Q. If I don't have a real-time data feed can I still take the course? Can I use delayed data?
A. A number of traders who are employed and can not watch the market all day are taking the course or have in the past. They were trying to get the basics before they left their employ to trade for a living. Not being able to watch the market is a disadvantage. No amount of after-hours work can totally prepare you to Day Trade. But watching delayed data or down-loading tick data after hours is an effective way of getting the basics before you are ready to focus on the market during the day. It will, however, take longer if you are not watching as the day develops. However, a number of students have started with delayed data and moved on to live/real-time data later.
Q. Do you send out signals or trade recommendations during the trading day?
A. No... at the close of the day I will send you a commentary on the day's activity — including my own trades — with associated charts. I'll point out where the signals were and tell you why I thought these are the signals... I'll also tell you where I placed my Stop-Loss points, and where my targets and Trailing-Stops were placed. But I do not give you trades in advance; this would not be properly teaching you to see them on your own. I do not want to make you dependent on me or this course... the goal is to teach you the tools necessary to be successful on your own.
Q. Are you going to give me trading systems?
A. No... My goal is to help you learn to read the price action so that you can apply what you see in the S&P and to other markets. My view is that you will never really be able to evaluate a trading system until you know how to read the price patterns... and understand the markets' behavior. And trading systems, by their nature, are not “dynamic” and can not adapt as well to ongoing changes in market behavior nearly as well as when an adept trader applies the tools you will learn in the course.
Q. Can I get some samples of past Commentary and Charts you send out?
A. Yes... I want you to see what you will be receiving each trading day. Click here to see how a typical Commentary looks, and to be able to listen to a sample audio commentary. Or E-mail me a request and I will send you several days of back Commentary plus Voice Commentary and charts, as well as Pre-Market Reports.
Q. Do I have to have any special computer programs to take the course?
A. You will need some form of internet access and E-mail, which you have or you would not be reading this, and you need to be able to receive E-mail with files attached. You also will need Microsoft Word97 (or later) for Windows so you can open and read files and view charts. If you do not have Word we can send you a free Word Viewer. And of course you need either TradeStation market-charting software. We do have students using other market charting programs, but we don't use them ourselves so can't offer support for them.
Q. Do I have to have any special computer hardware to take the course?
A. If you have a computer that meets the recommended configuration for TradeStation, you will be able to run the tools. You will also find that NetScape or MS-Internet Explorer will serve you best as the recommended Internet browser software to take advantage of multi-media features on the website, and even more so if your internet machine has a sound card and speakers (most computers these days do) for features such as Audio Lessons,.
Q. Is there a text that comes with the course?
A. Yes. I will send you a printed Course Manual in a binder. It is about 300 pages, and includes trading strategies and many illustrations. You will probably want to print all the commentary for future reference, so you should probably have a Windows-compatible printer attached to your computer.
Q. How will taking this course in Day Trading the S&P help in trading the new Dow Jones Futures contract?
A. You will soon find most of the Stock Indices move like the S&P and have many of the same trading characteristics. The price patterns are the same, and the indicators and techniques I show you behave the same on the Down NASDAQ or Russell contract as on the S&P. If you really don't like the risk/reward ratios of the new half-priced S&P, the Dow contract will offer a great alternative. It moves like the S&P but with less margin required.
Futures trading is not without risk, but because of the new pricing structure of the Dow, Mini-S&P and (as of November 1, 1997) the half price S&P, more traders will be able to enjoy trading opportunities that are just not available in other markets.
Q. How do we handle payment if I live outside the United States?
A. Credit Card is the fastest and the easiest and best way.
Q. Are there special books that I must read to prepare for the course?
A. It is very helpful if you have a good working knowledge of Candlestick charting techniques... but if you don’t you will find Candlesticks easy to learn to read, and the patterns we use are covered in the Course Manual. Basic techniques of Technical analysis will also be very important.
Here is a list of the books we recommend, but these books are not required before you start. Most, if not all, of these books, can be obtained from Trader's Press. They publish a 70-page catalog of trading books, which they will send you for free or with an order. It is updated at least annually. They are at: P.O. Box 6206, Greenville, SC 29606. Orders can be placed by phone at 1-800-927-8222 or FAX 864-298-0221. Web site address is http://traderspress.com.
Q. Why do you want to teach anyone how to trade? Won't it have a negative impact on your trading results??
A. If I thought for a moment, that teaching you how to trade would hurt my trading results...I wouldn't think of it. I like to teach... I've always taught others what I personally like to do, in a variety of courses ranging from juggling to industrial statistics. If you'd like to find out more about our backgrounds, click here. But first, here is what our founder and mentor Arthur Ullrich has told others about his creating this course:
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