Get 12
Futures
Trading Lessons by eMail
that will change
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A
Partial List of
Our Search
for
a Trading System
These
are our reviews
of the listings
below. They simply
represent our
search for a trading
system and strategy
that would work
for us. We do
not sell any of
the items listed.
Books
and Software That
Have Helped Our
Trading
"Trading
for a Living",
Dr. Alexander
Elder. The best
basic course
on technical
analysis. Be
sure to get
his workbook
and tests. Take
the tests until
you can pass
it with a 90%
score. His latest
book, "Trading
Room", spends more
time on trading
system approaches.
Lesson Learned:
the Basis and
Basics of Technical
Analysis. GET THIS BOOk and Workbook!
-
"Intelligent
Futures Trading" and "Trading Day to Day: Winning the Zero Sum Game of Trading",
by Chick Goslin.
This is a no-nonsense
low key book
on momentum
investing in
the futures
market. It is
the basis for
much of my trading
philosophy.
Chick has taken
a $10,000 account
to over $1,000,000
in the past
and has been
trading for
over 30 years.
Lesson Learned:
How to set up
your own system
and develop
loaded trades
on multiple
time frames.
-
"Candle
Sticks and Beyond
Candle Sticks", by Steve
Nison. Highly
technical, but
because we worked
in Japan and
Asia and studied
Japanese culture,
we identified
with this technique.
This system
was used for
hundreds of
years in the
rice trade,
long before
the wall was
even built on
Wall Street.
Lesson Learned:
Price action
is the best
indicator of
all, but the
last to react
to chaotic market
conditions.
-
"Candlestick
Charting Explained",
by Gregory L.
Morris. A much
easier read
and also has
correlation
studies and
analysis of
candlesticks
and Western
indicators such
as Stochastic,
MACD, RSI and
Momentum.
Lesson Learned:
How to identify
turning points
or potential
turning points
in the market.
-
"Trading
Chaos"
and "New
Trading Dimensions",
By Bill Williams.
A complete explanation
of chaos theory
and the underlying
order of random
markets.
Lesson Learned:
How to interpret
price action,
volume effects,
acceleration
and momentum
on prices.
-
"The
Master Swing
Trader",
By Mark Farley.
An excellent
book on short-term
trading techniques
and what he
calls the "7
Bells" that alert you
to loaded trades.
Lesson Learned:
How to identify
and trade high
potential trades
and the key
Times of the
Day for market
timing.
-
"Day
Trader",
Jake Bernstein.
Excellent explanation
for day traders
and signal ideas.
Helped confirm
my developing
system.
Lesson Learned:
You can develop
a consistent
entry and exit
system just
from technical
indicators.
-
"Trading
as a Business",
Charlie F. Wright.
Written for
Trade Station
owners on system
writing and
testing. Excellent
outline of how
to set up Trade
Station systems
and optimize
them.
Lesson Learned:
How to treat
trading as a
business and
include all
of my expanses
into the equation.
-
Guide
to Trading Systems",
by Bruce Babcock.
This book, while
dated, gives
an excellent
analysis of
the various
trading system
position sizing
techniques for
both winning
and losing streaks,
as well as identifies
strategies to
minimize draw-downs
Lesson Learned:
It is the money
management that
determines your
long term success
or failure as
a trader.
-
The
Trading Game", by Ryan
Jones. An excellent
book on optimum
position sizing.
Sometimes difficult
to put together,
but excellent
explanations
of how and why
various money
management strategies
work or fail.
Lesson Learned:
It is the money
management that
determines your
long term success
or failure as
a trader.
-
"Day
Trade Futures
Online",
by Larry Williams.
We think this
might be Larry's
best book, because
it has excellent
information
on trade positions
and trading
size. He basically
disagrees with
the previous
two authors.
You decide what
is right for
you.
Lesson Learned:
There are as
many approaches
to the market
as there are
traders.
-
"TeleChart
2007 Software",
Worden Brothers.
Excellent software
that is FREE.
