Funny how in the post the writer keeps calling the victims' "pensioners". Like who even has a private sector "pension" these days. Nasty written post but the guy had already thrown away 5k without checking first.
I am that dreamer that would buy Roy Kelly's cycle identifier if it was offered for $200 alone. Buy NY powerball too when it gets high enough...sooo...
The problem with day trading interday off oscillators is that there isn't much room for SL, not easy to establish a PT, the contrary signals you get (you have to scroll back for sure...) and it really is an enormous amount of info to be on the right end of in a short amount of time day in day out. At least for me.
i had been interested in finance for a long time, read news, had a decent grasp of how the stock markets were doing and knew of the inherent risks. long years ago i applied for job in a couple local mutual funds here in méxico without success. still i kept an eye on finance from afar, so, after the financial turbulence of 2007 and the following debacle, i knew for sure to stay away from stocks, because the only strategy i knew of was buy and hold and it is dead indeed.
- in march 2012, i attended an introductory conference by the american institute for professional trading. these guys are mexicanos who worked decades as brokers and investors in the usa, make their living from trading and teach in the usa and méxico. i learned of riding the wave, selling a stock short of having it, trading off japanese candlestick patterns and other strategies, so i decided to take their week-long course and go seriously into retail trading. weeks later i did take the week-long course, which cost 4,000 us dlls. it was money well spent, their approach is legit (it is based in reading candlestick patterns, moving average crosses and little more), they put a huge emphasis on the psychological side of successful trader (getting to a mechanical state for trading, removing emotion and involvement from trades, etc). also, being a foreign national, getting help with setting up a brokerage account in the usa and their knowledge of rules and regulations saved me a lot of hassle. i don't like japanese candlestick patterns, so i don't trade off of that, and these traders at aipt only do instant scalps when day trading while i am learning other methods that call for holding positions much longer, so i don't follow everything they teach. but my purchase was ok, i am responsible for my trading success not they guys at aipt or anyone else, and they did take me through steps 1 and 2, the other 4 or 5 steps i am further on by now have all been solely down to me as it should be.
- i started trading for real in late december 2012, by chance i found some very interesting videos on trading in youtube and then put a lot of time into researching and studying the different services and indicators available. after an exhaustive review, i decided to buy a multiple time frame indicator from customized trading. it cost around 500 us dlls. i do use it when placing manual trades, it works, it spots mostly winners (you have to hold the positions half a day or more, something it took me until recently to be able to do), but it makes more than it loses.
- in mid march 2013, after further research and analysis, i decided to buy an automated strategy from customized trading. it cost around 8,000 us dlls. it works, it makes far more than it loses, and it also started me out on the path of automated strategies which i have found exciting, challenging and rewarding so far.
that's what i have spent on instruction and indicators. i credit my thoroughness for not falling for snake oil so far.
i got anasupertrend for tradestation from this forum. very nice indicator, i even managed to program it into an automated strategy that's beautiful.
i haven't subscribed to big mike's forum, this because i use tradestation and there is a dearth of indicators or products for this platforum here.
i was strongly recommended checking out the books by alexander elder and william o'neill, but i haven't brought myself to reading them.
and, over the extent of my research, i came across some indicators that seem legit to me but haven't tried them out personally. zunaa has some interesting stuff, and their youtube videos are very educational. and abletrend from ablesys seems very legit to me, i would appreciate if the people that did buy these products could elaborate on why they use them no more.