I found your comments on trading plans and triggers in last
nights updaye very interesting. Where do you go to learn those
things. I know there are 10,000 trading books out there but they
seem to confuse the issue more than help.
Are there any simple sources available that you know of?
Pick some triggers that are applicable and seem to work with
YOUR trading styles and objectives. Over time, Matt and I
have presented many possible triggers so pick and choose what is
best suited to your style.
As a business consultant, I've seen many people start businesses
(especially on-line businesses) with making money as their only
objective. I suspect that this may be true with traders,
especially new traders, who want to make money, but haven't really
thought about what their personal style can be and should be.
Unfortunately, with the complete lack of financial education in
schools in the U.S. and other places in the world, most people have
not learned about financial strategies, investment objectives and
how to develop a personal style and plan that creates
success. Of course, to some extent, this can come over
time. But, seems to me that part of what's missing for many
asking these types of questions and expressing frustration is
basic education.
The lack of strong opinion is the reason for
frustration rather than the lack of financial education. Most
members have read the books and can interpret charts themselves.
That is not why they joined. They joined to hear
and evaluate the opinions and interpretations of others.
Without strong opinions and interpretations, the
group has little value.
Posted by cwa82675 on 30th of Oct 2009 at 10:43 am
dommyv I would respectfully disagree. I think each person
gathers their own value from the site in different ways. For
me I know how to interpret a chart, but dont have the time to spend
finding or analyzing them. BPT feeds me charts that I can
evaluate and make my trading decisions from. I rarely even
listen to the newsletters, but I love the blog.
hopefully the education section that I'm putting together will
be a nice benefit to the website.
regarding updates, I try to be as definite as possible in which
scenario I think will play out. Sometimes you just have to
react to what the market does, you draw two lines, and if it breaks
one way then you do that, but if it breaks the other line, then you
do that instead.
but I try to give my honest opinion to what I think will happen
as often as I can. You can listen to my updates and verify
that.
Anyway, would it help if we do a conference call once a month
maybe? I was thinking about setting up a BPT conference call
say once a month on a Saturday for 1 - 2 hrs at a set time, where
members could call in, ask questions, share opinions,
etc?
Exactly, but sometimes what we think will occur DOES NOT and we
need to be flexible to adjust and it surely helps to be aware of
such alternatives at these times.
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COMMENTS ON TRDAING PLANS
Amazing newsletter last night, Steve
Posted by RM686 on 30th of Oct 2009 at 09:43 am
I found your comments on trading plans and triggers in last nights updaye very interesting. Where do you go to learn those things. I know there are 10,000 trading books out there but they seem to confuse the issue more than help.
Are there any simple sources available that you know of?
Pick some triggers that are
Posted by steve on 30th of Oct 2009 at 09:48 am
Pick some triggers that are applicable and seem to work with YOUR trading styles and objectives. Over time, Matt and I have presented many possible triggers so pick and choose what is best suited to your style.
Trading Styles
Posted by deberah on 30th of Oct 2009 at 10:00 am
As a business consultant, I've seen many people start businesses (especially on-line businesses) with making money as their only objective. I suspect that this may be true with traders, especially new traders, who want to make money, but haven't really thought about what their personal style can be and should be. Unfortunately, with the complete lack of financial education in schools in the U.S. and other places in the world, most people have not learned about financial strategies, investment objectives and how to develop a personal style and plan that creates success. Of course, to some extent, this can come over time. But, seems to me that part of what's missing for many asking these types of questions and expressing frustration is basic education.
Title: Trading Styles The lack
Posted by dommyv on 30th of Oct 2009 at 10:38 am
The lack of strong opinion is the reason for frustration rather than the lack of financial education. Most members have read the books and can interpret charts themselves. That is not why they joined. They joined to hear and evaluate the opinions and interpretations of others. Without strong opinions and interpretations, the group has little value.
dommyv I would respectfully disagree.
Posted by cwa82675 on 30th of Oct 2009 at 10:43 am
dommyv I would respectfully disagree. I think each person gathers their own value from the site in different ways. For me I know how to interpret a chart, but dont have the time to spend finding or analyzing them. BPT feeds me charts that I can evaluate and make my trading decisions from. I rarely even listen to the newsletters, but I love the blog.
hopefully the education section that
Posted by matt on 30th of Oct 2009 at 10:08 am
hopefully the education section that I'm putting together will be a nice benefit to the website.
regarding updates, I try to be as definite as possible in which scenario I think will play out. Sometimes you just have to react to what the market does, you draw two lines, and if it breaks one way then you do that, but if it breaks the other line, then you do that instead.
but I try to give my honest opinion to what I think will happen as often as I can. You can listen to my updates and verify that.
Anyway, would it help if we do a conference call once a month maybe? I was thinking about setting up a BPT conference call say once a month on a Saturday for 1 - 2 hrs at a set time, where members could call in, ask questions, share opinions, etc?
Exactly, but sometimes what we
Posted by steve on 30th of Oct 2009 at 10:12 am
Exactly, but sometimes what we think will occur DOES NOT and we need to be flexible to adjust and it surely helps to be aware of such alternatives at these times.