No 'hot' tips, 'ultimate' softwares and 'unbeatable' systems for me

pksam · #1 24th November 2005, 12:14 AM

Have been trying to daytrade for the past 19 months, managing to lose a part of my capital in the process.

Am interested in Technical Analysis, but, realised after a long hunt for the foolproof system to make non-stop profits that such a system does not exist and that money management and discipline are the key. Am grappling with the psychological traps associated with trading.

Stopped chasing 'hot' tips, 'ultimate' softwares and 'unbeatable' systems. Have gone back to the basics - trendlines, price patterns, simple price & volume study, psychology, money management and self-control - after being entangled in Entropy Analysis, Hurst cycles, Neural trading, Natenberg's Volatility, Fractals, Bandpass filters, Gravity Oscillators, Guppy Averages, sine-weighted MAs, Super Cycles and what have you.

After squandering valuable time on trying to get softwares - the list I sought for is near endless, Tradestation, Metastock, Amibroker, Elwave, Wave59RT, eSignal SuperCharts, Gannalyst, Wizetrade, and so it goes on - I feel that for a good trader any simple charting software would do the trick, maybe even Excel (would be a bit ponderous though).

Also I do not follow the daily tips handed through newsletters, for that would never make me a trader. I'm in trading because it fascinates me. I would enjoy making a pile of money, no doubt, but I want to enjoy trading too. I want to make my judgements, make my entries, manage my trades and see the results.

Hope to achieve the required adaptability to market changes (ie., to move with the markets without pre-conditions) and control over emotions, which I feel are the most difficult to achieve on the road to success.

Looking forward to have a mutually helpful association with all of you.

AMITBE · #2 24th November 2005, 01:56 AM

Hi pksam...Welcome to Traderji.
All you've written sounds most sensible and I wish you all the success.
There's much going on at this great forum, so go around and see what you like.
Look forward to hearing from you and your contributions.
Have fun!

karthikmarar · #3 24th November 2005, 01:59 AM

Pksam

Welcome to the forum. You are very correct. Simple software, simple trading sysem with disciple and money management is all that is required. I think all of us go through this passage of hunt for the holy Grail and finally realize there is none.

You can definitely look forward to a mutually rewarding association in this forum

Wish you the very best

regards

Karthik

joy_verma · #4 24th November 2005, 07:52 AM

Hi
welcome to the forum. You are bang on target. There are two things which
count the most a) having a system and B) followng your system. In other
words having a plan and following that plan with ruthless discipline.
Simple charting software like f charts/excel is enough or more than enough.
automated softwares can never replace a trader in the long run.
regards,
joy

Saint · #5 24th November 2005, 12:07 PM

Quote:

Originally Posted by pksam

Have been trying to daytrade for the past 19 months, managing to lose a part of my capital in the process.

Am interested in Technical Analysis, but, realised after a long hunt for the foolproof system to make non-stop profits that such a system does not exist and that money management and discipline are the key. Am grappling with the psychological traps associated with trading.

Stopped chasing 'hot' tips, 'ultimate' softwares and 'unbeatable' systems. Have gone back to the basics - trendlines, price patterns, simple price & volume study, psychology, money management and self-control - after being entangled in Entropy Analysis, Hurst cycles, Neural trading, Natenberg's Volatility, Fractals, Bandpass filters, Gravity Oscillators, Guppy Averages, sine-weighted MAs, Super Cycles and what have you.

After squandering valuable time on trying to get softwares - the list I sought for is near endless, Tradestation, Metastock, Amibroker, Elwave, Wave59RT, eSignal SuperCharts, Gannalyst, Wizetrade, and so it goes on - I feel that for a good trader any simple charting software would do the trick, maybe even Excel (would be a bit ponderous though).

Also I do not follow the daily tips handed through newsletters, for that would never make me a trader. I'm in trading because it fascinates me. I would enjoy making a pile of money, no doubt, but I want to enjoy trading too. I want to make my judgements, make my entries, manage my trades and see the results.

Hope to achieve the required adaptability to market changes (ie., to move with the markets without pre-conditions) and control over emotions, which I feel are the most difficult to achieve on the road to success.

Looking forward to have a mutually helpful association with all of you.

