I thought it would be interesting (if not sickening) to start a thread where futures.io (formerly BMT) members can name what trading software, programs, methodologies, products, e-books etc. they have bought over the years.
Our friend Bobby started a thread about 10k spent on education and not profitable. that I thought was interesting. I think I spent over 10k. with the products that I list below.
I don't want this to turn into anyone recommending any product and I know Mike doesn't either so please respect this wish. It is too easy for someone to join and plug a product. If somebody absolutely wants to know experiences about a certain product or the experience a poster may have had, I suggest they private message the poster and it is up to that member if they want to respond. Don't be upset if they don't.
Trading methods I believe are user specific. A few of the these products are successful but just not for me. The stops were too big, the draw down too big or the risk reward too small etc. Find out what targets, stops and draw down you are comfortable and find one that fits. It won't work if you try to adapt to their parameters.
I will also say that I am not actively using any of the products below anymore. For new traders starting out I suggest that you save your capital and learn from some of the great traders that have shared their methods here on Big Mike's. I specifically want to thank Charles B, Wizard and Sharky. I think their methods are better than most products out there selling for thousands of dollars. Thanks for sharing guys!
There are pros and cons with all these and I have generally found something from some of them that has proven to be helpful, but not for the amount of money they charge! In the end it is price action. Study price action. Indicators are not the Holy grail. They lag and are usually good for confluence, that's all folks...........
Ok, in no specific order some are way more expensive than others and some I only spent 1 or 2 months in their trade room for a fee.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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Oh yes, I found a method that I used for awhile trading divergence, but it wasn't any of the above programs. I must say now I am trading with Charles B's 6E thread and doing more consistent than my other method so I switched . Very pleased and profitable.
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DayTrade2Win - losing system with fudged results on his web page
Super ADX - pretty but irrelevant
Mechanical Day Trader - err - this guy was convincing but turned out he was a fruitcake
At this point, I decided that I'd pay $0 without a reference and some evidence that actual trading was happening. A number of vendors could not do that for me but provided a lot of reasons why not. I also decided to not use traditional TA or indicators as it was obvious both were useless by this point.
Richard Joyson AKA Mr Charts on T2W - very good stuff & am still using his techniques
Joel Parker AKA PriceActionRoom - more on Tape reading after Mr Charts introduced me to it still using the techniques
Brian Hoffman - very interesting theories on market structure - still figuring out how to incorporate this right now but Brian is a full time trader
I am also in touch with a few other full time traders but the techniques they use are so far removed from what I do that on the trading side there's not much to gain from quizzing them on their techniques. Still I keep in touch with them as well as the 3 traders mentioned above because they inspire me and it's always good to be in touch with people that are full time.
In particular, things I have picked up by being in touch with people that are full time are things that they spot that make a small difference. For example one of my friends recently told me about 2 markets that had started to move in synch and how he thought that would play out. It's little tidbits like this that you might miss if you aren't in touch with people.
The following 19 users say Thank You to DionysusToast for this post: