Please help a beginner. When forum members say "my system says buy..." what are they referring to? Is the system something they personally have developed, or is it commercially available, ie I could buy? Thanks
Thanks, Simon, you have a treasure trove on Just One Lap. Well done on assembling it - enjoyed your bit about matrix. Referring to my original qu. I was perhaps misled by the language used: "my system has identified..." seeming to refer to input from outside of the trader him/herself. It is as I thought, each trader has to do his own homework. Just one other thing - on one of the webcasts Gary Stone refers to a "mechanical" system. Assuming the trader is reading charts (engulfing candle, H&Sh, RSI, whatever..) to initiate his trades, surely there is still just a little subjectivity involved? Or not? Thanks again.
There are many types of systems, some mechanical, some discretionary, some a mix of both. Some people like to mix fundamentals into their trading styles, others trade off news. Even investors and fund managers have a system, they will have some sort of trading mandate (e.g. mid caps, resource heavy, hedged, etc). The point though, is to find a way that takes emotion out of the equation, since emotion is the real killer to a trader or investor. JustOneLap is a good source, but you might also want to consider reading the traders 'bible' - trading in the zone by Mark Douglas. It will help explain why you need a system.
Thanks Simon, Rams, Skaap for taking the trouble to initiate me. I accept all you say. There is still quite a lot to get my head around, but I am committed to finding out how to trade. Thanks again. (Also it is a surprise to find myself almost being trampled underfoot between you and the infamous troll.... ;-))
Anyone here trading Gary Stone's system?(SPA3) I've been following him for a while and I really like his approach (purely mechanical) and he seems very ethical en genuine. Even been to a live presentation hosted by Simon(Standard Bank) Anyway. anyone have some feedback apart from the fact that it is expensive?
I am a follower of John F Carter. He is an excellent author and has great strategies. Developing "my system" involves spending money on buying books and taking the time and energy to read these books. "My system" does not involves being a parasite on this site,being unable to execute independent trades and jumping on the bandwagon because sooner or later, the bandwagon music will stop playing and that bandwagon will shake violently and all weak traders will fall out.
For me "Super Trader" by Van K Tharp. I have 2 quotes which basically shaped by life. The First one is from "Super Trader" and it is "Your belief systems shapes your reality" and the second one is from John Carter book which goes something like this "Live your own life and surely YOU will die your own death".
Well, Preston, to simplify things a bit,,,,,,you know you have a system when a chart is placed in front of you , and you can say, it's a buy, here is the entry and here is the exit or exits. If a set of results is placed in front of you, and you can say, it's a buy, here is the entry and here is the exit or exits. The rest is discipline.....