You pay only
for the data
feed. The Worden
Brothers have
been around
for over 50
years in the
data business
and have several
excellent proprietary
indicators (Time
Segmented Volume,
Money Stream
and Balance
of Power) that
will make you
money consistently.
Lesson Learned:
The notes and
contributions
by users are
also excellent.
We used this
system for our
position trades
and to scan
for stocks with
the proper setups
until we switched
to futures.
-
Ensignsoftware.com
and eSignal.com Software. We
used this software
for our day
trading system
on the S&P
futures markets.
Top of the line with many indicators not availiable on other chartng programs.
Lesson Learned:
You can always
need a backup
data feed and
second access
to your broker.
-
INO.com
Briefing.com:both
give excellent
information
on upcoming
economic reports
that can affect
your day trading.
Lesson Learned:
You must know
what major reports
are coming out
during the trading
day.
-
Our
broker was AvailTrade in LA.
$5-$6flat fee
round turn and
non-commissioned
brokers. We
have had no
complaints or
problems here.
Click Here for a Table of Contents
Getting
Your Head in the
Right Place
-
"Trade
your Way to
Financial Freedom",
Van K. Tharp:
This book talks
about positive
expectancy,
entries and
exits, as well
as the Neuro
Linguistic Programming
Techniques to
use in trading
or any high-performance
activity we
suggest that
you play Van's
trading game
to test what
you have learned
from the book. His Newest Book Super Trade is GREAT Investment.
Lesson Learned: You do not to
have to be right
to make money,
that expectancy
ratios, position
size and opportunity
to trade determine
your financial
success, not
entry signals.
-
"Trading
in the Zone",
by Mark Douglas.
Excellent book
about the mind
of the trader
and winning
and losing.
Lesson Learned:
You need to
be read every
few months to
keep your head
in the right
place.
- "Blink",
Malcom Gladwell
GET THIS BOOK!
It's a book about rapid cognition, about the kind of thinking that happens in a blink of an eye. When you meet someone for the first time, or walk into a house you are thinking of buying, or read the first few sentences of a book, your mind takes about two seconds to jump to a series of conclusions. Well, "Blink" is a book about those two seconds, because I think those instant conclusions that we reach are really powerful and really important and, occasionally, really good
Lesson Learned: Teaches you how to use your subsconscious mind to recognize in the blink of an eye, whether you should be long, short or out of any market. This is how that 90% of "unused" portion of your brain works..
-
"Against
the Gods",
Peter Bernstein.
A book about
risk, probability
and game theory.
Lesson Learned:
Gives you a
whole new perspective
on trading risk
and reward scenarios.
-
"Change
Your Mind and
Keep the Change",
by Richard
Bandler and
John Grinder.
"Frogs
into Princes"
is another excellent
choice.
Lesson Learned:
The best book
on NLP techniques
for changing
your mental
programming.
-
"The new trader's tax solution" by Ted Tesser. This book contains all the Tax Strategies you will need to qualify for Trader Status.
- "The Tax Guide for Traders", by Robert Green of the Green Company.com
The
following list
is of highly promoted
items that were
not really effective
in developing
our trading system.
"Seasonal
Trades"
and "Seasonality",
Jake Bernstein:
A tape and book
series showing
highly correlated
dates to trade
commodities.
Found the system
to be not tradable
in any meaningful
way.
-
Ken Roberts
1-2-3 System:
"The
guy in the cowboy
hat".
Lost big time
on several attempted
trades with
this system.
We found it
too subjective
for our taste.
-
All of
the Wade Cook
books: Basic
and simplistic,
with not much
substance.
Lesson Learned:
that Wade Cook
used Worden
Brothers TeleChart
2000 in his
stock scans
so there is
no need to spend
$300 per month
on his WINS
data feed.
-
"The
Money Tree"
and "Batting
800",
Larry Williams.
We were able
to talk with
Larry at any
time, but could
not to figure
out his system
in any way that
gave us confidence.
Somehow placing
a trade based
on total past
performance
that could not
be effectively
tested without
Trade Station
(a $2500 investment)
left us queasy.
