Trading education

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Permalink Reply by Skot Kortje on December 7, 2008 at 10:20am

Hi, Ian. Can you provide the specifics of the trading course you are considering? I have attended some trading seminars, but cannot give any recommendations on ones that are offering more intensive training. In terms of expectations, I would hope the course focuses on a specific trading strategy or application and provides mentorship as part of the package. I have noted recommendations of Tom Alexander's Trading Course, for example, that offers this kind of specific approach (Market Profile). Otherwise, there are many different sources for a more generic trading education that cost a lot less and will be just as effective.

I would add that the best investment in a bear market is in yourself. Obviously, not every trading educational course is offering great value, but a quest for learning is never misplaced. I hope other members here can offer some suggestions and recommendations that help you in your decision.

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Permalink Reply by Ian on December 8, 2008 at 12:49pm

Hi thanks for the reply
the course I have looked at is at the following

http://www.tradingacademy.com/pro_trader_pt1.asp

I find been fairly green to the market that I have a real thirst for knowledge. I have read several books and seen some media on DVD’s. I am finding that many different approaches suggest they are starred with fame and riches, however I am much more systematic and believe I will need to work and educate myself more.
I intend to be profitable but I don’t wish to risk my hard earned cash for a quick buck

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Permalink Reply by Head hunter on December 10, 2008 at 8:53pm

Hello Ian,

I have never been to a session such as what is laidout at the site location you provided and come away with much that is worthwhile or worth the price of admission. Three days at 8hrs. a day covering, I believe, 18 different topics will assure mental gridlock and fatigue but education.........?

Your $2000.00, I would suggest, would be better spent on putting together a library of top of the line investment/reference books and purchasing software from Metastock or one of the other suppliers and apply what you learn from your personal studies.

StockCharts.com is a great site to get familar with. Books by Nison, Guppy, Bulkowski, Pring, Elder. Murphy, Weinstein, Magee&Edwards among others are great instruction tools that you can always have by your side to refresh your mind. Amazon has a very good selection and Skot can like tell you the name of the bookstore in Toronto that is devoted to this type of stuff. The Kingston Library is a little short on quality investment and trading books!

You will also learn valuable trading insights from the above outlined method

a-patience
b-accumulation of your position in stages
c-money management
d-risk control
e-core position establishment
f-discipline
g-planning

Only my thoughts. If you go for the course let us know what you get out of it.

Head Hunter
Tichborne

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Permalink Reply by Ian on December 13, 2008 at 2:57pm

Hi Head Hunter and thanks for your input. I have read a number of the books available in the Kingston Lib. So many different approaches to the market, my next step is to look closer at charts and what can be attained from them, however many comments lately are that charts and technical analysis is of little use in the present market swings. That was one of my reason for asking about the course to help understand technical analysis and what characteristics to look for.

Ian

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Permalink Reply by Head hunter on December 14, 2008 at 9:32pm

Remember, that the market is always looking ahead! What actually is "this market"? Today's actions are only the ripenings of what was sowen days-weeks or months ago.....maybe years? There is little reason to try and catch what already has been playing itself out for 2 years +/-. Now is the time to be preparing for whatever is ahead. Trying to continually discover just the right approach will doom you to perpetual frustration.

We are now in a confirmed BEAR market. The trend is down, no reversal in sight yet, so you should be on the short side or sitting on the sidelines. There is no method, save adhering to the trend, that can deal with hysteria and the "insane noise" of the day to day market. Do not try to find a "bottom"(it will find you) and do not trade counter trend-it is all risk and little if any reward.

I saw precious little in this courses' profile that would open understanding the world of technical anaylsis to you-it is a life time pursuit. Having been at this game for decades, seeing it all, the only approach that makes any reasonable logic is charting. The markets run on psychology; the horses hooked to all our carriages are named panic and greed. Charting is a road map that allows keeping the horses moving profitably along this road.
Yet allowing a fast exit, forget the coach and horse, when you misread the map and misread you will- by any method.

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Permalink Reply by Ian on December 18, 2008 at 11:39am

I noticed you mentioned a software called Metastock could I ask your opinions on this
What version do you use?
What type of trader are you?
What are the benifits of this software over what available for free on the internet.
Hope you dont mind me picking your brain

Regards
Ian

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Permalink Reply by Head hunter on December 18, 2008 at 9:08pm

Hello Ian

You can get an impression of MetaStock at metastock.com or call 1-800-427-4805. They are sort of Cdn owned. Rueters bought out the original founders a number of years ago and recently Thompson Intl. took over Reuters.

I have never found there to be a problem with the software and would recommend it. However, I have no experience with their newer glitzer releases which likely even pour your Scotch for you! The new releases have untold bells and whistles on them plus there are all kinds of extras to add on. Each to their own but I don't really see how these wizz bangs are going to make you any money by just being there. Its YOU that has no make them work and believe in them.

I began with the model called 6.5, they are now on model 10 or 11, back in the 90's and I am still using it very happily. Does eveything I want it to do. In fact there are all kinds of gadgets on it that I have never used, just like any other program-some of it...formula creation...I have no idea how to use. I guess that is why I have not bought a new one yet.


I really have no idea what software is available free on the Web. MetaStock is technical anaylsis software-hardcore at that-and I personally beleive there is no free lunch or software--at least that does what you want it to do when you want it. MS, and there may be better programs than it available, allows me the freedom, independence and control over my tactical and strategic planning that free sites likely could not. I am not comfortable relaying on someone elses idea of what I need to trade well and what I do not. It is like hunting with a borrowed weapon. It is designed to do the job but you just do not have the same confidence as using one of you own.

I am a whatever it takes to support my life style type of trader. I am not being evasive just truthful. I can buy and hold as long as it fits my plan. I can buy on Monday and sell on friday if my indicators tell me to do so. I write options covered and naked, sell puts and buy them, play with spreads, ladder bonds, dabble at times in forex. I trade whatever I understand and believe in. That which I know nothing about I investigate or walk away from. I believe in no mans tips, guidance or direction without my personal research added. Financial advisors are a fools game as are mutual funds and market guru's and 99% of all the financial services and media experts out there. I trust only the raw data, my charts, indicators and we sleep well.

I also have no problem in sharing this with you. There are no secrets winning or losing is up to you systems and techniques are only tools to help.

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