Hey guys, here is my experience with educators and different courses they offer:
Specifics Are Key:
New traders need specific instructions to be successful, and thats because they dont have expereince watching and trading to make decisions that require interpretation.
Most educators do not provide the specific instructions that new traders need to follow with mechanical discipline.
In other words, the educator may tell you to "get long when you see this happen", but the student really needs to know MORE.
Something like this...
"when the indicator does this, you need to execute a market order long, 3 ticks above the highest point of this 2-min bar."
then go a little further....
"if you see THIS happen, dont take the trade, and when you're in the trade, this is how to manage it properly."
Traders dont think about the specifics when they fall in love with the idea of a successful trading system, and they dont think to make sure the specifics are included in the "system"
you need to know EXACTLY what to do, when to do it, and most importantly, when NOT to do ANYTHING at all.
Multiple Markets are a must:
the best trading courses work on the basic fundamentals of the markets, and they rarely use special indicators and are even less likely to be automated.
the true test of a quality system is its ability to work across multiple markets and multiple time frames.
Yes, the # of set-ups or the winning percentages may fluctuate, but a quality system will always work across all markets.
If you find a system that only works on 1 market there is a high likelihood that this is nothing more than a recent string of price patterns that are nothing more than a few good months.
A good example of this is your common EMA-Cross systems. these look great in 3-4 month increments, but wont work on multiple markets, and will STOP working just as quickly as you can say "I want my money back!"
Stick to the fundamentals:
All traders use the same 'stuff', and that is...
* Price Action
* Chart Patterns
* Momentum
* Volume
* Variations of these
the bottom line is that there has been very little NEW improvements on these old technical indicators and for good reason...they work well.
dont fall victim to fancy automation and flashy indicators...they do not perform as they are sold.
stay with the basic indicators available on any chart package and understand how these basics work....then go from there....save your money on a quality system when you find it...and you need to take your time and find one that is of quality.
Hope this helps you guys, let me know if you have questions
-Mavrik