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Neal T. Weintraub had a great line:
“You will run out of money before a guru runs out of indicators…”
Meaning, don’t get caught up looking for the perfect entry or the magic entry indicator. It is a waste of time. Find a robust trading system and use discipline. That is the best bet.
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Marylebone Holdings, LTD. (d.b.a TurtleTrader®, TurtleTrader.com® & Trend Following℠) provides analytical tools, research and trading systems. Company programs are for trend following trading training and educational purposes only. Testimonials included may not represent typical results. Neither unique experiences, past performances, historical tests, nor included or accessible strategies constitute recommendations or guarantee future results. Users are solely responsible for selection of stocks, currencies, options, commodities, futures contracts, strategies, and monitoring their brokerage accounts. The Company, its subsidiaries, employees, and agents do not solicit or execute trades or give investment advice, and are not registered as brokers or advisors with any federal or state agency. For more information about commodities and futures trading, please see the Commodities Futures Trading Commissions web site at www.cftc.gov. Trading in forex, stocks, futures and options is speculative in nature and not appropriate for all investors. Investors should only use risk capital that they are prepared to lose when trading forex, stocks, futures, and options because there is always the risk of substantial loss. Clients should fully examine their own personal financial situation before trading. The names and logos for TurtleTrader®, TurtleTrader.com® & Trend Following℠ are registered trademarks of Marylebone Holdings, Ltd. (d.b.a TurtleTrader®). All names and logos are ® trademarks of TurtleTrader®. All content copyright ©1996-2010 TurtleTrader®. All rights reserved.
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November 7th, 2009 at 11:31 pm
” Find a robust trading system and use discipline”
I must have read this type os comment a thousdand times on blogs or in articles.
The problem is noboby ever mentions a robust tradig system or where to get one. You could buy one of the 10,000 books out there but I dont have the money to test if they are BS or not and forget trying to fiqure out what most of them are talking about.
Nothing personal but your advice is usless.
November 8th, 2009 at 12:27 am
My advice here comes in the context of my (2) books and film. You may want to brush up some. Also, if you are defeated, well, you might want to stop now.
November 8th, 2009 at 5:05 am
If you don’t have money to test a trading system then trend following is not for you. Trend following is all about back testing and analyzing past data. It pretty much calls for you doing your own homework!
November 8th, 2009 at 10:13 am
There’s a great quote from Scott Fornham on indicators:
“I didn’t want to be bogged down with indicators because where would it stop? More and more and more to try and predict the unpredictable. That seemed to me to be a losing proposition. Who would I blame when things went wrong? The 5 or 10 indicators that said it was a sure thing? No, don’t go down that route”
And to the guy who’s complaining….learn how to trade you lazy fat american, no one said success was easy!
November 8th, 2009 at 10:53 am
Jamal, Americans may indeed be fat, but I have not seen evidence yet that they are any more lazy over any other group outside of the U.S.!
November 8th, 2009 at 3:41 pm
Who says you need money to test a trading system? You don’t. You can get free data, and there are even free backtesting tools provided by the online brokerages. If you dont like those you can learn a programming language with free resources online. All you have to do is look around…