Ask Colin

How does your advice to select a trading plan and stick to it square with you selling videotapes of three different systems from your trading camp?

I don't think you have quoted me correctly. I stand to be corrected, but I don't think I ever said or wrote that anyone should select a trading plan and then stick to it. What I think I have said consistently is that everyone should develop a trading plan and then stick to it.

One of the things that I try to teach consistently is that everyone has to develop a trading plan that suits them. I don't believe that anyone can succeed by just taking a trading plan from someone else and using it. It will not work, because they will not have confidence in it under pressure and will then abandon it or try to double-think it.

Indeed, one of the things I say very strongly about my trading plan is that I teach it only as a model of what should be in a trading plan. I do this because people said to me repeatedly that they accept they need to develop their own plan, but don't know where to start. It is an accepted approach to teaching to provide a model, as I do, explaining what should be there, what risks are being managed and why I have made the decisions I have made in my plan.

So, that is what I am teaching - what needs to be in a trading plan.

Neil Costa is not presenting a trading plan in the same way that I am. However, in his own way, he is presenting his approach to investing and trading. He is teaching what he thinks works for him and is putting it there for his audience to pick up if it fits with their objectives, resources, attitudes, risk tolerance and so on.

Tony Plummer is presenting his original ideas on cycles, much of which has not yet been published elsewhere. He is really teaching a part of his method of analysis. He does not teach a trading method on the videotape.

So, you should see the three videotapes as resources that will be valuable inputs to your journey to development of your trading plan. I will show you what needs to be in a plan and how I have solved the questions for me personally. Neil will show you his methods for your consideration. Tony will show you how he tries to understand the underlying cycles in markets.

None of us expect or want or world ever recommend that you just try to use one of these presentations as your trading plan.