The Facts About What Is The Best Trading System For On-line Stock And Option Trading?
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There are may different systems for trading on line. Some are Dynamic Trend, Teach Me To Trade, etc…
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June 2nd, 2010 at 9:02 pm
I have been trading online for the past six years, and learned a number of different trading systems, and I can tell you there are no perfect system for everybody in all conditions. To complicate the matter further, you can choose different security types such as bonds, mutual funds, stocks, options, FOREX, etc. The choice of a trading system for your own situation will depend on:
- The amount of capital you have: you will be more conservative the less you have so you don’t loose it all in a few trades.
- Your tolerance to risk: what is the worst single loss you are able to tolerate in a single trade? What about losses in a week or month?
- The time you are willing and able to dedicate to trading everyday: For active trading, you should dedicate at least 30 minutes a day, with a few additional hours for stock screening and administration of your account.
- How much you control your emotions (fear and greed): this is one of the biggest danger of trading, what will make you fail to follow your own trading systems. Watch-out for that.
The key for most people is to keep track of the trades you have done, along with information for each trade of what system you are using to buy and sell. After a trade, rate yourself on how much you have been able to actually follow the system you chose in the first place when you placed the trades.
First, take a course or read books and learn a trading system. Make sure your system includes portfolio management and trade risk management. Check here for a few references: http://online-investing-review.com/blog/online-stock-trading/
Before investing real money, use virtual trading where you invest with fake money using exactly the same tools as if it were real money. This will save you thousands in avoiding real losses. When you trade virtual money, be as careful as if it were real money and be consistent. Make sure you track all of these virtual trades in your trading journal. See here for an excellent and free virtual trading environment: http://vse.marketwatch.com/Game/Homepage.aspx
Looking back weekly and after a few months, review your trading journal:
- Are there some trading systems that you had trouble following? If yes, they may be bad trading system for you.
- Among the trading system you were able to follow well, what is the average return?
- Since trading systems work differently on stocks, mutual funds or options, keep track of these and see what type of security worked best with specific trading systems.
In conclusion, you have to invest time and money to learn and try trading systems methodically to find the best system for you personality and your personal situation. Keeping accurate record of your trades and results will allow you to make an objective decisions and adjust your trading style to maximize your profits.