Trading Strategy/System for Beginner

nunthewiser said:

unreal

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Whats unreal?

Who's unreal?
Can only be---

I’m a newbie, probably similar to Paul36 and I’m curious to know how many people actually trade using Frank D’s methodology and how many use the Chartist?
It don’t want to know specific numbers I want to hear from people who actual trade using these suggested methods.

As with many of the methods mentioned in ASF how many are proven and actually used by real traders, not would be traders or simulated traders, but actual traders?

I note many positive comments and see how Frank D’s method can be used and I thank Frank D for his efforts and his thread, however apart from Frank D how many actually trade using the AMT model?
How many actually trade using the Chartist?

When I say trade I mean trade and make a full time living from trading.
1. I’d be interested in hearing from those who do?
2. I'd like to know how long it has taken you to master and understand the AMT methodology and likewise with the Chartist?
3. What other roads to success is suggested by those who actually trade full-time?

Without being offensive I also understand that full-time traders may or may not be spending time in these threads and forums hence the questions may not be appropriate to those who are reading this?

I'm curious.

trader62 the benefit of services like Franks and Nicks (the chartist) is not a cut and paste path to trading fulltime (ie riches) it is in understanding markets and proper trading method.

TH, Thank you for your comments,
I know the services mentioned are an educational tool at the same time I acknowledge that trading is not something that is learnt or mastered at a week-end seminar or even two?
I know it takes lots of time, practice and more. Probably many years. Similar to any other occupation, I also acknowledge that it is not something that can be taught or learnt from a book.

Hence the questions, I'm interested in hearing from people who have walked the walk.
How long it has taken them.
How long has it taken you, and what stage are you at? are you making a full-time primary income from trading?
Are you using the AMT model or the Chartist?
Is anyone out there making a full-time income from trading?
If so are they using the above methodologies or something different? or maybe a combination of many?
I'm not looking for a quick way to riches (though it would be nice) as I understand that trading is hard work and that one must first learn to understand markets, what moves them and how the masses react to certain events.
I'm curious to know how many are actually using these methods successfully.
I want to learn to read and trade the markets by someone who actually trades the markets full-time and not by someone who makes his/her money selling news letters, books, seminars, subscriptions etc.
I hope the real traders apart from Nick, Frank D and maybe yourself (TH) really step forward and answer my questions.

This is a big problem. Info from those that talk the talk but have never walked the walk.

The way to go about such things is simple in my mind.

Its not the info offered or what is available, it's the process. Your comment has hit the nail on the head,

I know it takes lots of time, practice and more. Probably many years. Similar to any other occupation, I also acknowledge that it is not something that can be taught or learnt from a book

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Don't go on a search for "the" info. Go on a search for "the" process. Just like any occupational education its long and vast. But the correct process for learning is well established. Have a look at this which perfectly sums up the process IMO,

http://traderfeed.blogspot.com/2008/02/from-trader-education-to-trader.html

Its all very hard to find the right info from the right people. You only have to look at the XAO thread today to get suspicious about forum guru's.

Good input guys. TH I assume you rate Brett Steenbarger ? Off on hols in a few weeks. Might make a purchase of his latest book for light reading.

Tech and Frank enjoyed your 'conversation' shame it ended. I actually enjoy both your posts fairly often but today you brought a smile to my face and a tear to my eye.........................

adt100 said:

Good input guys. TH I assume you rate Brett Steenbarger ? Off on hols in a few weeks. Might make a purchase of his latest book for light reading.

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His latest book is very heavy going. Good but just too much to read straight through. Probably better to pick and choose chapters.

His second one is a ripper thou, Enhancing Trader Performance. http://www.moneybags.com.au/default.asp?d=0&t=1&id=5203&c=0&a=74

TH, Thanks, good article.
Problem is as Steenbarger explains, no such place exits in the world of trading as it does in medicine?
Well maybe it does but not for private traders, maybe the big banks, institutions and broker-houses know how it should be done, but they are not telling anyone.
Then again maybe they don't, maybe that explains why we had the recent financial crisis. Mmmmmmmmmmm

Until then traders must keep learning the hard way, finding a successful private trader is next to impossible as trader62 mentions, do they really exit? are there any out there?
If they are, will the real traders please step forward!
No guru's please, don't need to buy any more crappy books on indicators and chart patterns that don't work.

