Trading Information----"Same old, same old."

[tech/a]

I dont know about you but had a long weekend in Melbourne (airshow) but while I was there had a look at the major bookstores in the city.

What I noticed was that books on T/A F/A ---Forex,Futures,Shares,Risk,Psychology all were very similar but re packaged with a promise to "be different"--truth is there is very very little original stuff out there.

The Turtles had it in their day as did Davas and De Mark.
Volume spread analysis is "Fairly new"---nothings really new--everyone being educated in the same old same old.

My question to all
In a perfect world what do you think would be of greatest benifit to you as
(1) a new trader
(2) a seasoned trader.

What isnt out there that you need.

 

[johenmo]

My question to all
In a perfect world what do you think would be of greatest benifit to you as
(1) a new trader
(2) a seasoned trader.

What isnt out there that you need.

For new traders: someone's trading plan (one that works) showing how they decide/select their universe, stock selction (filters etc), creation of entries and exits etc etc. Using common indicators rather than "uncle Bob's GRQ value index".

 

[Paulo30]

Maybe a book that somehow forces a trader to keep a diary for each trade, or each day if they day trade.. and something that places a lot more emphasis on experience and customizing your own system, rather than trying to replicate what works for others.

Personally, I don't use any indicators except an ema (and I find even that just occasionally helpful).. whereas you find most trading books get so overly complicated, it's no wonder new traders can't work out where and how they go wrong.

 

[Gringotts Bank]

Not sure about books, although I see Bandy has his new one ready for delivery.

Best way to improve (IMO) would be to buy time sitting next to a day trader who is very successful.

Just purchase a half day of time to sit and watch. Even if you couldn't ask questions, you'd still be blown away by the "what's possible" factor. Imagine watching Rotter do his thing.

Put a young kid who thinks he's a good footballer in a training session with the pro's and watch him lift to another level.

 

[Gunslinger]

...Best way to improve (IMO) would be to buy time sitting next to a day trader who is very successful....

I'd second that, I think it would be an invaluable experience having a good mentor.
Just being a good trader though would not necessarily make a good mentor IMO.

Apart from that I cannot really think of anything that's not out there, that may be because I don't know I need it only being in the game for half a second but I do believe pretty much everything is cheaply if not freely available if you persevere and sift through the fud.

Cheers,

JB

 

[wayneL]

My question to all
In a perfect world what do you think would be of greatest benifit to you as
(1) a new trader
(2) a seasoned trader.

What isnt out there that you need.

Nothing.

The job of the trader is to discern the worthwhile information from the rubbish.

This is easier for the seasoned trader than the neophyte.... err, usually.

 

[Lone Wolf]

I think everything a new trader needs is currently available if only they knew what to look for. For new traders the real problem is having to identify misinformation when you know absolutely nothing. Go looking for tips on developing a profitable trading plan you're more likely to find tips from unsuccessful traders pretending to be profitable. So not only do you have an enormous amount of information to digest, you also can't trust everything you read.

The most valuable information for new traders that I've found is on this forum. People suggesting good sources of information and warning about bad ones. People pointing out the lies and half truths the course sellers spew out. People who show the practical application of their system with real trades, both the good and the bad.

For me the most valuable information is seeing the practical application of a trading concepts. If you ever write a book Tech, I'd buy it just to thank you for that technical tips and tricks thread you started on breakout trading.

 

[tech/a]

Well here is my thoughts on what I think is missing.

Its all re hashed oscillator/indicator combinations loosely held together with poor money management and a strong dose of hypothetical theory and accompanying charts to demonstrate a case or two which corresponds to the rhetoric.

There just isn't proven application and methodology backed up with sound method testing and reporting.
Your basically left with a few tools often re hashed and re packaged and no idea how to apply them in a longterm winning trading methodology and even worse you wont know until you trade it long enough to claim success or failure.

Thats why there are so many of these "ideas" if you had un refutable test results half of them would never be written about again---they're rubbish!

The other half you have to spend your 10,000 hrs finding.

Its the only industry I know that you can get copious amounts of information and you Dont have to walk away with a guarantee it works or even has a chance of working!! How bads that!
Even Doctors do massive amounts of tests before diagnosis.
Where are the snippets of genius from the specialists in the fields of day Trading/Forex/Charting/Futures/Portfolio management/Technical analysis---not there ---only fodder for the masses---sells books and bums on seats---its the sizzle not the Steak

I want the Steak!!---with lobster.

 

[Wysiwyg]

Where are the snippets of genius from the specialists in the fields of day Trading/Forex/Charting/Futures/Portfolio management/Technical analysis---not there ---only fodder for the masses---sells books and bums on seats---its the sizzle not the Steak

I want the Steak!!---with lobster.

I would think the answer to that is no one wants to reveal their profitable trading system because then it wouldn't be profitable. Bit similar to telling people your favourite fishing spot where you catch the most fish. Gringotts mentioned that spending time with a very successful trader would be the direct path. That being because what they do has an edge over the market. I am surprised the likes of Bollinger, Lane, Arms, Wilder etc. revealed their indicators ever.

 

[wayneL]

Its the only industry I know that you can get copious amounts of information and you Dont have to walk away with a guarantee it works or even has a chance of working!! How bads that!
Even Doctors do massive amounts of tests before diagnosis.
Where are the snippets of genius from the specialists in the fields of day Trading/Forex/Charting/Futures/Portfolio management/Technical analysis---not there ---only fodder for the masses---sells books and bums on seats---its the sizzle not the Steak

I want the Steak!!---with lobster.

I think the snippets are there, just in disparate places. As we know this is a mind game as much as technique game, ergo each trader will have a different combination to his safe. The turtles proved this.

IMO each has to slaughter his own beast and dive for his own lobster.

 

[mazzatelli]

IMO each has to slaughter his own beast and dive for his own lobster.

Pindaric as always. Love it!!!

 

[tech/a]

I think the snippets are there, just in disparate places. As we know this is a mind game as much as technique game, ergo each trader will have a different combination to his safe. The turtles proved this.

IMO each has to slaughter his own beast and dive for his own lobster.

Yes I think your right.
I find the real gems are often found in places un related to the actual immediate topic.
Radge for example often lets out gems you wouldn't even think of without him even knowing that its been picked up by anyone.

One of the reasons I subscribe and thats where he talks most---love the way he thinks.

Found an obscure book called The Traders Book of Volume by Leibovit and while there is much same old some old there is specialist info Ive not seen anywhere before---whether it is of some benefit---

 

[Charles]

Quick and perhaps stupid question; have any of you guys who consider yourself particularly skilled (better than most) traders gone without some kind of real-life mentor to guide you some of the way? By this I mean someone who you have physically encountered, not someone over the Internet.

For myself as a beginner, I would find it out of the question to climb to any sort of expertise without having someone on board, to show me the ropes.

 

[tech/a]

Nick Radge

 

[Paulo30]

Personally, I've not had a long-term mentor.. though I have spent a ssss load in courses over the last 10 years. My trading really took off, when I sat down on my own a few years ago, and started from scratch, making my own rules and system. Since then, experience has been my mentor. This formula also works. It's called "The School of Hard Knocks". Unfort, it's really the only way for 99% of people to learn how to trade for themselves.

Quick and perhaps stupid question; have any of you guys who consider yourself particularly skilled (better than most) traders gone without some kind of real-life mentor to guide you some of the way? By this I mean someone who you have physically encountered, not someone over the Internet.

For myself as a beginner, I would find it out of the question to climb to any sort of expertise without having someone on board, to show me the ropes.