Earn Sure Shot Profits By Trading Lessons
I've been a user of www.supernsetips.com since 1999, and I've seldom regretted paying for this great product. I talk a lot about the importance of using a charting program if you're an active trader (an absolute MUST!), so I'll leave that for another discussion (although I still think it!). What I require to point out here is how to make use of Tele-Chart to learn from your past trades, so let's get to it.
At 7 pm ET after every market close, I do one last update of Tele-Chart for the final end-of-day data. I use their real-time charting service, called Platinum , so when the market closes I already have the ending numbers for the day. However, there are occasional minor changes in data from the exchanges after the closing bell, so the 7pm update includes the official closing levels and volume totals.
The 7 pm update also includes an incredibly underrated feature - The Worden Report from Sam Mathews. Sam Mathews has been in the market for many decades, and his trading experience is most likely greater than yours and mine put together. His nightly report alone is worth the price of their software, and I rarely miss his posts to see how he is viewing the current market conditions. In addition to his post, there are often trading lessons provided via submitted notes from other Tele-Chart users to Don, along with his response to them. While many of these contain over-complicated formulas for locating trade ideas which I ignore, there are some real gems that show up when other traders share their own trading lessons.
One recent idea was submitted by Sir Fertile Sources, who suggested something revolutionary yet unbelievably simple: create a separate watch list for stocks you have sold! Soon after, Sir Major Lessons added another layer to the idea by creating separate "sold" watch lists depending on the conditions which generated the sale . The idea is to be able to quickly review those stocks which you have held and see not just how they are doing now but also how you may have improved upon your exit.
Tele-Chart Notes
The Notes feature in Tele-Chart is highly underrated. Pull up any chart on any time frame within Tele-Chart and click 'N' on the keyboard. A dialogue box pops up with an instant capture of the chart as it looks right now. Enter your thoughts (the note) and click 'OK'. You've made a note which will forever be tied to the current chart view, allowing you to return at any later date and review your note. This is ideal for the "sold" watch list.....once you've sold your stock, basically enter a note, save it and move on. Later when you require to review it, you'll see exactly what you saw when you made your sale, giving you an instant visual comparison to the current chart.
Worden Tele-Chart Notes Notes are a one-click feature of Tele-Chart, allowing you to capture the chart and store your thoughts along with it.
Watch List Tracking
The Watch List Tracking feature of Tele-Chart is often overlooked. This is an excellent way to track a portfolio or even just a Watch List such as the "sold" Watch List. Watch List tracking will do exactly what it says - track every individual component in the list and even provide averages for things like percent change and number of days. This is ideal for the "Sold" Watch List, as the program will immediately and automatically begin to track your old stocks and you'll be able to pull them up at a glance at any later date to see how well or poorly they have performed since your exit.
Worden Watch List Tracking Watch List Tracking in Tele-Chart is done automatically, which really streamlines the past-trade review process.
Keeping it Simple
Each trader who is looking to improve can find great lessons in trades of the past. Trading can become very complicated in the event you let it, so take the simple approach to improvement when you have the chance. This new learning approach is already simplifying how I review my trades, letting me get to the application of lessons much faster. I hope it works for you as well!
Article Source: FxTradingStock.com
About the Author
Want to find out more about Jackpot Cash Market Tips, then visit Sam Mathew's site on how to choose the best Nifty Future Tips for your needs.
by: Sam Kallis
Total views: 33
Word Count: 725
Date: Tue, 20 Jul 2010
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