Be afraid of blogs, be very afraid...

Quote from Mike Morrison:

LOL! If you only have 5K you're broke and shouldn't be trading period. To even ask such a moronic question says a lot about why you're a failed trader.

FWIW, I started with 100K as I do each year.
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Funny how no chatroom I've ever encountered did pre-filtering and only accepted $100k+ guys. :p Guess why? Because theyre in the business of getting subscribers, not in the business of helping people trade. It doesn't matter if they help you trade, they get money anyway.

I bet if all chatrooms started rejecting sub $100k guys they would only have 10% of subscriber base left. If you have 200 people paying 100$ a month then thats a huge chunk of change gone there.
 
Quote from Mike Morrison:

"make my account double"....Thats a very odd response. I can see why you feel so let down. It probably explains why 90% of the people who where once in our chatroom couldn't make money, even though the other 10% were doing well or even great.

What you really want is a money manager, not someone willing to teach you how to make money. This, btw, is why a lot of guys don't mind giving it away for free. Even when given the knowledge most won't ever correctly apply it for a mulititude of reasons.
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Looks like the chatroom didnt help alot of people. maybe they had too little moneY? :p Or maybe the 10% win rate is explained by the fact that normally theres a 90% loss rate with all daytraders and this must mean your chatroom doesnt work at all?:D
 
Let me take a little time again to debunk the responses:

"There are several threads here at ET full of account statements and several well known blogs full of account statements although these traders aren't too popular except for a few."

Ok, lets see the links to three of those threads that are "full of account statements". Throw out a few blogs too which provide us with account statements.

"Yes, it's called logic and independent validation."

Since when has that given anyone an edge in the market? You are telling me that somehow your logic is somehow better then everyone else's like the analysts? The analysts are an educated crowd who have their jobs on the line. Everyday they use logic and independent valuation, but they seldom give anyone an edge.

The only proof you can disclose here to prove your skills is an account statement demonstrating how you have profited over these last 3 years.

"What you really want is a money manager"

Famous last words...I wonder how many said those words when referring guys like Madoff and Trevor Cook. At the height of people's frustration with the market, they finally give up and throw the money at some charasmatic character who is worse at trading then they are.

The final act of a desperate man.

"Because theyre in the business of getting subscribers, not in the business of helping people trade."

This is the most important concept to realize and understand. All these guys, money managers...bloggers...subscription sites, are not in the business to help people out. These guys and sites may sound very logical and charasmatic, but they are ultimately in the business to make money for themselves.

Madoff demonstrated to us that even with full due diligence there is no guarantees. Chances are when you send that check off to your "money manager" its not being used like you thought and the eye-popping returns come back as a more humble amount that is if you ever get that money back again.
 
Quote from failed_trad3r:

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.
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Read my original post -- I said I've been trading full time for 15 years. Did I say I read blogs since 1995? Nope.

And yes, I make 100% of my trading decisions on my own. And yes, reading blogs may help in making decisions.

Let's try a simpler example, just for you. Let's say Goldman has a buy on stock XYZ. Let's say Credit Suisse has a sell on the same stock. Are you saying it's not wise to read BOTH analyst reports? Each analyst has assessed the data as they know it and drawn their own conclusions. Similarly, I form an opinion. And if I read a blog that reinforces my mindset or differs from it I go from there.

This isn't rocket science.
 
Quote from retaildaytrader:

Here is my multi-part reply:

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

At least I am not a troll. You troll around ET with the others reading every post in exact detail wasting away your life on here. The mods know that I dont come to this place everyday like some of you who examine every post and follow people around so closely. Thats why I stay away from the web for days at at time,
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So I'm a troll? LOL. Let's look at FACTS. You say you don't come here every day. Hmmmm. In less than a year you've posted almost 800 times; just over 2.5 posts/per day. In 7+ years I've posted 1198 times which is about 0.45 posts/day. Nice to see you stay away from ET for days at a time yet post 5 times as frequently as I, a supposed troll.

Bottom line is you refuse to accept that other people may be successful using tools or methods that you've either failed with, don't understand or are skeptical about.
 
Quote from Mike Morrison:

"make my account double"....Thats a very odd response. I can see why you feel so let down. It probably explains why 90% of the people who where once in our chatroom couldn't make money, even though the other 10% were doing well or even great.

What you really want is a money manager, not someone willing to teach you how to make money. This, btw, is why a lot of guys don't mind giving it away for free. Even when given the knowledge most won't ever correctly apply it for a mulititude of reasons.
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Many aspiring traders are flat out lazy. They get burned and lose some money, whether it be from following a newsletter, perhaps retailtrader reading a blog and blindly following the blogger, or any other number of ways that 'wanna be' traders expect to make easy $$$ trading. They want great returns with minimal investment of their own time and energy. Many fail to realize that it takes constant work to stay on top of your game - whether you're an athlete, trader or many other professions.
 
"Many fail to realize that it takes constant work to stay on top of your game"

This statement goes contrary to everything I have read from the most popular trading books. I believe the most successful traders out there will tell you to simply wait in cash for weeks or months until there is an obvious opportunity.

This article says it best. Every successful trader I have read about from Jesse Livermore to the market wizards to the turtles has a spin on this same logic.

http://www.marketoracle.co.uk/Article18364.html

If you are working hard looking at the markets everyday then you will fail. You should only be trading when there are obvious opportunities which come once every few months if that. There is the Paul Tudor Jones video that shows Tudor hard at work going to an office each day and sweating it out yelling into phones. Thats drama he put on just for the video. I dont think he actually reported to work everyday sweating and yelling into phones.

I honestly feel waiting for obvious opportunities is the best way to go. Sweating it out from day to day and "working hard" will not make you a good trader but will be the ultimate lesson in frustration.

You will oftentimes see me rail against prop traders like Dustin who pitch the firms they work at. I really think those bucket shops are nothing more then places to burn your deposit and churn accounts.
 
Quote from retaildaytrader:

"Many fail to realize that it takes constant work to stay on top of your game"

This statement goes contrary to everything I have read from the most popular trading books. I believe the most successful traders out there will tell you to simply wait in cash for weeks or months until there is an obvious opportunity.
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No trading methodology works in ALL markets. What worked a decade ago when techs were on a tear doesn't work today. Any, and all traders have to adapt to what the markets are telling them. That means fine tuning or altering their approaches. And that requires work.

Let's talk sports, specifically golf. Look at Tiger. He took time off and his game is no where near what it formerly was.

PS Popular trading books are a dime a dozen. Anyone can write a book.

And to wait in cash for weeks is not smart -- assuming trading is your livelihood. The markets can be traded long or short every day. If a trader can't find opportunity then perhaps his system is lacking as there are lots of trades one can take each and every day.
 
Quote from retaildaytrader:

...If you are working hard looking at the markets everyday then you will fail. You should only be trading when there are obvious opportunities which come once every few months if that...
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If every institutional trader I personally know would follow your advice...every one of them would have been fired and no more xmas bonus for a job well done. :mad:

By the way, you make too many blanket statements or take general statements from others and twist them to support your blanket statements.

Like I said before, you should find a new job and take a long vacation from EliteTrader.com

Mark
 
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