BestDayTrader Q&A
- Thread starter BestDayTrader
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Quote from Shogun-Trader:
Hello LiL "C",
1. breakouts happen right when you buy the stock and exits is when you sell it right?
- Breakouts is a term for bursts of momentum that happen when either a support or resistance are broken.
2. I'm using market orders now. Is this the right thing to do?
- I, personally, mostly use limit orders. They give you a bit more safety.
3. I have read and I'm reading that you should buy them large lots like 1k or more at a time so the market only has to move a little for you to make money because your buying in bulk is this correct.
- You should only trade what you can afford. 1000 shares that move 25 cents are the same as 100 shares that 2.5 dollars.
4. I read the paper every day and I watch CNBC from the time I wake up until the 4 o'clock I just want to know if I have the gist of things you know the right idea.
- Do you have a good charting program? I would charts a lot more than CNBC
Start developing your own methods using charts. CNBC is really full of fluff.
This is too funny.
I don't know who is the better BSer here, LiL "C" or "Shogun".Shogun and friends...
I am gonna have my pals from SAC look over your records... u should be getting a call from them soon... I am sure they will want to do business with you.
I also sent an email to Jack Shwagger to look over some of your logs... he seems interested to do an interview with you for his new book on trading/chatroom mentors.
Your results are only pretty good in my book.. %15 avg profit... 90% of the time ..
The only other reputable traders that can compete with u are Tokyo Joe and Waxie.
When is the book coming out.. I cant wait. Do you guys have any late night commercials or free audio tapes?
Let me be the first to congradulate u.
You are a Warren Buffet in the making. Chachingo!!
--MIKE
I am gonna have my pals from SAC look over your records... u should be getting a call from them soon... I am sure they will want to do business with you.
I also sent an email to Jack Shwagger to look over some of your logs... he seems interested to do an interview with you for his new book on trading/chatroom mentors.
Your results are only pretty good in my book.. %15 avg profit... 90% of the time ..
The only other reputable traders that can compete with u are Tokyo Joe and Waxie.
When is the book coming out.. I cant wait. Do you guys have any late night commercials or free audio tapes?
Let me be the first to congradulate u.
You are a Warren Buffet in the making. Chachingo!!
--MIKE
I have been on a number of chatrooms and all are different.
From an educational standpoint Linda Bradford R's one was one of the best but one of the worst for calls (while I was there- only a trial)Bestdaytrader is momentum breakout and gives many calls. The calls are bracketed (long and short either side of a potential breakout). So I had a lot of stopouts - for reasonably small losses. Some of the winners I caught were rockets and one of those in a day made up for 5 or 6 losers, so as I said I was profitable. The training videos are good and explain the method clearly. (BTW Shogun I tried to look at them again but my password seems not to be working now).
The room probably won't suit everyone but if you like risk and can see the good risk /reward ratio it might be. After learning the method I feel I can use it myself without the room - but Shay is skilled at finding potential setups, a timesaver.
The claims of making sooo much I ignore- but if I can be in the black a few dollars at the end of the day that is a good result in my eyes.
From an educational standpoint Linda Bradford R's one was one of the best but one of the worst for calls (while I was there- only a trial)Bestdaytrader is momentum breakout and gives many calls. The calls are bracketed (long and short either side of a potential breakout). So I had a lot of stopouts - for reasonably small losses. Some of the winners I caught were rockets and one of those in a day made up for 5 or 6 losers, so as I said I was profitable. The training videos are good and explain the method clearly. (BTW Shogun I tried to look at them again but my password seems not to be working now).
The room probably won't suit everyone but if you like risk and can see the good risk /reward ratio it might be. After learning the method I feel I can use it myself without the room - but Shay is skilled at finding potential setups, a timesaver.
The claims of making sooo much I ignore- but if I can be in the black a few dollars at the end of the day that is a good result in my eyes.
Someone offering an advisory service to traders has two sources of credibility:
i) they have a good profit record of trading for themselves - the customer can then expect to make money by replicating the advisor's methods
ii) they can't personally make a good profit trading, but are good at improving the performance of actual traders (e.g. trading psychologists & other coaches) - the customer expects to make money by benefiting from the coaching
If they can't either trade profitably themselves, or make other traders improve their trading, then their services are not really worthwhile IMO.
In case i), it is easy to prove credibility - just post account statements, or clear & thorough actual performance records, and get it signed off by an accountant. In case ii), it is a bit more difficult to prove credibility, however one easy way is to post the performance of, say, 10 randomly selected subscribers. If the service is good, then most of them should at least be profitable, and more profitable after being subscribers for some length of time than they were to begin with.
If the advisor or his clients DO have good performance, then there is absolutely no reason whatseoever not to post it - it can only help the credibility of the advisory service. So if such performance is not posted, then there is a strong suspicion that the reason for this is it does not exist.
i) they have a good profit record of trading for themselves - the customer can then expect to make money by replicating the advisor's methods
ii) they can't personally make a good profit trading, but are good at improving the performance of actual traders (e.g. trading psychologists & other coaches) - the customer expects to make money by benefiting from the coaching
If they can't either trade profitably themselves, or make other traders improve their trading, then their services are not really worthwhile IMO.
In case i), it is easy to prove credibility - just post account statements, or clear & thorough actual performance records, and get it signed off by an accountant. In case ii), it is a bit more difficult to prove credibility, however one easy way is to post the performance of, say, 10 randomly selected subscribers. If the service is good, then most of them should at least be profitable, and more profitable after being subscribers for some length of time than they were to begin with.
If the advisor or his clients DO have good performance, then there is absolutely no reason whatseoever not to post it - it can only help the credibility of the advisory service. So if such performance is not posted, then there is a strong suspicion that the reason for this is it does not exist.
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