Be afraid of blogs, be very afraid...

Quote from retaildaytrader:

...#5- Good traders, funds and firms would not give away how they do business just how Coke isnt going to give you their secret formula. A good trader will never come out publicly and tell you how they do their business. So if you are reading a strategy on a blog then chances are it will not work. No one is going to publish a strategy that is working for them. No one is going to let you in on the inner workings of their profitable enterprise.

#6- Blogs oftentimes push technical analysis and theories such as the Elliott Wave. It all looks good on paper, but the truth is that every technical pattern has a probability behind it. Usually that probability gives you only slightly better odds then the coin flip. However, technical analysis is most always promulgated as the be all and end all. There is no blog out there that discloses these are just probability studies. When the market goes against their technical theory, who is blamed? It must be Obama or Bernanke who is manipulating the market and you are to blame the politicians for the pattern not working...
More...

(#5)

How do you explain why many famous, top rated athletes giving "free camps", "free lessons", "pay camps", "pay lessons" to teach their techniques to others. :confused:

Is it their fault the students don't master what they've mastered or is it that these top athletes know that only a small percentage will "get it" and a smaller percentage will be able to "apply it" correctly in real competition situations. Thus, they're intentionally exploiting those they already know will never "get it" or will never reach the professional level of making a living from their athletic/technique.

Maybe they are doing it for the money only, maybe doing it to give back to something that has given them so much, maybe doing it because they signed a mega million dollar contract that requires them to do such.

Regardless, I've learned a lot from this free lesson from Kobe Bryant about "attacking the foot" of my opponent to set up the neighborhood kids for my basketball moves even though I got 30 years on them. :cool:

http://www.youtube.com/watch?v=aSqeWUuQSlM

Also, the academy camps are all sold out although I'm sure they'll say I'm too old.

http://kobeacademy.com/

Those who can't do...will teach. :D

(#6)

Most blogs I read have nothing to do with technical analysis nor trade/investment recommendations et cetera. In fact, most blogs seem to me to be insights or complaining about something occurring in the market, economy or a trader's personal interaction with the world itself.

P.S. retaildaytrader you should leave trading alone...go find another job because I become more convinced that most traders are not suitable for trading prior to their very first trade.

Mark
 
Yes, you are finding some blogs useful because they have brainwashed you through the various techniques I have demonstrated. I like to bring up the magician at the casino lounge who seems to perform these stunts you could swear were real, but its all slight of hand and illusion.

Besides the usual tricks such as "double talk" and the like you will also find probability. For example, if I flip a coin and say the market will go up or down based on just that then I have 50% odds. So the blogger will usually try to improve his odds by trend following which works sometimes...if the market is on the way down then they keep saying its on the way down, but also at the same time making a hedge statement just in case they are wrong so they can come back and point out they were right.

I have had enough of it where you see these guys constantly twisting and turning saying they have a 100 different positions and are making wild coin yet they have google adsense ads up. Everyday they say they are in and out of the market...buying calls today then buying puts tomorrow then whatever...

If you want to believe and read these rags then go ahead. Believe what you want...however, I dont see the trading greats like Paul Tudor Jones hanging google adsense off his site or asking for paypal donations. I dont see Soros or Buffet trying to swing a few extra bucks through online advertisements and none of those guys gauarantee sky high returns. Many of these blogs guarantee those returns and their word is not quite as good as the paper I wipe with.

So PT Barnum was right. There is a sucker born every minute. However, I might kindly ask that before you give one cent to a stranger you have the kindness to donate to the Red Cross or American Lung Association. Have a heart and donate rather then give it away to some guy you will probably never hear from again.
 
RDT,

This is good advice you are giving, but it will fall on deaf ears. Why? Because no one wants to deal with the expert axiom. No one wants to put in those 10000 hours of focused study to achieve the goal. I know I didn't. But I couldn't quit, so around 10000 hours later I can say I know what I am doing. But in the end every trader has to put the time in, tranference is not an easy thing.

Caveat Emptor
:)
 
Someone has a case of "blame everyone else for what happens to me."

Look, you are responsible for yourself - no one else. If you lost money because of something you read on a blog - it is your fault, not the blog's fault.

Step up and take personal responsibility - until you do, you will be a loser in life and in trading.
 
Quote from retaildaytrader:

Yes, you are finding some blogs useful because they have brainwashed you through the various techniques I have demonstrated.
More...

It's one thing to have an opinion. It's another thing to repeatedly state a position that many have contradicted. Many here have shown WHY you're wrong in your stance. You refuse to accept any other position that what you believe -- maybe it is YOU who is brainwashed.

