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Yep Incredible Charts is incredible value. Once installed you can click on any of the indicators and it takes you to the IC glossary which explains what each indicator does. It also has a really good set of filters with it. The data is something like 16 hours old on the free version. That just means you need to do your charting in the morning before the markets open. It would be nice to have up to minute data but not necessary in my opinion.
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I have been having a bit of a play on incredible charts, started reading the John Murphy TA book. Also started reading the Intelligent Investor which is widely recommended (although was surprised at the lack of interest in Lizard's Net-net bets thread as this is one of Ben Graham's recommendation for the enterprising investor.)
All this time and effort gets me back to my original question on this thread. Is anyone other than Phaedrus a full time investor/speculator and actually making a living out of share trading or does the 95% failure rate for share traders hold true. Can I assume that most people are just playing with money they can afford to lose and the wins are treated as pocket money. If my odds are only 5% for success I would need to question putting any time and effort into it unless I enjoyed taking a punt with some play money.
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Aaron, very high failure rates are generally quoted for forex traders and day traders. There is no reason at all why you shouldn't be able to equal index returns - though even this is not as easy as you would think. It is commonly stated that 85% of fund managers fail to beat the index, for example. I routinely out-perform the index, but was unable to make to make consistent profits from daytrading.
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Is there anyway you can get NZX listed data on incredible charts?
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Originally Posted by absolut-advance
Yes ---- Under Securities----> Load by Symbol from Yahoo----> Select New Zealand Exchange and type code.
AA
Sweet thanks! you're on the money.
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Thanks AA. I guess you could split day traders with people who trade over longer periods as well. Me personally I have yet to come up with an alternative plan to my buy and hold based on expert recommendation but when I make the time will look at Phaedrus's theory and maybe use TA to time buying shares as well as selling shares based on trends. I will also need to make more effort to understand individual companies and what their annual reports are saying.
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Good read AA.. I think you have to draw the line between day trading (scalping) and full-time trading/investing - In my mind, if you have enough capital there's no reason why you can't invest in the markets full-time.
I think to do this consistently you'd have to be able to trade the long and the short, and be prepared to hold equities for whatever length of time makes sense fundamentally and technically (rather than having to close each trade off at the end of the day as day traders do)... Of course the downside of this means you'd have irregular cashflow.
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