BestDayTrader Q&A
- Thread starter BestDayTrader
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I agree with you 100%, but I think the cool was kept on this thread for a very long time. You'll notice that a few posts of mine almost defended BDT before they had the opportunity to answer reasonable questions.
But even after all of that, I find myself wondering why anyone (including myself) would even attempt to decide if BDT is legit or not after reading the testimonials page of their website. It should be clear to anyone that most (if not all) of those testimonals are at best misleading and at worse total fabrications.
Quah,
I have no real problem with what you or others have posted so far. I'm just recommending caution, that's all.
My "problem" here is that, totally independently, a couple of weeks ago, someone I respect suggested that I check BDT out. I looked at their website and didn't see anything to make me change my usual careful attitude about these services. However, after seeing this thread, I thought that maybe I didn't do them justice. The reason is that I hadn't really clarified what I was objecting to (other than some of that unbelievable fluff.)
When Shay returns to this forum, I have a question for him. Let's see if I get to ask it and what he says.
I have no real problem with what you or others have posted so far. I'm just recommending caution, that's all.
My "problem" here is that, totally independently, a couple of weeks ago, someone I respect suggested that I check BDT out. I looked at their website and didn't see anything to make me change my usual careful attitude about these services. However, after seeing this thread, I thought that maybe I didn't do them justice. The reason is that I hadn't really clarified what I was objecting to (other than some of that unbelievable fluff.)
When Shay returns to this forum, I have a question for him. Let's see if I get to ask it and what he says.
Look, most of us know the hardest part is the exit - not the entry.
Anyone that has the skills and knowledge to exit a trade at the perfect time surely doesn't need any assistance in entering a trade.
Even BDT says they don't tell people when to exit a trade - only when to enter them. And that's where the "potential" game begins. And where newbies get sucked into the thinking that the "potential" is actually possible - because it sure looks like it is.
BDT's swing trading stats show "only 20% of possible profits" - another, IMO, insidious ploy to make people think that they can even exit at that 20% point. "Potential" is "potential" - be it 100% of potential or 20% of potential.
The psychology behind this type of advertising amazing me. It's actually genious.
Anyone that has the skills and knowledge to exit a trade at the perfect time surely doesn't need any assistance in entering a trade.
Even BDT says they don't tell people when to exit a trade - only when to enter them. And that's where the "potential" game begins. And where newbies get sucked into the thinking that the "potential" is actually possible - because it sure looks like it is.
BDT's swing trading stats show "only 20% of possible profits" - another, IMO, insidious ploy to make people think that they can even exit at that 20% point. "Potential" is "potential" - be it 100% of potential or 20% of potential.
The psychology behind this type of advertising amazing me. It's actually genious.
Totally agree on the exit part - it's key. Also, the stoploss is extremely important. I guess, the stoploss is part of the exit scheme.
I have looked at trading services in the past that claim 90% accuracy, only to find out that their recommended stoploss is about 10 times their first profit target. That kills you, right there, because these numbers don't add up: no expected profit, and you knew it from the beginning (if you understood their numbers.)
But a system that can deliver an expected gain with a stoploss equal to your first profit target is interesting, because you can exit part of your position, bring your stoploss to b/e and trail the rest. Certainly worth checking out a claim, right?
I have looked at trading services in the past that claim 90% accuracy, only to find out that their recommended stoploss is about 10 times their first profit target. That kills you, right there, because these numbers don't add up: no expected profit, and you knew it from the beginning (if you understood their numbers.)
But a system that can deliver an expected gain with a stoploss equal to your first profit target is interesting, because you can exit part of your position, bring your stoploss to b/e and trail the rest. Certainly worth checking out a claim, right?
Doesn't look like BDT is coming back. 
I guess they decided over the weekend that it's not worth the grief to defend themselves here on ET. It's too bad, because they stood a good chance of gaining quite a few subscribers, if they could have done a bit more to win over this forum. Oh well, we can always read their logs, and think of what might have been. 
I guess they decided over the weekend that it's not worth the grief to defend themselves here on ET. It's too bad, because they stood a good chance of gaining quite a few subscribers, if they could have done a bit more to win over this forum. Oh well, we can always read their logs, and think of what might have been. And therein lies the rub - these calls do not come with a "first profit target". BDT says they usually use a .05 - .10 stop loss, but again state that they leave it up to the trader to decide when to exit. And have repeatedley ignored requests to show where the exits are on the trades used to calculate the "potential" profits show on their website.
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