As I stated earlier I do read some blogs, many in biotech. But in the end I make my own trading decisions. I've been trading full time going on 15 years. What about you? How long have you been a full time trader? How many years profitable?

Take off your pessimistic glasses and look at each piece of information out there - blog or otherwise with an unbiased perspective. I've read plenty of blogs by MD's and PhD's and many have credibility.

If you want to ignore blogs you're welcome to do so. But don't come on here and make blanket statements you can't back up.
 
i better throw away the techniques which have helped me out then since i've been brainwashed. good to know, wish someone had told me years ago!
 
Ok, lets back up a little bit here:

"As I stated earlier I do read some blogs, many in biotech. But in the end I make my own trading decisions."

So you take into consideration advice from strangers. Guys you have never met or little know...you dont rely on it, but you read it anyway and make your decision.

"I've read plenty of blogs by MD's and PhD's and many have credibility."

I am a little familar with MDs since I have a little experience in using them and my family/friends have used them.

In regards to medical doctors, some of them have degrees from out of country medical schools with inferior standards. Some have been in trouble with the state they are licensed in. Some took a few passes at the state licensing exams in order to pass. I remember a long time ago in the early 90s being shown a large black book from my friend who worked at a hospital which had all the juicy details on the violations of various doctors. Now go to the web reviews and you can see the input of various patients about how this doctor did this wrong and that wrong. Then there are doctors that are not really doctors or practicing with suspended/revoked licenses.

So my point is that a person might have the "MD" ahead of their name or the "Dr" in front of their name, but those are just letters and nothing more. The truth is that doctors get their "credibility" by staying in the same community for many years or decades at a time constantly building up their reputation. A lot of Doctors do get into trouble and there are problems with their work, but they somehow manage to stay in the field. Thanks to the internet we can view patient reviews and disciplinary actions by the state more easier then the days of the large black book which is kept a secret by the hospitals.

I am going to be blunt. It is absolutely idiocy to take medical advice from someone because they have "MD" ahead of their name on the internet. You dont know them from a hole in the wall.

As for the PhDs, same thing. Its just letters ahead of a name.

Bottomline...I only take advice from people who have a well established reputation and who I have had a chance to perform my own thorough due diligence. I want to meet the guy in person and have a chance to talk with them before I take their advice.

Sure, I might take the advice on Consumer Reports in regards to a DVD player, but I am not going to take someone's word on it over the internet in regards to my finances or health.

Finally, how do you know that these internet guys are not convicted criminals? 1 in 50 Americans is a convicted criminal. You see, you dont know. Would you take financial advice from someone convicted of fraud or some other form of criminal dishonesty?
 
What if someone had a blog where-

they didn't have 100 positions, just 1 or maybe 2 at a time.

they posted their size, entries and exits in basically real time.

they posted their thesis for each trade and went into great detail about the set ups they played.

by following that person your account doubled in 2 years.

they started a free chatroom.

over the next 8 years you averaged over 6 figures from their calls alone.

over that period of time you not only learned what they do but in some respects became better than them, as well as, learned from others.

would you be brainwashed to have followed or smart?
 
Quote from retaildaytrader:

Ok, lets back up a little bit here:

"As I stated earlier I do read some blogs, many in biotech. But in the end I make my own trading decisions."

So you take into consideration advice from strangers. Guys you have never met or little know...you dont rely on it, but you read it anyway and make your decision.

"I've read plenty of blogs by MD's and PhD's and many have credibility."

I am a little familar with MDs since I have a little experience in using them and my family/friends have used them.

In regards to medical doctors, some of them have degrees from out of country medical schools with inferior standards. Some have been in trouble with the state they are licensed in. Some took a few passes at the state licensing exams in order to pass. I remember a long time ago in the early 90s being shown a large black book from my friend who worked at a hospital which had all the juicy details on the violations of various doctors. Now go to the web reviews and you can see the input of various patients about how this doctor did this wrong and that wrong. Then there are doctors that are not really doctors or practicing with suspended/revoked licenses.

So my point is that a person might have the "MD" ahead of their name or the "Dr" in front of their name, but those are just letters and nothing more. The truth is that doctors get their "credibility" by staying in the same community for many years or decades at a time constantly building up their reputation. A lot of Doctors do get into trouble and there are problems with their work, but they somehow manage to stay in the field. Thanks to the internet we can view patient reviews and disciplinary actions by the state more easier then the days of the large black book which is kept a secret by the hospitals.

