Wednesday, January 23, 2008

Copy Cat or How to Use a Successful Trading System

How many books have got you read about successful traders? How they did this or that and made a luck and are still doing it. You state to yourself, “I’m going to follow his method and get rich”.

So you subscribe to his newssheet (they all have got one, $250) and purchase his course of study on cadmium Read-Only Memory ($495)and adjacent clip he is anywhere near you attend his seminar with a $500 price reduction for lone $2495. You make understand you must make exactly as he makes and you seek your best to follow the directions, but for some ground you still are not making money. At least you are not losing as much as you did before (I hope).

Go expression in the mirror. You are not Richard Russell, Richard Wyckoff, Bill O’Neil Oregon any 1 of the great gurus of the market place. Each 1 of them have devoted every minute of his life to apprehension the market. Each 1 is very successful and each 1 have a completely different manner of approaching trading. Can you copy any 1 of them? It is very doubtful.

These great instructors can assist you, but you have got to develop your ain method and style of investment. Whether it is long term or short term it must be something with which you resonate. When I was a flooring bargainer there were a thousand cats trading and I cognize there were a thousand different usher lines. No 1 had the same bargain or sell signal. If they all followed a rap programme they would all be purchasing and merchandising at the same clip so it could not work.

I have got stood in the cavity and watched the same individual offer to purchase and when there was no marketer he would then offer to sell usually at the same price. Yes, he was scalping for one or 2 ticks, but he knew what he was doing even if it looked strange. A friend of mine could arbitrage by standing in the center of the gold cavity and hit purchases and sells that were off by one or two clicks because they could not hear each other owed to the noise of other bargainers who were shouting their offers.

You can look at the basic trading style of one of the “greats”, but you must accommodate it to your method. I have got not seen anyone able to successfully copy a trading programme exactly. You will improvise and happen a slightly new attack that goes “yours”. It then goes portion of your cellular being. It works for you and probably won’t work for anyone else.

If the programs the ballyhoo masters are selling work so well why aren’t there more than rich traders? And if the programs are so darn good why are they telling you?

To be a successful bargainer you can’t transcript true cat an existent program, but you can take a basic trading vehicle and modify it your ain plan. Bend that true cat into your ain tiger.

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