Share Trading Software - Is it the answer?

[JetDollars]

I think this is a good article for those who searching for charting software like myself:

http://www.wealthwithin.com.au/pages/default.cfm?page_id=21270​

 

[GreatPig]

Yet if they had only spent the time and money educating themselves with a professional they would be in a much better position both mentally and financially

Spoken like a true professional educator! ;D

Personally I'll stick to the books - much cheaper, faster, and with a wider range of views.

Cheers,
GP

 

[still_in_school]

These guys are crap, i recieve their tip sheet, and there really more of a sales mob, trying to sign clients up for there mentor program, that is all over the place... plus there tip sheet is crap (really crap)

Cheers,
sis

 

[JetDollars]

Guys,

Read the articles, take in what you consider valuable to you, throw away think that are not important.

If you think positive then it is likely you will be in a winning position.

If you think negatively then a chance is you will go with it.

 

[GreatPig]

JetDollars,

My point was that the article was written by someone with a financial interest in promoting the view he gave.

Therefore everything he said has to be considered commercial marketing rather than advice from the heart. And as with all marketing material, you have to decide carefully what is meat and what is just glossy sales pitch.

Cheers,
GP

 

[JetDollars]

GreatPig,

I agreed with you, but the article shown some good information as well.

Take Care.

 

[stefan]

So the question remains is charting software your answer to success in the share market? If you are learning to trade then the simple answer is no. You need to gain the knowledge of how to trade the market before you place any attention on charting software. Software does not replace, nor will it ever replace the need for you to understand how to trade the market.

In my experience many people begin their journey in the share market by reading a few books and buying a software program believing it will speed up the money making process. But what normally happens is that they end up buying more books because they are losing money and get more confused and waste lots of time trying to figure out what to do. I personally know lots of people that have lost ten of thousands of dollars trying to figure out how to profitably trade the share market ... It is far easier and faster to educate yourself first on how to trade before buying the tools you need to help you trade.

Ask yourself, how long did you spend educating yourself to be able to do the job you do today? For most, it has required a minimum of 2 years at TAFE or 3 years at University. Why is it then that many believe after only reading a few books or buying a piece of software they will become an expert in the share market? It just doesn’t make sense. Arm yourself with the knowledge first and you will reap the rewards.

Sorry for the big quote, but I think this is all that you have to take from this website. This is actually very true and very much to the point. Even if they are after selling you some courses, they are correct with what they are saying. That doesn't mean that their training is any good. But these facts are pretty much exactly what I would suggest. (Which doesn't really matter, I know... ;D )

Happy trading

Stefan

 

[MultiFinanceIT]

1. Look into the mirror and you know what risk is.
2. Advanced Software is neither a necessary nor sufficient condition to becoming a trader that makes money. If you end up buying software, overtrading (hit the button to often) may be the result. If you are not a noise or minutetrader, there is enough free tools. A positiontrader on day, weekly and monthly data may be more successful than a programtrader.
3. Do not enter a trade without Risk / Revard in your favour.
4. Money management is very important.
5. It is very much about psychology and some have it. Most probably they are not on this forum.

 

[wayneL]

5. It is very much about psychology and some have it. Most probably they are not on this forum.

What a presumptuous, pretentious & arrogant thing to say.

Why don't you go and aquire some manners. This comment, a shallow attempt at eruditeness, is just plain rude....not to mention inaccurate.

pffffftt......

 

[MultiFinanceIT]

What a reaction to Most probably
Because they are trading or working for an institution.

 

[wayneL]

What a reaction to Most probably
Because they are trading or working for an institution.

Errrrr....So traders most probably don't read a Stock forum?

Re those working for an institution:

Is it possible that those who work for an institution have poor psychology?

Is it possible that those with good psychology don't work for an institution?

Clearly the answer to the above questions is yes.

Therefore, it is also clear that the link between working for an institution and good psychology is, at best, tenuous.

Socrates, were he alive today, would have a ball with this.

Cheers

 

[happytrader]

No definitely not. Good traders were around long before there was software.
Believe it not its about letting go. Everytime you enter a trade you create an expectation and when that expectation is not met you are left with 2 choices, hold or fold. Its the folding thats the hard bit. If you like pain and stagnation drag out the hold. If you want to win, fold and move on. Funny how trading can imitate life. These are merely my thoughts gleaned from experience and are not recommendations.

Cheers
Happytrader

 

[Milk Man]

Id say most people need software. 97% of traders fail; maybe 96 now with ASF in action. Without backtesting you wont know if your system works unless youve pinched it off someone trustworthy. Traders fail because of discretion IMO which brings the ugly beast of emotion into the equation. How can you plan to succeed when you dont know what kind of results youll get?

I'm not saying its impossible to trade by discretion; a guy I know (not well: damn!) trades with a ruler and pencil on charts. But he probably has immense talent (his assets would suggest it). If charts just look like squiggles to you, as they do to me, get software and read the whole of ASF at least twice (just disregard that loakglen moron).

PS- Amibroker and/or Metastock are good gear to have!

 

[tech/a]

Its not the tools its how you use them.
Sure all aspects mentioned have a part to play.
Putting them all together with a positive expectancy is the trick.

Most mechanical and systematic traders who know their expectancy and have traded their methodology profitably for some time,AND who trade well within their Capital comfort zones dont suffer from the Psycological problems which bring many traders to their knees.