com). However if you plan on using custom indicators, creating your own scans to find the stock charts you're interested in and perhaps later on using back-testing capabilities then I'd suggest that you have to pay more for charting software that is better than the basic level.

Charting software is a one up cost but the data cost for all charting software is subscription based. The ASX makes us all pay dearly for their data. The best value for money charting software that has everything is Amibroker. You can use this at a basic level (scans) or take the time to learn how to use the valuable backtesting functionality. Check out Skate's "Dump it here" thread.

Buy the software that has everything that you think you want now and make a commitment to give it and yourself a fair go for a reasonable period. Your needs will very likely change as you gain experience or you'll want to buy something else because what you're using isn't working. Tip: It won't be the software that's not making you a profitable trader.

 

[barney]

Particularly FOMO, the fear of missing out. A trade on that basis can have a high chance of failure.

Indeed.

Even more pronounced if you are trading at the Spec end of the market

 

[sharks]

Wow thanks to you all its great to get so much support and help. All very valid and true comments too, I have spent a lot of time studying and really understanding how to do what may seem too many simple things like placing trend lines but an incorrectly placed trend line or one drawn when it just isnt possible is a waste of time. Fortunately, I spend a lot of time making sure I really understand things which for me can take a while but until I really understand something and can easily explain it to others, I don't understand it... so I won't pretend I do. At the moment although I have done a lot of study so far I still have a lot to do in deciding on and documenting my trading strategy etc.

I am probably going to buy metastock given the Guppy newsletter I follow does give the Metastock formulas for scans they workshop etc it is more expensive but I am in this for the long haul, I had the software many years ago but lost the disks :-(
While I have been studying the Guppy material it is only a starting point or grounding if you like.

One question I have is what do people suggest is the minimum trading capital?

 

[sharks]

Tip: It won't be the software that's not making you a profitable trader.

Many thanks for your help Peter I have been looking thru some of your old post and you are certainly a treasure trove of valuable information. cheers

 

[rnr]

I am probably going to buy metastock given the Guppy newsletter I follow does give the Metastock formulas for scans they workshop etc it is more expensive but I am in this for the long haul, I had the software many years ago but lost the disks :-(
While I have been studying the Guppy material it is only a starting point or grounding if you like.

Hi sharks,
The current edition of MetaStock has changed considerably from the older editions (say versions 7 to 9). I think I am correct in saying that it is now subscription based only. Also you would need to check that you are not locked in to, say, a US data provider for the ASX data.

Whilst I currently use version 9 of MetaStock I am now setting up for and have purchased Amibroker. Obviously there are numerous code items that will need to be changed to the AB format which will require a fair amount of work however, at least I will have far more flexibility than I have with MS.

As an additional thought, should you wish to go down the path of developing trading systems for personal use then AB includes the software to cover that task.

Cheers,
Rob

 

[sharks]

Hi sharks,
The current edition of MetaStock has changed considerably from the older editions (say versions 7 to 9). I think I am correct in saying that it is now subscription based only. Also you would need to check that you are not locked in to, say, a US data provider for the ASX data.

Whilst I currently use version 9 of MetaStock I am now setting up for and have purchased Amibroker. Obviously there are numerous code items that will need to be changed to the AB format which will require a fair amount of work however, at least I will have far more flexibility than I have with MS.

As an additional thought, should you wish to go down the path of developing trading systems for personal use then AB includes the software to cover that task.

Cheers,
Rob

Thanks Rob I just downloaded a trail of metastock. Interesting, you can still buy the software outright what used to be called Metastock EOD is now metastock DC. It is not locked to data from any specific providor, interestingly there data is the same as Premium data except it is a bit cheaper depending on exactly what you want. I may download a trial of Amibroker as it does seem to be very popular. Really appreciate your comments and help rob.
regards Raymond

 

[frugal.rock]

My

Fear and FOMO have been mentioned by the pundits.
Greed hasn't. Is greed good?
It's as good as fear. It's an emotion.
Emotions when trading, bad. Emotions at births, deaths and marriages, good.
Aim for bald poker faced emotionless trading.
It's a win, meh.
It's a loss, meh.
Understand why and control risk.
Now, go forth and prosper.

 

[sharks]

My

Fear and FOMO have been mentioned by the pundits.
Greed hasn't. Is greed good?
It's as good as fear. It's an emotion.
Emotions when trading, bad. Emotions at births, deaths and marriages, good.
Aim for bald poker faced emotionless trading.
It's a win, meh.
It's a loss, meh.
Understand why and control risk.
Now, go forth and prosper.

I like the way you put that!! I might even print it an stick it on the wall hope I aint breaking copyright.

 

[frugal.rock]

I like the way you put that!! I might even print it an stick it on the wall hope I aint breaking copyright.

Aw shucks!

Everyone else who has posted in this thread are the teachers, as well as some others who haven't, I am still the student.
You have managed to draw alot of the long time respected ASF members to this thread, but definitely not all.
(Myself not included)

Take any criticism on board as alearning experience, should it happen.
If it happens, consider yourself lucky!
Cheers.
PS; many posts contain hidden gems... occasionally even the postee doesn't know it...

 

[Bob111]

Greetings


You need to know what you dont need to know so that you know what you dont need to know!

This should be the mantra of ASF.