Lots of wisdom in your post,my friend.Another great add to our forum.A warm welcome to you,and wishing you all the best!!And do post regularly...........

Saint

jamit_05 · #6 24th November 2005, 01:14 PM

Quote:

Originally Posted by pksam

Have been trying to daytrade for the past 19 months, managing to lose a part of my capital in the process.

Am interested in Technical Analysis, but, realised after a long hunt for the foolproof system to make non-stop profits that such a system does not exist and that money management and discipline are the key. Am grappling with the psychological traps associated with trading.

Stopped chasing 'hot' tips, 'ultimate' softwares and 'unbeatable' systems. Have gone back to the basics - trendlines, price patterns, simple price & volume study, psychology, money management and self-control - after being entangled in Entropy Analysis, Hurst cycles, Neural trading, Natenberg's Volatility, Fractals, Bandpass filters, Gravity Oscillators, Guppy Averages, sine-weighted MAs, Super Cycles and what have you.

After squandering valuable time on trying to get softwares - the list I sought for is near endless, Tradestation, Metastock, Amibroker, Elwave, Wave59RT, eSignal SuperCharts, Gannalyst, Wizetrade, and so it goes on - I feel that for a good trader any simple charting software would do the trick, maybe even Excel (would be a bit ponderous though).

Also I do not follow the daily tips handed through newsletters, for that would never make me a trader. I'm in trading because it fascinates me. I would enjoy making a pile of money, no doubt, but I want to enjoy trading too. I want to make my judgements, make my entries, manage my trades and see the results.

Hope to achieve the required adaptability to market changes (ie., to move with the markets without pre-conditions) and control over emotions, which I feel are the most difficult to achieve on the road to success.

Looking forward to have a mutually helpful association with all of you.

Ditto.
I've worked on day trading for almost a year now. Tried many indicators and their permutaions and combinations.... and fund growth is elusive.

One incident I remember, I was attending a lecture in Chicago where the lecturer ended the session with saying that he could make a million in day trading by having a good Money Management strategy. I recalled the lecture after reading his book, that was lying amidst all my research material. I didn't get him then, but i got him now.

Pksam, I agree MMS is the only way.
Hope to share more insights with like minds.

jamit_05@rediff*********

pksam · #7 24th November 2005, 11:12 PM

I thank all of you for the warm welcome extended to me. To be frank, it was not expected (I thought an intro would just be passed by). Hence this is all the more enthusing. Now I believe that this Forum is a forum with a difference. There is a sense of 'belonging'.

Thank you all once again.

pksam

CreditViolet · #8 25th November 2005, 12:05 PM

Quote:

Originally Posted by pksam

Entropy Analysis, Hurst cycles, Neural trading, Natenberg's Volatility, Fractals, Bandpass filters, Gravity Oscillators, Guppy Averages, sine-weighted MAs, Super Cycles and what have you.

You did all that and missed the meaty part eh?

CV

pksam · #9 25th November 2005, 06:12 PM

To Credit Violet,

Not only did the meaty part elude me (laugh), I was nearly stripped bare too -- of my trading capital. (laugh)

pksam

shorttermer · #10 25th November 2005, 07:47 PM

hey hey hey,
PKSAM,

welcome whole-heartedly to Traderji's on behalf of all of us (well at least me and the people who posted above...lol) Wow, your determinination is awesome! I would be too scared to take on trying to master day-trading - find it too risky, daunting, and energy-nerve sapping! Hats off to you for continuing on.

there are many seniors who are TA experts and may not like this but i trade using the philososphy of KISS - Keep It Simple Stupid. I feel that definetly helps way more when you understand totally what you are doing - 'your own mental calculations and instincts', than when you go into the deep recesses of TA. I use simple M.A.s, RSI and strong emphasis on trendlines and support-resistance, and couple it to what i would immodestly call a gr8 business acumen and desperate determination and i think Im doing great!

Go for it... every time you fall, when you rise you will be stronger and stronger, believe me it works in the long run, ive fallen a million times and i know each one has contributed to my successes today. Best of luck... I hope we have a Millionaire and a person satisfied with his 'own' trading on our forum some day soon. SUCCESS!

shorttermer

ps- u will have to buy us all a round of chilled beers when u get there, so dont be too excited... lol

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