OZ Trade and Trader 62, have a look at this guy. (http://protradered.blogspot.com)

Sure he is USA based and trading mostly the ES (S&P), but does diversify occasionally into other instruments.

I have been following him for a year and his win/loss would be around 70 -75% with a r/r around 1.2. Have a good read of all his blogs.

From my observations of his blogs he is consistently successful. He used to be one of the moderators in a trading room that a lot of Aussies were on so I have observed him trade live so believe he is the real deal. To add to this he does not push any product or service, although he will do one on one training.

Anyway, just thought this might interest you to see someone who does trade full time. I too am at your level and had the same questions and hence ProTrader Ed did give me comfort it can be done - but not everyone will succed, most will fail.

Steve2222,
Thanks for the info, I'll have a look at it.
That's great, but I guess like trader62 I'm looking for the form or - how to, scenario.
Do you use ProTrader Ed's material to make your trade decisions?
Do you trade full time?
How long has it taken you.... to get to where you are today as a trader?
I think I'll move to medicine, sounds a lot easier?
Noooooooo.......... way and miss all the fun?

OzTrade said:

Steve2222,
Thanks for the info, I'll have a look at it.
That's great, but I guess like trader62 I'm looking for the form or - how to, scenario.
Do you use ProTrader Ed's material to make your trade decisions?
Do you trade full time?
How long has it taken you.... to get to where you are today as a trader?
I think I'll move to medicine, sounds a lot easier?
Noooooooo.......... way and miss all the fun?

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Steve, The process is well set out. In trading as well as other occupations. Get a thorough and broad knowledge of ALL markets, functions and participants. Then from that find something that looks interesting to you and become a specialised.

Takes lots of time. But like any occupation you can start off by being the annoying apprentice and asking lots of questions while being very observant.

Simple

Trembling Hand said:

Steve, The process is well set out. In trading as well as other occupations. Get a thorough and broad knowledge of ALL markets, functions and participants. Then from that find something that looks interesting to you and become a specialised.

Takes lots of time. But like any occupation you can start off by being the annoying apprentice and asking lots of questions while being very observant.

Simple

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Further to T/H's musings.
Following anyone or any methodology is not going to help you understand how to trade profitably,unless how they do it is similar to mentoring,you can follow it ,disect it,question it.

"The Chartist" does this comprehensively.Nick runs up to 4 methods with very comprehensive explainations of all entries entries and trailing stops.His locked forum will give you direct access to discussion on methodology,from Nick and others like yourself who are learning how to trade and how to apply knowledge to profitable methodology.
You'll learn what to look for and how a pro goes about it.

The big draw is thet he is licienced and not a rented licience either its HIS.
Nick has very in expensive trial periods that you can investigate.
All methodologies are proven profitable with all being run live-- you get a daily email alert.

Enjoy the journey.

Hi OzTrade.

I support TH and Tech/a comments above.

I follow Pro Trader Ed's blog as it gives me the confirmation that trading full time can be achieved, but I have not followed Ed's method.

Couple of reasons for this:

1/ I have a fulltime high level corporate job and cannot trade the overnight market. But I have spent a year educating myself on trading incl paper trading (I was working in Australia for a while and had heaps of free time away from the family).

2/ Ed's methods are based on range charts (part of NT) but using proprietory indicators that he has purchased from another company called Blue Wave Trading. If you read all his blog you will see Ed spent years finding what worked best for him (reinforcing TH and Tech/a) and he swears by the BWT indicators. Ed says he spent US$50k on books, courses, indicators etc but has traded BWT indicators for 3 years now.

This is not to say I would NOT trade Ed's method, I actually like his style and conservatism, but the BWT indicators are very expensive (especially for us down here in the Southern Hem.)

Again to reinforce TH and Tech/a, Ed specifically discourgaes traders from shadow trading him (this is what some traders do in a moderated trading room where they just replicate what the moderator does without really learning or understanding why the trade was taken).

Somewhere on one of Ed's blogs he has a test called the Acid Test, which is what he encourages new traders to put themselves through to see if they are really ready to take the first live trade. Again Ed is doing this to ensure YOU have a method that works for you and you are comfortable with it.

I guess if I found myself with no corporate job and I was struggling to develop my own trading style, method and strategy; I would look for a mentor. In my case it could be Ed, for others it might be the Chartist or other suitable parties that YOU have got the confidence in.

This is a long journey (I know having spent a year educating myself) and, as others have said, like learning a new profession; but I am convinced for me that it is worth the sweat and tears.