Dont believe it if a system seller told you these things

[ford7k]

hi friends

We often see the ads of trading systems.
If they said these THINGS ,Dont believe them at all.
They are fooling you.

first thing
Ours is the most profitable daytrading system in this world and the next above.
(facts show daytrading is the thing that makes 98.5% traders loose all their money fully ,slowly)
they say our thing our indicators are absolutely non repainting.

Dont need any mentor or guide and second-no need of any training when you use our worlds number 1 system
1.you dont need any knowledge of trading. just use our ready made system .(AND get screwed up )
2.No experience required with trading. JUST DO WHAT OUR SYSTEM TELLS YOU.
3.study & experiment-(testing) not required as we already did all that for you.
4.No big money is required to start trading -just begin with 1000 rupees and make it to 100000 in matter of months.
5.No technical analysis knowledge is needed.
6. you dont need position sizing or risk control.Our great system will do it for them.
Dont ever bother about Pattern Price Time on your charts.

Pattern price time is a e book. If you are not in too busy a situation, you can look into it.

 

[mohan.sic]

hi friends


they say our thing our indicators are absolutely non repainting.

ford7k,

Nice post. And if possible please:

Highlight on the point of repainting and explain in detail about it.
Many people who buy trading systems are not aware about repainting. 90% people who buy trading systems wont go for live demo. So even though they have a question in mind that how someone could sell off such profitable system, they still buy it due to successful entry/exit points they see on charts. And they come to know about vanishing signals only after using it live.

Thanks.

 

[amitrandive]

Ford

Thanks for highlighting this.It is very easy to show in hindsight how the indicator worked ,but difficult to replicate the same results in real time due to repainting of the indicator.

Also a big lesson for the newbies who fall prey those peopple who sell these systems for astronomical rates.

Amit

 

[rpsvinod]

hi friends

We often see the ads of trading systems.
If they said these THINGS ,Dont believe them at all.
They are fooling you.

first thing
Ours is the most profitable daytrading system in this world and the next above.
(facts show daytrading is the thing that makes 98.5% traders loose all their money fully ,slowly)
they say our thing our indicators are absolutely non repainting.

Dont need any mentor or guide and second-no need of any training when you use our worlds number 1 system
1.you dont need any knowledge of trading. just use our ready made system .(AND get screwed up )
2.No experience required with trading. JUST DO WHAT OUR SYSTEM TELLS YOU.
3.study & experiment-(testing) not required as we already did all that for you.
4.No big money is required to start trading -just begin with 1000 rupees and make it to 100000 in matter of months.
5.No technical analysis knowledge is needed.
6. you dont need position sizing or risk control.Our great system will do it for them.
Dont ever bother about Pattern Price Time on your charts.

Pattern price time is a e book. If you are not in too busy a situation, you can look into it.

Hell Ford7k,

Thanks a lot for ur guidence..Anyway How can we find the right system (not holy grail)? Mostly Some Trading systems suggested by seniors on this forum...I follow that system it worked for me., on diffrent time frame according to market conditions.

Recently I follow Tamil Trader's guidence (Traderji Member).It seems very fine to me.

So Can any one Pls guide how to find the right trading system? What are the main strategy to be follow?

Thanks & Regards,
VINOD. RPS

 

[ford7k]

hi
I think I know the answer to this question, but just wanted to get an a conformation from the group.
repaint= signals appear and disappear-create confusion and unrealibility in traders mind.

When reviewing some of the indicators posted to the forum, I came across one that looked promising. However in reading the reviews postings, I noted one that said that the indicator "repainted".

Am I correct in interpreting this comment to mean that the indicator will change its presentation,look,value upon the next bar's presentation, like re-writing the historical information say something different from what was intially presented?
I liked the presentation of the indicator, and am contemplating using it as part of an EA I am currently coding, but wanted to make sure that my understanding is correct of definition of repainting and how this would affect my EA's performance.
on a zigzag chart the signals of buy and sell keep disappearing and re appearing. this is repainting. repainting things cant be of much help in live trading.

depending on the nature of the traders mindset,the right trading system may change.
knowing the exact rules,having confidence in them,mastering the trading system are must to become expert.
a slow thinking trader may find jimberg system works great on weekly and daily timeframes with 65% efficiency. an aggressive daytrader seeking trading excitement may find same system not worthwhile on a 10 min chart.
right trading system is what matches the speed of actions of the trader using it giving him enough time to see-think-analyse-plan needed actions.

experiemt-know yourtrading mindset-pick right trading strategy that fits well.

Traders look for breakout or pullback to enter. pullback traders need patience-need waiting-be capable of staying cool.
WHICH IS BETTER?
FOR A SKILLED DISCIPLINED TRADER PULLBACK TRADING IS BEST.(LIKE SAM SEIDEN)
READ MARKET WIZARDS BOOK. WINNING TRADERS ARE MORE CONSISTENT.MASTERED WHAT THEY DID THOUGH EACH ONE DID A DIFFERENT THING.

 

[mastermind007]

My definition of repainting:

Once the candle closes, signals shown (for a given setting and for a given time frame) should stay put.

One notable exception that I know of is "Demark Sequential". Demark Sequential relies on lots of candles. As a bare minimum, it will consume 22 candles, average is approx 50. So most designers start plotting Demark indicator while it is premature .. and subject to change ...

 

[mohan.sic]

A repainting indicator is one that changes the information it is displaying about past data as new data comes in.

A indicator gives a buy signal ( paints a buy arrow ) when some xyz conditions are met. Now price action should be up as per its signal. But if price is comming down ( signal failed ) then it removes the buy arrow ( repaints on the buy arrow and removes it).


From EOD context: A signal given today can be repainted the next day or after 2 days or 20 days. It depends on the price action after the signal is given. As long as price dint move in the opposite direction of the signal given or if price remains flat, signal wont get repainted. It repaints when its signal is wrong. ( deceiving indicators)


Should be very cautious while buying trading systems. Above example is just one way of repainting trick to sell trading softwares/ strategies.

thanks.

 

[mohan.sic]

hi


Am I correct in interpreting this comment to mean that the indicator will change its presentation,look,value upon the next bar's presentation, like re-writing the historical information say something different from what was intially presented?
.

ford7k,

Yes the indicator can change its presentation,look,value. But need not change upon the next bar's presentation. Can change after many bars presentation. change usually depends the price action, how the code is written.

thanks.

 

[rpsvinod]

ford7k,

Yes the indicator can change its presentation,look,value. But need not change upon the next bar's presentation. Can change after many bars presentation. change usually depends the price action, how the code is written.

thanks.

Is any reliable non repainted system on this forum? I think some good afl under tested by experts..(may be accuracy percentage differs)

VINOD

 

[mohan.sic]

Is any reliable non repainted system on this forum? I think some good afl under tested by experts..(may be accuracy percentage differs)

VINOD

It depends on what percentage you can rely on the system.
A 100% reliable system is a holy grail system which i think is not available.

I dont know about the good afl you mentioned. Please give more details on it so that members can help on it.

thanks