Tips to Finding Other People's Simple Trading Plans
Did you know you can make money (and a lot of it) by simply modeling someone else's trading plan? Yes, it is true. Unbelievably, there are many of trading gurus doing it RIGHT NOW.
All you do is model your system on an
already tested and proven trading plan.If you are new to trading, or even if you have been trading a while, this is a secret very few successful traders talk about. You see, many successful traders diversify their trading float by trading other peoples tested systems - because it is so easy to do. There are several reasons to start construction of your own trading system by stealing or borrowing another trading system's ideas and concepts. FIRST, as I said, it is easy. There are some pretty good trading systems out there. Some are free and some are very expensive. The costs of these systems are not an indication of the value of the system. The problem with some trading systems is that they might not work for you. Now I am not talking about out right dishonesty, which is a big problem when trading. Rather, I am talking about your ability to effectively trade with the system that you are using or buying. You need to use a system that matches your life style and personality. If you have a day job (not trading), do not use a system that requires you to stare at a screen all day. You will be distracted at work and miss the opportunities to make money or worse you will not close a trade effectively and will lose money. Some systems have a potential to lose 20, 30 or 40% of your money before they are profitable. Can you handle a system that can drop your trading capital to half before making money? Or, are you prepared to have a string of 8 to 10 loses in a row before you have a winning trade? Some of the best traders in the world lose money on more than 50% of their trades. An excellent trading method made famous by Richard Dennis and William Eckhardt and sometimes referred to as Turtle Trading, is one of the best trading system that I know. They obtain returns in excess of 20 to 100% per year. With that said, could most traders trade their system? Not a chance! Dennis and Eckhardt also loose on over 60% of their trades. SECOND, do not reinvent the wheel. Face it, if you are a new or even a fairly serious trader, what is the possibility that you will come up with a totally new concept? There are some very smart and wealthy traders out there. Why not use their ideas? Remember Dennis and Eckhardt in the above paragraph. Their system is based on a "breakout" method. I know most traders could not trade using their exact method but they could take components of it, like breakouts to validate or confirm a trend. THIRD, use other systems to give you the basics of what is necessary in a system to make money. So I guess the question is now... where do you find good trading plans to model? Before you start looking for trading plans, you need to have some sort of a check list. Take out a piece of paper and write down different things you want to accomplish with a trading plan. What do you want to learn? Go from the gut, your heart and pick things that mean something to you. If you just randomly select items off of a page on the internet, your list will not have meaning and personality and that is what you want. A system that you can personalize to fit your lifestyle. This checklist will help you find successful trading plans that already work without developing your own. Develop a habit of constantly snooping around and doing research. I am constantly looking to see what other people are doing in the trading arena and if you keep it up, you will too. -=-=-==-=-=-=-==-=-=-=-=-=-=-=-=-=-=-=-
David Jenyns is recognized as the leading expert when it
comes to designing profitable trading systems.
His most recent course Ultimate Trading Systems is a step-
by-step trading roadmap to designing profitable trading
systems. Learn how *you* can become one of his students.
Click Here ==> http://www.ultimate-trading-systems.com
Receive David's free trading tips:
==> http://www.ultimate-trading-systems.com/stocks.html
-=-=-==-=-=-=-==-=-=-=-=-=-=-=-=-=-=-=- |
Other Trading System Articles
Wall Street to Main Street: News, Views and Commentary: April 12, 2006 Political FrontOn Tuesday Iranian President Mahmoud Ahmadinejad said that Iran has joined the club of nuclear countries by successfully enriching uranium for the first time. Iran claims that their venture into the nuclear arena is purely a peaceful energy program. Now if they expect the world to believe that their intentions are noble the ...Can A Credit Card Improve Bad Credit? Can a credit card improve bad credit? Can something inherently bad become something good? However, the consensus of most honest financial advisors is that debt is a disease. An ongoing radio commercial announced that credit card debt is the third largest debt growth area amongst Americans. It states that the average credit card debt is $10,000. ...Arbitrage Trading Software Surebetpro If you are looking for a way to work from home or the office stop looking and please stop wasting your money on programs that do not work, and are scams to get your money. What I am about to tell you will not make you a millions of dollars in a weeks time or a month. What I can tell you though is that this is a REAL business that pays you and is ...Online FOREX