KCalhoun,
This is the best statement I read on ET so far this year.
My trading business motto "if you want my money, show me your money"
Day Trading to Multimillionairedom
- Thread starter Blaze
- Start date
This is the best statement I read on ET so far this year.
My trading business motto "if you want my money, show me your money"
The problem with showing accounts is it never ends. After account statements comes requests for 3rd party audits. Then multiple year account statements.
In addition, many successful traders have multiple accounts. Who is to say they aren’t reaping handsome profits in one and losing their shirt in the other. So then we are back to showing all account statements plus third party verification….etc. Then again multiple years because the argument will be anyone can have a good year……
A suggestion is to ask for clarification on the strategies anyone is postulating as successful and then just try them out on a simulator to see if they work for you. Not all successful strategies will be successful for all traders. Two traders can use the same strategy and tactics and one make money and the other lose. There are simply too many variables that are involved and for example; one big one is, the psychological mindset of the trader.
I try to show how I trade in enough detail so that anyone that has a mind too could try it out to see if it fits them. I am not in the least worried about giving away my edge. Most are not going to trade the way I do, nor are they the least interested in learning how I trade, so there will always be enough traders that will never trade like I do, therefore it will not affect my trading, nor cause me to lose my edge.
As far as vendors go they could offer a free trial and if it fits a traders style then request payment. I have done that before. I had a programmer program me up some strategies then gave the software to interested parties telling them to try it and if it made them money to then pay me. If not, they owe me nothing. As far as I know nobody ever cheated me. If it worked for them they paid me.
I decided I didn’t want the hassle of follow-up and technical support so when the software would no longer work with the newer versions of windows I just shut it down and stopped promoting it.
Nowadays I just freely share what I know and how I trade. Even that can get complex because I have been influenced by so many others before myself that it becomes hard to explain to others my adaptation to ideas that originated with others. And it gets hard to remember what was an original idea with me, and what was adapted from others. I have always believed due credit should be given. I try to do so, but things can get blurred after so many years of being involved in the markets.
Another thing that happens is when you give credit on a public forum then you get accused of being a shill for so and so…..
Nowadays I just post some concepts when I get a whim too and I also tell folks to SIM it, if it interests them. If they do so, and it is profitable on a SIM for them, and they then want to trade with real money then THAT is totally 100% their decision. I do not recommend that they do so with real money. Nor do I sell anything. Nor do I have any interest in selling any strategies..tactics…software…or subscription services. Freely I have received (well not always freely..ROFLMAO) and freely I try to share how I trade and if it is an adaptation of someone else's concepts I at least try to mention that persons name or company so that interested parties can contact them if they like and purchase more info from them for deeper explanations. If it is an original idea from myself (and some have been and I am sure more will be coming …unless I kick the bucket LOL) I still freely give that away.
I have nothing to prove but I think PERHAPS I might have a few things to share……….If anything I share resonates with you and YOU decide to trade with real money AND it is profitable for you don’t send me any money. Rather, buy your wife a new outfit, go to a nice steakhouse (or other eating place), get a good bottle of wine and enjoy yourselves. You might want to mention casually to her volpri helped me ROFLMAO! But follow up with “Volpri might have helped but I DID IT!”
if you don’t have a wife you might want to get in gear and go find one…..
“Whoso findeth a wife findeth a good thing, and obtaineth favour of the Lord.”
Proverbs 18:22 KJV
In addition, many successful traders have multiple accounts. Who is to say they aren’t reaping handsome profits in one and losing their shirt in the other. So then we are back to showing all account statements plus third party verification….etc. Then again multiple years because the argument will be anyone can have a good year……
A suggestion is to ask for clarification on the strategies anyone is postulating as successful and then just try them out on a simulator to see if they work for you. Not all successful strategies will be successful for all traders. Two traders can use the same strategy and tactics and one make money and the other lose. There are simply too many variables that are involved and for example; one big one is, the psychological mindset of the trader.
I try to show how I trade in enough detail so that anyone that has a mind too could try it out to see if it fits them. I am not in the least worried about giving away my edge. Most are not going to trade the way I do, nor are they the least interested in learning how I trade, so there will always be enough traders that will never trade like I do, therefore it will not affect my trading, nor cause me to lose my edge.
As far as vendors go they could offer a free trial and if it fits a traders style then request payment. I have done that before. I had a programmer program me up some strategies then gave the software to interested parties telling them to try it and if it made them money to then pay me. If not, they owe me nothing. As far as I know nobody ever cheated me. If it worked for them they paid me.
