The fact is this. When trading is difficult, it's easy to succumb to marketing hype where various advisories will list the five 100% gainers they had last month. Of course, we all know that not all the recommendations last month were winners. The problem is that many advisories will provide several recommendations, and unless you take all of them, there's no assurance you'll realize the same profits that are so widely advertised. Truth is most small traders simply can't afford to take more than a handful of recommendations, and there's a fair chance you'll take some of the losers.

Over time, one comes to realise that one must follow a disciplined system in trading. Whether it is one you have developed yourself, or someone else's that you follow consistently, it must be followed rigorously over time to show results. And the key to most systems is that they will have perhaps 55-60% winning trades, and meaningful profits will accrue only by letting winners ride and cutting losses quickly. It's really almost as simple as that. Yes there are money management techniques to enhance returns, but basically, it really is as simple as developing the mental fortitude to accept regular, small losses while also letting big winners develop.

Why we're saying this is the following: As far as advisories and systems go, early in our careers we've "been there done that". In the end, we realized that there are really only a few very good ones that one can hang one's hat on and trust to provide experienced, regularly profitable advice. While everyone will have their favourites, and we're sure we haven't seen all the good ones, we think it's best to narrow down your choices to a select few and follow these regularly. For what it's worth to those out there, here are the ones we believe have something meaningful to offer, and why. For the benefit of our visitors, we welcome suggestions from others who have identified thought-leading trading advisories.

Traders Helping Traders
If you're a conservative commodities or futures trader and like protecting profits, here are a couple of guys who don't like giving anything back to the market. Trades are frequent but stops are close enough to keep risk to a minimum the reward-to-risk ratio high, just as it should be. These folks are good at what they do and value the individual's dollar. They're well-regarded and speak regularly on behalf of the Chicago Board Of Trade.

Robert Prechter's Elliott Wave International
Ok, Robert Prechter qualifies as a true thought leader. Not all may agree with his views, some of which can be pretty extreme, but that's what leaders are about. Sometimes they're right, sometimes they're not. In Prechter's case, his good calls have been spectacular, and his missed ones in hindsight, have been a bit early. Bob Prechter's Elliott Wave International provides most advice based on the somewhat esoteric Elliott Wave Principle. But if you believe in the role of crowd psychology in the markets and the fact that this gives rise to ebb-and-flow, wave-like price movements, you'll find much merit in this site. Yes, we've signed on to actively promote EWI, but that's not why we like it. We liked it first - the rest came later. The EWI team covers the entire spectrum of markets and provides some easy to follow trading advice...which markets, when to get in, and when to get out. Try the risk-free trial and see for yourself.

Dr. Marc Faber
Dr. Faber has ideas on just about everything, especially on how history and cycles can shape future events. He happens to be a successful money manager to both institutional and high-net-worth clients. His specialty is Asia, and his writing is as eclectic as it is shrewd. Probably not one for short term active trading, Dr. Faber's thesis is that if one can catch even one meaningful secular trend each decade, there is really little need, besides for the excitement value, to attempt market timing on a daily or weekly basis. So, if this fits your style, none better than "Dr. Doom" to pick those trends with.

Currency Bulletin
The foreign exchange market is wonderful to trade if you know what you're doing. And believe us, John Percival knows what he's doing. If you enjoy a thought-provoking, unconventional read, being entertained and taking profitable advice all at the same time, we're sure you'll love this newsletter. It's reasonably priced, and follows a systematic method of identifying extremes in sentiment to decide multi-day and multi-week trending moves in the global currency markets. Currency Bulletin is no new kid on the block. If you have to choose just one currency advisory, this should be it.

Richard Russell
What can we say about Richard Russell except that he's a legend in his own time. If you've read about Dow Theory, you've read about Richard Russell. Again, thought leadership on the markets, no outside agendas, a true passion for his work, and the voice of experience like few others. Neither Richard nor his staff would know us from a hole in the ground, but if you can afford US$250 for a year's worth of great reads on the market (and some social-political commentary to boot), check it out.