I am going to be blunt. It is absolutely idiocy to take medical advice from someone because they have "MD" ahead of their name on the internet. You dont know them from a hole in the wall.

As for the PhDs, same thing. Its just letters ahead of a name.

Bottomline...I only take advice from people who have a well established reputation and who I have had a chance to perform my own thorough due diligence. I want to meet the guy in person and have a chance to talk with them before I take their advice.

Sure, I might take the advice on Consumer Reports in regards to a DVD player, but I am not going to take someone's word on it over the internet in regards to my finances or health.

Finally, how do you know that these internet guys are not convicted criminals? 1 in 50 Americans is a convicted criminal. You see, you dont know. Would you take financial advice from someone convicted of fraud or some other form of criminal dishonesty?
More...

And I'll be blunt also -- you're an idiot. Sorry about being so direct. But I asked you earlier how long you've traded full time. You neglected to reply. I've traded 15 years with no other source of income in that time period. I make my own trading decisions -- which part of that do you apparently not comprehend??

Better yet -- I'll make you an offer? Since you seem to know it all I'll trade you on a daily basis -- lets' say for a month. Best P&L for each day wins $1000 from the other. So you have a chance to win $20K for a month since you're so on top of things. Wanna make a wager?

I guess you're too ignorant to research a blogger's credentials online.

PS Are you a paranoid-schizophrenic -- everything you suggest in this thread suggest such.

I've read your mindless drivel on multiple threads -- you are NOT a trader.
 
Quote from DHOHHI:

And I'll be blunt also -- you're an idiot. Sorry about being so direct. But I asked you earlier how long you've traded full time. You neglected to reply. I've traded 15 years with no other source of income in that time period. I make my own trading decisions -- which part of that do you apparently not comprehend??

Better yet -- I'll make you an offer? Since you seem to know it all I'll trade you on a daily basis -- lets' say for a month. Best P&L for each day wins $1000 from the other. So you have a chance to win $20K for a month since you're so on top of things. Wanna make a wager?

I guess you're too ignorant to research a blogger's credentials online.

PS Are you a paranoid-schizophrenic -- everything you suggest in this thread suggest such.

I've read your mindless drivel on multiple threads -- you are NOT a trader.
More...

You followed finance blogs in 1995? :confused: Did finance blogs even exist?
Saying you take trading decisions by your own and thats why blogs are helpful makes no sense though. If blogs are helpful then you wouldn't need to take trades on your own.

Quote from Mike Morrison:

What if someone had a blog where-

they didn't have 100 positions, just 1 or maybe 2 at a time.

they posted their size, entries and exits in basically real time.

they posted their thesis for each trade and went into great detail about the set ups they played.

by following that person your account doubled in 2 years.

they started a free chatroom.

over the next 8 years you averaged over 6 figures from their calls alone.

over that period of time you not only learned what they do but in some respects became better than them, as well as, learned from others.

would you be brainwashed to have followed or smart?
More...

Do you know a chatroom which started in 2002 and made $100k a year with $5k starting cash?

Quote from wrbtrader:

(#5)

How do you explain why many famous, top rated athletes giving "free camps", "free lessons", "pay camps", "pay lessons" to teach their techniques to others. :confused:

Is it their fault the students don't master what they've mastered or is it that these top athletes know that only a small percentage will "get it" and a smaller percentage will be able to "apply it" correctly in real competition situations. Thus, they're intentionally exploiting those they already know will never "get it" or will never reach the professional level of making a living from their athletic/technique.

Maybe they are doing it for the money only, maybe doing it to give back to something that has given them so much, maybe doing it because they signed a mega million dollar contract that requires them to do such.

Regardless, I've learned a lot from this free lesson from Kobe Bryant about "attacking the foot" of my opponent to set up the neighborhood kids for my basketball moves even though I got 30 years on them. :cool:

http://www.youtube.com/watch?v=aSqeWUuQSlM

Also, the academy camps are all sold out although I'm sure they'll say I'm too old.

http://kobeacademy.com/

Those who can't do...will teach. :D

(#6)

Most blogs I read have nothing to do with technical analysis nor trade/investment recommendations et cetera. In fact, most blogs seem to me to be insights or complaining about something occurring in the market, economy or a trader's personal interaction with the world itself.

P.S. retaildaytrader you should leave trading alone...go find another job because I become more convinced that most traders are not suitable for trading prior to their very first trade.

Mark
More...

You can't compare basketball to trading, when nobody in the trading world shows account statements while kobe is all over tv and everybody knows hes a great basketbal player.
 
You must log in or register to reply here.
Back
Top