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| FIRST
is
a computer system that is especially designed to forecast intra-day price
movements of the financial markets. The program is a result of research
into the behaviour of market participants when the market price approaches
predetermined price levels generally termed resistance or support.
FIRST is based on the market hypothesis - "The market moves in accordance to the fixed laws of computable numbers involving price and time. If these numbers are known in advance then the future direction of the market can be determined accurately". FIRST computes daily price targets (resistance/support) for a given market and analyses the trader reaction when the market approaches these target levels. FIRST is a unique concept that is particularly suited for futures markets and has been successfully applied to several futures markets (e.g. Dax, FTSE, EuroStoxx, German Bund, Bobl, Long Gilts, Nasdaq, S&P, T-Bonds). FIRST is a mathematical tool for modelling market behaviour. It relies entirely on historical data for its computations. It does not take into account any fundamental financial and/or economic factors (interest rates, inflation, unemployment etc.). Because, it is believed that in liquid markets where adequate data is available, technical analysis is more appropriate than fundamental analysis over shorter time frames (e.g. a day). However, over a longer time period (e.g. several months) it may not be possible to ignore the influence of fundamental factors. FIRST provides highly selective and filtered information for the next trading opportunity. Its aim is to provide experienced traders with critical price information as a decision support tool. However, futures markets are prone to rapid movement and sudden changes of direction. As a result, every trade should be protected with an appropriate stop-loss and the user must be prepared to act without delay if and when unexpected price behaviour is observed. FIRST also incorporate a unique proprietary trade management system. |
| Reviews | back to top |
| South Bank University article - "Who wants to be a Millionaire" |
| Investors Chronicle 18-24 August2000 page 76 - Article comparing various investment analysis software packages |
| ..........FIRST
is
a day trading system that has three things going for it. One - it seems
to work, two - the vendor uses it himself, three - he's prepared to prove
his own results using it with account statements. Novelty value!
Financial Software Review |
| Future
Techniques
As seen in "Derivatives 2000" - An official publication of The Futures and Options Association |
| FIRST
FOR KNOWLEDGE - Andrew Webb talks to the creator of
a new day-trading system, FIRST, which adds the time factor into the usual
support/resistance considerations.
".................Having run FIRST continuously for some two and a half months, it became apparent that the quality of the signals was not only good but also consistent." "................The consistency was particularly encouraging, there being no discernible difference in quality between historical and real time signals, which made it seem unlikely that FIRST had been over optimised with the benefit of hindsight". |
| Day by
Day,
by Andy Webb - Taken
from his article in The Investor May
1999
" I ran FIRST continuously for about a month and kept a rough record of trades that I would have hypothetically taken while using it as a decision support tool. The results were impressive, but altogether more impressive are the results that Dhallu has actually achieved himself using FIRST for trading his personal account." |