Trading – To Be A Success Don't Pay Attention To The News! Can studying the news help you make profits in online FOREX trading? The answer for most traders is a no.In fact, paying attention to the news in online FOREX Trading will lose money. Why? Read on and let’s find out.How and why prices moveIn online FOREX trading (and any financial market for that matter) prices move based up ...Alcohol: A Health Malefactor Many people consider alcohol as a social drink because its associated with parties, relaxation and adventures. Since the dawn of civilization, mankind has been aware of the benefits and harms of alcohol. Today, for some alcohol is part of an everyday complete meal. Because evidence has proven alcohol a health benefactor when consumed moderately, ...Learn Forex Trading Almost all internet marketers have heard of forex trading or online currency trading as it is sometimes referred to and many are curious about how the forex trading system works and where they can go to learn forex trading.In order to become a successful forex trader you need to know what forex trading is and how to successfully trade for ...Forex Trading – Five Tips to Make Money Fast! This article is all about FOREX trading to make you rich - and we’re going to give some alternatives to conventional investment wisdom. Why? - Because most traders in FOREX follow the norm and make average gains - while this article is about making spectacular gains from FOREX Trading and making money fast!The AimHere we are going ...Buy Local Food To Reduce Food Miles You would think that the UK and USA does not produce any food, if this is the case then where has the billions of pounds gone that our two governments pay in farmers subsidies?By buying food from abroad, developing countries get to market their produce world-wide and we get out of season food all year round. Everyones happy except the env ...Understanding Emissions Trading and Global Warming It goes without saying that there is often an inherent conflict between science and economies. Emission trading is an interesting effort in the global warming arena.Understanding Emissions Trading and Global WarmingIt is a mild understatement to say that global warming is both a controversial and misunderstood field. As the decay o ...How To Handle A String Of Losses Everybody hates to lose and unfortunately no one is blessed with the ability of foresight, therefore losses are an unavoidable part of trading. When we enter a trade we will either be right, or wrong, and even if we broke-even we'd still be classed as being wrong - as nobody enters into a trade just to break-even! When unsuccessful traders enco ...A Real CRM Strategy or Just Tracking Customers? Exactly what is CRMThe idea itself is nothing new; its roots have been around since trading began. The principle of looking after your customers so that they come back regularly is, after all, merely the basis of good trading. In an increasingly competitive commercial world however, strong customer relationships take on an increasing impo ...Uranium Bull Market: Only Tip of the Iceberg In mid September, Mitchell Dong, chief investment officer of Solios Asset Management told a news wire service, “I think we are seeing the tip of the iceberg of financial investors entering the physical uranium market.” At the Platts Nuclear Fuel Strategies conference in Washington, this past week, Mitchell Dong was a pit bull. Not only did he ta ...Choosing A Forex Trading System – Part 2 In the first part of our series – Choosing A Forex Trading System – Part1 we covered a few quick tips to get you a few steps closer to choosing the Forex trading system that’s right for you.In Part2 we will take a look at a few other do’s and don’ts for choosing a Forex trading system. With that in mind here is “don’t” number 1.1) ...50 Day SMA: A Simple Method for Monitoring the Trend The price chart offers us the gift of hindsight; we can all see where the price has been so we can all see overall trend. However this gift of hindsight can be a misleading one. It is all too easy to recognise what you would have done now that you have seen where the price has ended up. If hindsight is somewhat misleading then foresight would be ...Chart Pattern Secrets We could probably fill close to 500 Web pages on this topic. There are about as many chart (or price) patterns as there are stock market analysts, and there are many of them! To give you an idea of the different patterns available to you, here is a partial listing: trend lines, support/resistance, fan lines, channel lines, retracement, speed res ...Online Consumers - What Are They Complaining About? For many businesses, e-commerce represents a tremendous method for generating revenues. To maximize the profit potential, you need to keep an eye on issues that drive your prospects nuts. The FTC maintain a list of the top 10 “dot.cons” complained about by consumers. If your site falls within one of these industries, you must make sure you addre ...How to Make Money Today for Tomorrow Many people looking to make money want the easy way out, and that just aren’t going to happen. There is no “easy money” if there was trust me I would be doing it. Most people think it’s hard to make money when indeed it’s not that hard. Sure it will take time and work but so does everything else.Investing is one of the biggest things that ...FOREX Day Trading – Do it and Lose Your Money Quickly! Day trading is a mugs game - in FOREX currency markets, traders who make day trades instead of following the long-term trends, are making a serious mistake - risk/reward is terrible by comparison.The Internet is full of brokers and vendors encouraging traders to day trade - and offering “sure fire” day trading systems - which is no surpri ...Mechanical or Discretionary Trading - Which is Best? Discretionary TradingPure discretionary trading will rely solely on the traders judgement. For example a discretionary trader may spot a particular pattern developing on a chart and decide to enter a trade on that basis. It would be impossible to systemise their trading because it relies on subjective judgements and 'gut' feel. ...Futures Trading Systems Futures trading is a financial arrangement, also called a forward contract. A futures contract is an undertaking by a seller to provide a commodity or any other pre-decided asset on a pre-determined date to the buyer. The commodities that are usually traded in this manner are edibles such as wheat and sugar. Stock market indexes, government bond ...When? When will the stock market stop going down and start up again? If we knew that we’d all be jillionaires. So what do you do now while stocks are going down and stealing away your money every day?What does history tell us? Here is one very interesting fact. From 1920 to 2000 there were 3 bull markets that lasted about 16 years each. It seem ...Online Forex Trading Strategies Forex trading strategies are the key to successful forex trading or online currency trading. A knowledge of these forex trading strategies can mean the difference between a profit and a loss and it is therefore imperative that you fully understand the strategies used in forex trading.Forex trading is very different from trading in stocks ...Aloe - It Is Used Internally To Combat Poor Appetite, Asthma Aloe Vera information and how it is used as a herb in alternative herbal treatments to treat ailments and problems such as healing wounds, for skin rejuvenation, acting as a laxative and reducing skin irritation and relieving sun burn.Although we believe in the therapeutic and healing properties of herbs, care must be taken in the use the ...Wall Street to Main Street: News, Views and Commentary: June 19, 2006 It’s Monday June 19, 2006, and it’s the first day of the trading week and it should be an interesting one. Verizon (NYSE: VZ) has taken the bull by the horns as they struck a multiyear deal with PBS TV Stations to carry a wide array of PBS programming on the new Verizon TV Business. The lines are getting thinner and the war between phone compani ...Trading Psychology: The Mindset Of A Losing Trader "The only place where success comes before work is in the dictionary." -Proverb-There are two types of men in this world. One that falls and one that stands up after he falls. In NLP or Neuro-Linguistic Programming, there is no such things as failure. A failure is simply classified as a feedback and every feedback is a lesson to help you ...Spot Uranium Price Creeps Up to $61/Pound as Buyers Begin to Worry About Supply TradeTech published the weekly spot uranium price indicator of $61/pound, for the week ending November 10th in Friday’s edition of “Nuclear Market Review.” It is posted on the Trade Tech website. But, judging from the number of utilities seeking U3O8 equivalent, it is unlikely spot price increases will stall or stabilize at this level. Nor will ...Winning at Future Trading A futures market is where commodities — to be delivered some time in the future are bought and sold. These include coffee, soybeans, silk, pork bellies, rubber, fur, grains, gold, eggs and government bonds.The rationale behind this marketplace is to allow commodity producers to sell their produce in advance of delivering them. By doing t ...Dutch Auction - Every Mans' Capitalism - The Essence of Fairness The Dutch auction, also known as a descending price auction, uses a bidding process to find the optimal market price for the stock, the highest price at which an issuing company can sell ALL the available shares.An alternative to the traditional negotiated pricing process used by Wall Street investment bankers to set the price of a corpo ...Ending Relationships Gracefully In my counseling practice, I often hear the question, “How do I end a relationship without hurting someone’s feelings?” Whether it’s a romantic relationship or a friendship, ending it gracefully is generally a challenge.The problem arises because so many people see it as a reflection of their worth when someone doesn’t want to be with the ...The Switzerland of Asia Shines In many respects, Singapore is the Switzerland of Asia.Begun in 1819 as a British trading colony, the Republic of Singapore was founded in 1965 under the leadership of the current Prime Minister’s father, Mr. Lee Kuan Yew. While it is only 1/5 the size of Rhode Island and three times the size of Washington D.C., it is perhaps the m ...Kelly Criteria: Risk vs Capital Kelly Criteria is a money management system used by gamblers that relates, or "sizes", ones' bets to ones' risk capital.Like all good ideas, Kelly Criteria stands out because, not only is it easy to understand and apply, it is fundamentally sound.This money management method allows you to stay in the game longer by conserving capi ...
|