Also, the longer-term
trades with
greater draw-downs
left us uneasy.
Lesson Learned:
Position Sizing
that lead me
to Bruce Babcock
and Ryan Jones
books.
-
We purchased
MetaStock and went
through numerous
upgrades and
data feeds in
a attempt to
test some of
these systems.
After spending
thousands of
dollars trying
to program in
systems that
were consistent.
We even purchased
their latest
trading system.
Lesson Learned:
Testing these
programs and
sent them back
because they
failed to produce
consistent results.
-
OmniTrader: Another
great sounding
idea, but one
that we lost
money with.
Every setting
gave different
signals for
the same stock
or commodity.
After six months
of really trying,
we sent this
program back
for a full refund
too. We did
make one lucky
hit on RNWK
from 19 - 63
in a week, but
no others after
that.
Lesson Learned:
Not to rely
on an overly
complex system
with too many
indicators.
-
Indigo
Software:
Highly promoted,
sounded great,
but again another
black box. Finally
passed this
one off to others,
too. We only
paper traded
this system
during 1999-2000
and found the
system slow
to react to
market conditions
and it did not
explain what
it was doing.
Sold it back
after three
months.
Lesson Learned:
We did discover
that we wanted
to be in control
of my trading
and that we
really liked
technical analysis.
-
The Elliotician
Software.
While we admit
to using the
Elliott Wave
concept in our
current trading,
we found this
program difficult
to use, and
a memory hog.
There are easier
ways to use
this technique.
-
"Investors
Business Daily,
How To Make
Money in Stocks
and Guide to
High Performance
Investing",
by William J.
O'Neil. We are
torn on this
one. We subscribed
to IBD for four
years and learned
a lot about
the investment
world, but this
is all basically
fundamental
analysis and
how to pick
stocks on fundamentals.
We used many
of the IBD ideas
on TC2000. Other
software did
only marginally
well. As we
drifted more
toward shorter
time frames
to reduce risk,
the IBD information
became less
important to
our trading.
-
"The
W. D. Gann Method
of Trading",
Gerald Marisch.
Okay, everyone
tries to understand
Gann and we
are no exception.
Try is the right
term! This is
more complicated
than it needs
to be and there
are other simpler
indicators that
can be used
to accomplish
the same thing.
What's
in the Course?
Twenty (20) hours of interactive
market-time
training videos
on two CD ROMs to
help you learn
all our signals
fast. Our Exclusive
Dual-Time Frame
Systems
-
Real-time
videos comparing
approaches to
trading the
eMini, including:
Stochastic Indicator
Systems. MACD
and MACD Histogram
Systems, CCI
and RSI Systems,
Pesavento and
Fibonacci Systems.
-
Our 1-2-3 Go System that uses a special NON-LAGGING Indicator with 80% accuracy we discovered while reviewing our nuclear physics books.
-
The
written portion
of the 152 page course includes 69 charts, four
Excel tracking
and support
spreadsheets,
and all the
trading rules and settings.
-
Plus
you get five charting templates,
and two workspaces for Ensign Software
so you can trade
exactly like
we do!
-
You
get complete
instructions
on how to quickly
implement the
program.
-
Free
Telephone support.
-
Our
complete dual
time frame trading
system with
all our trading
signals, delivered
worldwide by Priority
or Express Mail.
-
We
also provide
personal
coaching
if you want
individual training
in all our methods.
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DAY TRADING involves high risks and
YOU CAN LOSE a lot of money.
Commission rule 4.41(c)(1) applies to "any publication, distribution or broadcast of any report, letter, circular, memorandum, publication, writing, advertisement or other literature…."commission rule 4.41(b) prohibits any person from presenting the performance of any simulated or hypothetical futures account or futures interest of a CTA, unless the presentation is accompanied by a disclosure statement. The statement describes the limitations of simulated or hypothetical futures trading as a guide to the performance that a CTA is likely to achieve in actual trading. Commission rule 4.41(b)(1)(i) hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown.
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