It is surprising that many traders fail to take into consideration their own risk profile and also trading psychology in trying to find a winning stock market trading system that they can use daily to make consistent profits from the stock market.
On one occasion a trader approached me for some advice to create his own winning stock market trading system. Flushed with funds, he had invested in a copy of an advanced stock market analysis program that had won awards for some 5 consecutive years as the best technical trading system for stocks and commodities. Costing over $5,000 this software would be a trader's dream in tracking and trading the markets.
The use of the software involved re-learning a process of trading. The software had trading systems based on a combination of advanced WD Gann and Elliot Wave Techniques, and soon this trader was familiar and able to input his trading system into the system tester to track, analyse and trade.
But was he happy with his system?
One week later, he rang me up on the phone and said." Why is it that the stock pick list from the system does not change for 4 days? Why are the stock picks not moving anywhere...even after 4 days they have been identified."
You see, he has not considered his trading needs, his personal risk and trading psychology.
Here he was, a trader who thrives to trade and can take more risk. Here was a trader who loves the trading action. He would be best seen making trades every day, and not sitting down there at the trading room or in front of his own trading desk observing and watching for the best moves to develop before he places his trades.
Instead, he has invested in a software that delves into the longer term trading system of elliot waves, of trading with the trend, of watching for trading opportunities to set up when time and price meets for a change in trend according to the teachings of WD Gann. All these take time to develop, chart patterns take time to form and meanwhile this trader is unable to just sit and wait!
So if you are a trader who can take more risk and you want action - you want daily action - then choose a trading system that involves outbreaks of price and volume, rather than trading systems that are based on longer term setups involving time, price and pattern.
Of course, you can drop down to a lesser time frame to trade, so instead of using daily data to track your stocks with the trading system, you can move down to a lesser tracking time frame by using intra-day trading charts and trade the setups from the intra-day charts.
In the end what did this trader do? Did he chose to trade intra-day with intra-day charts?
No, this trader merely shifted his focus to an outbreak system of price and volume with a cheap software costing less than $500 and has been enjoying his trading ever since.
So if you are a trader, and are looking to work out a trading system with a software, consider your own trading psychology and risk profiling, and how often you like trading action.
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