hi i'm a beginner trader and am looking at purchasing Dr Elders triple screen trading and metastock to use as my software. I'm curious if anyone has used these and what they think of them. From my studying i find the macd histogram to be a very good indicator and stochastic oscillator to work together.
Triple screen trading
- Thread starter nathan
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Amibroker is a great charting program and costs about a tenth of metastock; it does all I need it to and more.
As for indicators, personally, I dont use them at all and would only ever use them for confirmation of trades or scanning for candidates to trade (not for triggers). I use price action and sound money management principles alone and that has worked in backtesting and for a few months live trading now.
I have nothing against Elder and know little of his triple screen system. Any system you have to pay for should be held in some contempt though I reckon. Elder is held in high regard though so at least we know hes not dodgy, whether to pony up the dosh for the system though....?
As for indicators, personally, I dont use them at all and would only ever use them for confirmation of trades or scanning for candidates to trade (not for triggers). I use price action and sound money management principles alone and that has worked in backtesting and for a few months live trading now.
I have nothing against Elder and know little of his triple screen system. Any system you have to pay for should be held in some contempt though I reckon. Elder is held in high regard though so at least we know hes not dodgy, whether to pony up the dosh for the system though....?
Hi,
I have had both Metastock and Amibroker, AB is much better value, they both do the same thing, just one is cheaper
If you are looking for trading books, first stop is here
http://lightning.he.net/cgi-bin/suid/~reefcap/ultimatebb.cgi?ubb=forum;f=25
they have second hand books, good reputation.
I have had both Metastock and Amibroker, AB is much better value, they both do the same thing, just one is cheaper
If you are looking for trading books, first stop is here
http://lightning.he.net/cgi-bin/suid/~reefcap/ultimatebb.cgi?ubb=forum;f=25
they have second hand books, good reputation.
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nathan said:
Good evening Nathan,
I like the concept of triple screen trading, but know nothing of the software. Some basic software if you want to use MACD would suffice. You`ll, in hindsight, understand what I mean later on.
Snake
tech/a
No Ordinary Duck
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Anything that will display Oscillators and Indicators will do.
M/S however has the capacity to search for conforming stocks.
Triple screen trading was designed to have oscillators which compliment rather than correspond.
One serious mistake newbie techies make is that they choose oscillators which do the same thing.
MACD and Stochastic BOTH measure momentum.
As such if PRICE ACTION moves in a positive direction so will BOTH oscillators.
The Novice has this warm fuzzy feeling that his oscillators confirm when in fact all they are doing is coinciding.
I only use oscillators as longer term filters and PRICE ACTION as my buy criteria.
There is a time to be quick(Buy triggers) and at times slower (Longer term exits).
M/S however has the capacity to search for conforming stocks.
Triple screen trading was designed to have oscillators which compliment rather than correspond.
One serious mistake newbie techies make is that they choose oscillators which do the same thing.
MACD and Stochastic BOTH measure momentum.
As such if PRICE ACTION moves in a positive direction so will BOTH oscillators.
The Novice has this warm fuzzy feeling that his oscillators confirm when in fact all they are doing is coinciding.
I only use oscillators as longer term filters and PRICE ACTION as my buy criteria.
There is a time to be quick(Buy triggers) and at times slower (Longer term exits).
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