|
 |
|
|
Frequently Asked Questions
|
|
|
|
|
|
|
Does this system only work on the NASDAQ E-mini (NQ)?
No, this system is based on a solid foundation that is present in many
markets in many time frames. When I first began trading this system over 8
years ago I was trading the S&P and I still trade it from time to time. The
truth is it has worked in all markets I have traded that have decent liquidity
including individual stocks, FOREX and commodity based futures.
Will I need special software to use the system?
Most charting software will work with the system. The following programs
will work with the system without any adjustments at all: Sierra Charts,
Prophet charts, Ensign, Tradestation, Metastock, Esignal, AIQ, Visual
Trading Systems for FOREX and LinnSoftware.
The following charting programs will work with one simple modification:
Ninja Trader Charts (click for free trial), QCharts, MedVed QuoteTracker
(free with the IB data feed), IBCharts (free with the IB data feed). Other
software will work as well I just don't keep track of all the ones I see people
using. I have templates available for most of the ones listed above.
Do you recommend a certain software?
I personally use Sierra Charts and Ninja Trader for my scalping system and
longer-term trading of futures, stocks, options and RYDEX mutual funds. I
use Visual Trading System's software for FOREX. Prophet is really good
but they will from time to time have data problems that can drive a person
crazy.
It is my opinion that unless you are going to use all the bells and whistles of
a program like Tradestation that you should find a low-cost alternative such
as Sierra or Ensign. If you are just starting out you should focus on one or
two simple systems and don't add the extra expense if you don't need it.
Not only will it increase your bottom line - it will distract you from making
money and instead direct your focus to making systems.
For the record I have used Sierra, Ninja Trader Charts, Tradestation, AIQ,
Metastock, QCharts, Prophet, Quotetracker and IBCharts.
Are you a broker or do you recommend one?
No, I am not a broker nor do I have any licenses nor will I advise you to
take a certain trade at a certain time. I like Amp Futures & Forex. Amp
Futures & FOREX is an online futures & Forex firm. They offer the
NinjaTrader trading platforms for Zen-Fire and GAIN Capital. Call them
today toll free at 800-560-1640 or Int'l at 001*310-697-3242 or visit their
website at www.ampfutures.com
Amp has very low commissions which I think is very important especially if
you are going to be doing any type of short-term trading.
Whatever broker you use you should make sure they have a trading
platform that will let you input all of your orders at once (entry, stop and
target exit). Amp has that in several different flavors.
Amp has much lower margins than IB and is the first firm to offer true
futures and FOREX capability using the same platform. IB has some
FOREX capability but it is really clunky.
Why do you sell your system for so little?
Would you rather pay more? No, really, the reason I keep the price
affordable is so more people will have a chance to learn a proven method
for scalping small consistent profits out of the market.
I am by nature a frugal person and have never bought any of the available
trading systems out on the market but I am aware that they can be very
highly priced. For what? My favorite trading books written by some of the
best people in the business cost too much in my opinion. The books you
find in the store are at least $50. I have bought them and wouldn't lose
them for anything but still. The ones you find in magazines and online are
in the hundreds or even thousands. These may be great systems and for
all I know they hold your hand and sit there telling you to "enter now" - "exit
now" but in my opinion and from what I am hearing from people who have
bought these systems the whole thing is a predetermined marketing
strategy more than a word for word value estimation for the system. They
sell the systems for $500 or whatever and know that most people wont buy
them but enough will to make it worth the sales lost.
I have been told that the system is worth far more than I sell it for and I
should raise the price. I have no intention of doing this. I may stop selling
the system at some point but right now I am enjoying meeting all the new
traders and working with them on their trading.
Why don't you start a "trading room?"
There is actually a live room set up now and access comes with the book.
We follow the various markets in real-time with a focus on the system
signals and learning general market "feel." I am in the room most of every
trading day and am happy to answer questions there and help where I can.
More will follow in coming days and weeks. Thanks for looking. If you have
immediate questions please IM me with Yahoo messenger (see link above)
or email me at ryan@wattstrading.com.
|
|
|
|
|
