I have recently been on Mr Charts course, May 20th to be precise.
I found it generally useful, and learnt a few ideas I hadnt considered, being primarily an EOD trader.
01:Mr Charts time-frame is intra-day, so the techniques reflect this.
Normal TA has to be modifed to deal with the intra-day behaviour to profit from it.
Consequently, new ideas were presented to me.
02: CFDs can be used, but because of the spread, you may be right in your decisions, but the spread takes all your profit. So here, the recommendation is to use a direct-access broker.
( you can open an IB account, with much less than the 25K dollar minimum. But you are restricted to about 3-4 trades per 5 day period. This is good for dipping your toes in and testing the waters ).
03: Most of the techniques I was shown dealt with trading the volatile first 1.5 hrs - 2 hrs of the day.
You can use the methods to trade the last 2 hours, ( 7pm - 9pm our time ), which is what I am interested in. I also am reluctant to give up my day-job just incase this doesnt work !!
04: Because there was a number of techniques, I have decided to look for ONLY 2 patterns, and become expert at them. Then I will add extra patterns to my search.
( I tend to find, that if you have so much to do, you spend so much time umming-and-ahhing, that you miss the trade, and then blame the system for having so many patterns to search for. That is why I will only look for 2 patterns to begin with ).
05: I chose Mr Charts because of the intra-day technique. This is psychological. I tended to find, that as an EOD trader, I made a trade, and then because I am impatient, lost interest in it, if it didnt do anything for days, and found I got myself out of atrade becuase i got "bored" with it.
I think an intra-day technique may suit my psychology.
06; PLEASE consider your mind-set when choosing a method to follow. If you are impatient, a long-term style wont suit!! If you take your time to make up your mind, intra-day will wont work. Its not the system that is at fault, but a lack of empathy between your mind-set and the system.
07: as has already been said, you cannot expect to learn to make a lot of money in a 1-day course. Its just the start. Ultimately, it will be up to the individual trader to be successful.
I intend to paper-trade. I will not open my direct-access account until I have made at least $1000 on paper.
Thats the plan.
08: The following may seem counter-intuitive.
I have lost considerably more than £950, trying to use systems in the past.
If nothing else, it may bve the cheapest way of finding a system NOT to trade.
This sounds topsy-turvy, but think about it !!
I am going to approach Mr Charts' system with an open mind.
If my paper trading works, I will recoup my money quickly.
If it doesnt work, I will have spent £950 to discover what not to use.
A bargain, either way you look at it !!
hope this helps.