I decided I didn’t want the hassle of follow-up and technical support so when the software would no longer work with the newer versions of windows I just shut it down and stopped promoting it.
Nowadays I just freely share what I know and how I trade. Even that can get complex because I have been influenced by so many others before myself that it becomes hard to explain to others my adaptation to ideas that originated with others. And it gets hard to remember what was an original idea with me, and what was adapted from others. I have always believed due credit should be given. I try to do so, but things can get blurred after so many years of being involved in the markets.
Another thing that happens is when you give credit on a public forum then you get accused of being a shill for so and so…..
Nowadays I just post some concepts when I get a whim too and I also tell folks to SIM it, if it interests them. If they do so, and it is profitable on a SIM for them, and they then want to trade with real money then THAT is totally 100% their decision. I do not recommend that they do so with real money. Nor do I sell anything. Nor do I have any interest in selling any strategies..tactics…software…or subscription services. Freely I have received (well not always freely..ROFLMAO) and freely I try to share how I trade and if it is an adaptation of someone else's concepts I at least try to mention that persons name or company so that interested parties can contact them if they like and purchase more info from them for deeper explanations. If it is an original idea from myself (and some have been and I am sure more will be coming …unless I kick the bucket LOL) I still freely give that away.
I have nothing to prove but I think PERHAPS I might have a few things to share……….If anything I share resonates with you and YOU decide to trade with real money AND it is profitable for you don’t send me any money. Rather, buy your wife a new outfit, go to a nice steakhouse (or other eating place), get a good bottle of wine and enjoy yourselves. You might want to mention casually to her volpri helped me ROFLMAO! But follow up with “Volpri might have helped but I DID IT!”
if you don’t have a wife you might want to get in gear and go find one…..
“Whoso findeth a wife findeth a good thing, and obtaineth favour of the Lord.”
Proverbs 18:22 KJV
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I guaranteed this for myself using volume with foundation in Jack Hershey teaching.
Lol yes that volume deal will chase them away! LOL I have said we got 4 thingsI guaranteed this for myself using volume with foundation in Jack Hershey teaching.
1) price now
2) open, close
3) low, high (or the spread between the low and high..i.e. range of the bar)
4) volume
Those 4 things are all important and those correlated with the context and the dynamics of “how” they took place (not just that they took place) together gives an interesting view of the market from which many strategies and techniques can be derived and forward tested.
I just find volume not so important to the way I scalp but any intraday swings or say longer TF’s such a daily or weekly it does become increasingly important. I have always viewed it as the gas pedal in the car going uphill or down hill. It is important to the strength of the trend and the speed, to some degree, although you can sometimes see alot of transactions taking place with little movement. I still occasionally will look at it when scalping. Richard Arms Jr….the late Tom Williams…and George Douglas Taylor all influenced my thinking on Volume. Hurst, Linda Raschke Bradford, Al Brooks on price along with market cycles and pertinent setups for each cycle. George Angel on price and time. Taylor on manipulation by smart money ..etc However nowadays it is one institution manipulating another. I never could understand Gann nor Jack Hershey.
Richard Wykoff (surprised he is not on your list), Tom Williams, and a little bit of Livermore for the patience aspect are rudiments to understanding use of Volume. VSA (Volume Spread Analysis) is an existing but far from in-vogue methodology to help with price/volume relationship take-aways and general (volume) knowledge building. Jack Hershey was his own design, but with significant similarities with those people and methods mentioned.
Oh yeah i have studied wykoff and livermore and several others.
I'll never get enough of this scene. Perfection.
"Hell, It's a Family Motto, Jerry..."
Excuse please but I canno help it...
easymon1, LMFAO HAHHAHA
That is right my buddy, show me the motherfucking money, or get the fuck out of motherfucking my face with the motherfucking bullshit.
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"...It seems that everyone believes things a little too eagerly, especially if they want to believe it."
...And two to take him."
"...
That got her attention. So did this: In the past five years, my friend has spoken to her financial adviser seven times. When you break down how much she's paid him, we figured each meeting cost her $21,000, or nearly $50,000 per hour.
Fifty thousand dollars per hour. To pick a group of index funds and mutual funds.
This is not a made-up figure. It is how traditional wealth advisers operate."
https://www.fool.com/investing/general/2014/02/21/where-are-the-customers-yachts.aspx
Don’t take me wrong but it seems as if you have lost a good amount of your money while trading.