The most valuable part to me was to again realise how important the psychology of trading is. Do not invest money you cannot afford to lose. Thank you for offering it to me it has been very helpful. What distinguish him is his analytical mind and his tenacity. It's the most simple setup in the market I've ever seen.
"The Ultimate Trading System by David is truly the most comprehensive and practical course available in the market, covering all the key winning aspects to the development of .
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It has helped a great deal on my path to become a trader. I still have a way to go, hence the need to keep track of the core plan. The book is comprehensive and direct to the point with references to other authors. It is obvious that David has done a lot of research and has personal experience which he is passing on to other investors.
The part of back testing might be difficult to grasp, but in reality is true, one is always looking for a system with more winning trades, but as pointed out might not be the most profitable system. I believe the UTS 2. It covers all of the most important pieces that the newer and not so newer traders should take notice of if they are to succeed in the trading world.
Congratulations David, I would certainly recommend this product to anyone who is considering entering a career in trading. I think you've made me realise how much time I've wasted trying to perfrect enrty, trying to create my own system as well.
Not that my system was useless, but just by playing arround with a few built in system's inmetastock and applying the simple rules in your system I've improved results dramatically compared to the system I'm currently trading. I've not traded any of the system's live yet as I want to complete my study of the book and then spend time back testing and confirming the system I'd like to go forward with.
Under money management I think I've also had an "aha" moment; I never had position sizing in place and back testing some of your suggestions has also revealed that there is a lot of merit in considering it for my own system. I'd definitely recommend this book for any who serious about becoming successful at trading. You have bring me to another angle to view what is trading. These are the pieces I miss in my puzzle. The author lays out the correct mindset of what it takes to become a trader and offers excellent, time tested advice about defining your goals, setting up a trading plan, the role psychology and discipline play and much more.
Along the way reference is made to good perspective to take from the likes of Dr. Van Tharp, Warren Buffet, and more. The need for a trading plan, discipline and self control are stressed. The necessity of self knowledge is addressed This approach is unique. In reality, no two people have exactly the same amount of money, tolerance for risk, personality, time or experience. Therefore, the key to success is to design a system that is suited for you.
This crucial fact alone is worth the price of this e-book. This reality takes time to develop. Again self knowledge is key. One can't gain this information overnight.
Practice, patience and discipline are key. The no nonsense, down to earth advice about a realistic path to trading success. No pie in the sky instant riches nonsense here. A well founded trading plan is the key. That plan includes tested and trusted entries and exits I have found the advice about money management and psychology to be most helpful. Entries and exits are only a small part of the puzzle. You want to develop a long term, sustainable trading profession.
A good money management plan encompasses discipline and patience. This is serious stuff and not gambling. The only way to treat it as such is to stick to time tested MM principles and not waver. This work is a great introduction and overview to the idea of trading. It lays out in clear, responsible detail what it takes to become a successful trader and skips all of the pie in the sky hype.
Not too over technical and only at the correct points, this ebook is written in a common sense way which I feel would not belittle anyone or their interlect. It is a well balanced book in approaching all aspects of the subject matter. I would have no hesitation in recommending this ebook to all thinking of or indeed into trading, regardless of their level of experience.
It's well written in easy to understand language. I would recommend it as a must read. This totally blows your previous manual out of the water. The manual is well written, very informative and concise. It gives traders a very good idea of what it takes and what is required to be a professional profitable trader. The manual covers all aspects of trading and highlights the importance of having a good and robust trading plan.
The manual is easy to read and can easily be implemented by all traders very quickly. The manual stresses that there are no magic bullets out there and no holy grail, however success can be achieved by following a strict trading plan, with limiting your risk and drawdown to a low acceptable level. This manual is an excellent resource for newer traders and it should give them the fundamentals of trading successfully, without spending thousands of dollars on "sercet trading tactics" which promise to make you rich, however never do.
It took me longer than expected to read UTS2. Your emphasis on the importance of having the right mindset namely, removing emotion from trading decisions and proper money management is spot on. You walk the reader through everything necessary to establish a trading business from trading plan through to software selection, back testing and selecting a broker.
The resources and action steps you provide at the end of each chapter are also very useful and motivating. All told, a great document for the beginner and a good refresher for the more experienced. This book is what all experienced traders wish they had at the beginning of their trading careers.
It covers all the essential topic's in a general way that should save a lot of time to new traders if they take the information onboard. Beyond this point every golfer and trader differ in their actions to get the job done as every individual develops their own golf swing and the same applies to trading methods.
My point is their is no holy grail that will suit everyone, it is essential to develop your own stile around your personality and abilities, therefore I feel all books should pay a high propriety to this fact early in their content, so clients know they need to access and know themselves at the beginning of their journey, this will start them in the correct direction and simplify the whole process of understanding what is required to be successful.
It is relatively easy for anyone self included to know a lot about a small part of the story; without having the overview that your book offers. So, well done and all power to you. I agree with most what you said. In fact, I have said the same thing to my less expereinced friend. I learned long time ago similar lessons from Dr. Elder's books on trading. I used the term "3 M" system: Mind, Methodology and Money Management. I believe all three are equally important, like the three legs of a stool.
The stool will fall if any of the 3 M is missing. It seems to me you empha. I learn a few things from reading your ebook such as setting the exit at LL x and the formalizeing the three parts of a trading plan. In my opinion, this ebook is more helpful to experienced traders good or bad , but less so to the new ones. The developing of a trading system is too short. I wish there would have had more on the technical discussion of the system.
The use of helpful and simple indicators are not mentioned. I found the read very informative. It also made me realise that it is no good wasting time trying out every new method that comes along.
I avidly read your e-mails and look forward to receiving more, especially anything relating to this recent book. It was a very good read, easy to understand with lots of useful tips. What I liked the most is the practical angle that you took in guiding your readers step by step and recommending materials to read and study. Although I did not specifically started to use it, it is already part of my approach but I am using it to sharpen my plan and re-evaluate my process.
This will take some time. Thank you for offering it to me it has been very helpful. Well, i most probably would have gone through the whole proses that i did to become what i did in any case, i would not have believed your document in any case. Today after 8 years i do believe your document because i know what i know. I am working through it again because I have made many of the mistakes you warn against.
It is the best way of starting trading. The most valuable part to me was to again realise how important the psychology of trading is. I went down the road of the indicators and technicals and got so involved with that part that I became more and more ineffective trading. Not that I was loosing that much but I was missing out of so many trades because I did not follow my trading plan. Always second guessing it. Second major mistake was trading with mental stop rather than predefined stop-loss.
It has been THE source of information and reference for me ever since. UTS 2 has taken a very good manual 1 step further. It is now more concise and better structured then the first one. I personally love the tasks you give the reader at the end of every chapter. You are definately the one source of information which helped me the most in becoming a Trader. You are one of a small group of providers who outline an approach that if followed has a high degree of safety.
I like the focus on the mind and money management. Vary interesting, well edited; most of it is very simple to understand and the most important thing, it sound very reliable. Fellow trader , you can see how the risk reward for this free channel that brought to by the floor trader. Above ss will prove the method. Agree x 1 Friendly x 1. I manage to get permission to post the bank position report from the owner , i will be posted it next week , please feel free to forward this announcement to fellow trader so we can enjoy it free of charge.
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