New Spread Trader - Advice please

[Carnivore]

Hi All,

I am interested in spreadbetting but don't have time to daytrade. Someone on another forum suggested I purchase a trading book at www.spreadtradingsecrets.com

I really don't know if it is good or not. At least they don't promise overnight riches like some I have seen. Before I part with my money I would welcome any advice you might have.

Has anyone purchased this book or does anyone know anything about it? I really do need a good basic grounding in spreadbetting and don't want to attend one of those pushy seminars that are promoted.

Really appreciate any suggestions you might have.

Thanks

Carnivore

 

[Trader333]

Hi Carnivore,

Was this an Australian publication ?


Paul

 

[Carnivore]

Could be

Paul,

There is a box that allows you to request more information by entering your details.

A few moments later I received an email detailing one traders experience with the trading method. He does mention that he is Australian and states he has no connection with the product aside from being taught by the person that wrote the book.

It sounds reasonable enough and is not that much money compared with some of the products out there.

Do you know anything more about it?

Rob

 

[NickW]

If you don't have time to daytrade take a look at the free daily dow trading setups at www.signalwatch.com. He uses breakout trading on the daily charts, which is as good a place as any to begin with. If you follow this for a while you'll get a good education about chart patterns.

There are loads of books on technical analysis. Don't buy an ebook, they are just a few pages long and typicaly cost ten times more than a good book which has the same info and more in it. I know because I've bought them myself.

 

[Skimbleshanks]

In my view, the most important aspects of trading, not in any particular order, are: a) risk sizing b) money management c) psychology.

I've never come across any mass-marketed course or product which even scratches the surface of these three things. They tell you what you want to hear, not what you NEED to hear before you can trade successfully.

In my opinion, there's far more useful information on this website, freely given, than in the product you have seen.

You might decide that the best way is to decide which are the full-time traders on this BB, which are the successful EOD traders on this BB, and then pay particular attention to their comments and advice. This advice is priceless (in both senses of the word).

P.S. And don't bother listening to me!

 

[Pollux]

Hi SS,
Good comment re following what the more experienced hands are doing. On that point, who are the main full time traders that you know of on the site?
I am an ex FT US broker - mainly on small & mid size companies - now part time swing trading US stocks and looking to delve more thoroughly into the mechanics of US L2. I have an IB acount and looking at trading ES and possibly the Euro Stoxx future.
What is your preferred s'ware and charting set up incidentally. I have Updata for UK and curerntly trialling some DirectAccess s'ware for the US which I must say is impressive.

Cheers

Pollux

 

[shinobi]

spreadtradingsecrets

Don't know whether this helps but I've been using the system for about the last 6 mths (as private student of author). Not a day trading system but a very effective trend following technique that captures the big moves in commodities and futures markets. Would thoroughly recommend it as a sensible and workable approach to building wealth.

 

[Carnivore]

I have just bought it

Thanks for all the advice guys. I contacted the author and asked him some questions. He passed the test and so I have purchased the book.

I will share my experience with you when it arrives.

Carnivore

 

[Skimbleshanks]

Pollux -

I just daytrade ES - no overnight holds for me! I use Qcharts because they're very pretty charts (if you know what I mean), and have T&S (time and sales) which I can filter.
Skim

 

[Carnivore]

Hi Skimbleshanks,

I noted your comments about money management, psychology and risk sizing. Having received an e-version of the spreadtradingsecrets.com book I wanted you to know that it has quite a large section on those topics.

The book is called Principles of Profit and it explains what makes successful traders and the principles they follow that allow them to get there.

The author is an Australian based financial adviser who became sick of his clients losing money through bad trading and so wrote this book to help them. He has adapted it for spreads but can be used for stocks. futures or CFD.

There is also a fully disclosed trading methodology, which explains when and how to enter a trade. Deals with position sizing, portfolio risk, stop loss etc.

I have only had it a couple of days but it seems to be based on common sense and sound principles (I am knew to this after all!)

I showed it to a friend who has bought VS and other stuff and although he only saw it quickly he said that the information impressed him too.

Now I hope to make some money.

 

[Skimbleshanks]

Carnivore:

I'm pleased to hear that these things are finally filtering through to books and courses.

Of course, people still need to realise that money management, risk sizing and psychology are far more important than trade entries, but I doubt that few will bother to pay attention to the crucial elements, preferring instead to get onto the 'real business' of trade entries and making money - wahayyy! After all, that's what trading's all about, isn't it? It's not actually.

Bear in mind that most people are likely to crash and burn. If they're able to pick up the frazzled pieces they then realise that sound money management would have saved them. But by that time the psychological aspects of trading have probably got the better of them and they're a quivvering wreck, and more likely to suffer from frozen finger than having to pay CGT.

There are very few old traders around (in terms of trading years, not age), so just make sure that you aim for a long and prosperous career in trading, not just a flash-in-the-pan occupation.

 

[neil]

Age

There are very few old traders around (in terms of trading years, not age),


Chartman will be pleased


(Sorry)