Iam new to this and have tried all the advisory services aproximately 50 k lighter i have come to the conclusion there are none that actually make money ie kingfish, sp500guru, and even a sponsor of this site puretick. which leads to my next conclusion is anyone making money?does anyone know a advisory service that could be recommended thaks?
Any Advisorys Services Profitable?
- Thread starter toddmay
- Start date
Ahh, come on. I advise a few friends and we're all profitable. Yes, there is a little ego going on, but I think I'm helpful to a few folks.
T
http://actionpointsta.blogspot.com/
Why not? This is the stupidest commonly held belief out there. People will start a trading service for the same reason that they might start to manage OPM, to make money, and there is, potentially, a lot of money in it. Back "in the day" Pristine was making close to $10million per year, Ken Wolff was probably clearing $1million as most likely was Jae Yu. Until two years ago when I "retired" I never made less than $300,000 with the exception of 2001. Even today sites like John Carter/Hubert Centers tradethenews.com make over $2 million per year for the owners. If you think that this is chicken feed I'm not exactly sure what to say. I'd also like to think that most people can not build a terribly successful service (and I think a one/two person operation making several million $$$ would qualify) if it does not provide a real service to the end user.
However, anyone considering an advisory service should be extremely suspect for at least two reasons.
(1). A good and profitable trader is simply unlikely to engage in a service promoting his calls. Why does he need interruptions in his trading day, and the good chance that his "systems" will become public knowledge? Yes, there's a chance that a decent trader might engage in a service as an ego boost (there is no lacking of egos in that business), but even that would make me more suspect.
(2). There is no regulatory agency or public rating system overseeing the sometimes ridiculous and fraudulent claims of some of these "services". Claims of profits, or lists of trades need to be taken as meaningless by any potential user.
If any members of this site have taken losses from services that have promoted potential profits or shown trading lists that are suspect, you would do a good public service by contacting the FTC and SEC with the web site address, names of owners, and specific instances of potential fraud. Because they can and often do follow up.
Anything on the site that speaks to the issue of profits, or lists of past profitable trades, or makes promises of success, is potentially a case for claims of wire fraud.
I almost engaged with an investment advisor (not trader) a few years ago. He had solid testimonials, impressive offices, and a good plan. But something seemed wrong, so I looked into it more clearly. Then reported him to the feds. He's now serving a 20 year prison term for running a ponzi scheme out of Atlanta.
So don't hesitate to get involved if you've been screwed or suspect something is wrong.
Rockhoundnz
Guest
Simply put, this is totally wrong. It makes perfect sense for a good and profitable trader to start an advisory service. Firstly, it provides another income stream that has lower risk than trading. There is no reason why a good trader can't talk about trades, call them and make money at the same time. There's certainly no issues with a trader's "systems" becoming public knowledge because most of the so-called "systems" that successful traders use are already public knowledge (although, perhaps misused by the majority).
Just like a football coach, if you know how to play the game, why would you not take the opportunity to make money by teaching others?
I think the question was whether any of these services could help the OP make money / become a better trader.
Your comments only point out that a successful marketer can make a lot of money setting up an advisory service. That, of course, begs the question, why would someone teach others how to trade if they were extremely profitable just trading? Those of us who have been around awhile know the answer to this question.
The answer is, most of these advisory services will not make you a profitable trader. What will make you profitable?
You must take in ideas from many sources, some will work for you and some will not. You will at some point in time, hopefully, develop a way to trade that you have customized to fit your emotional and financial "make-up". You will understand that each trade is merely a statistic in a long, ongoing process and not a reflection of whether you are "right" or "wrong", "smart" or "stupid". Trading will become very boring because being "right" or "wrong", "smart" or "stupid" is just an indication of whether you followed your trading plan, not whether you are profitable or not in any particular trade.
Yea, you'll learn from lots of sources, just don't make the mistake of believing that any one of these sources is a profitable way for you to trade.