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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Are you looking for a highly successful Online Forex Trading Course?
By: reza desita | 18/12/2009Forex is perhaps the most profitable type of investing in the world. Being prepared is really one of the key fundamentals when it comes to being a success at your trading. Before you can expect to make any money from the currencies market, you should get a good education first by joining a Online Forex trading course
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By: Liway Thomas | 07/11/2009 | Weight LossEat The Foods You Enjoy and Lose Weight With The Every Other Day Diet! The Every Other Day Diet is a diet developed by John Daugirdas in his book The QOD Diet: Eating Well Every Other Day. This diet proposes the idea that one eats relatively normally on one day, but on the second day switches to a low-calorie fast.
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By: Liway Thomas | 07/11/2009 | Weight LossFasting to lose weight has become a popular way of dropping pounds. But any sort of fasting solution is temporary. A healthy consistent diet is typically needed for effective weight management. So, eating to lose weight is a much better alternative. The Every Other Day Diet provides a unique approach to weight loss that encourages you to eat to lose the weight.
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By: Liway Thomas | 07/11/2009 | Weight LossDon't be concerned with the 'Every Other Day Diet' type of idea you may be considering or learned about earlier, that is unsuccessful! Nearly every dieter has plenty of insecurity when they are seeking a fresh diet. A recent survey has revealed many of the most frequently asked questions. Here are a few of the solutions to the main regularly requested questions:
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By: Liway Thomas | 07/11/2009 | Weight LossI am no different than everyone else, and I struggle with my body-weight just the same, that is why when I read Jon Benson’s book the “Every Other Date Diet” I wanted to try his suggestion (eat your favorite foods and still shed body-fat like crazy).
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By: Liway Thomas | 07/11/2009 | Weight LossThe Every Other Day Diet – How to Lose Weight Dieting only 3 days a week! Dieting to lose weight only 3 days a week seems every year that passes, the United States can only become more fat and grease.