Daytraders / CNBC report

Thug, to Baron's defense, i doubt he would delete your post. There are a million negative things said about Bright, but i doubt he uses the censure police to delete every single one. He is pretty good about freedom to speak.. and post.
 
<i>i doubt he would delete your post.</i>

It happens over and over. Most of the time when you see that a thread has been closed, it has been heavily edited. Often zboy does it for him, but the end result is the same.

It is his site, and he is free to do as he pleases. But on the other hand, I am free to criticize it.
 
gotta love this Elite Trader.

hey, where can you go to talk about a bunch of guys/gals who watch TV all day long, and call themselves working, whilest they can choose how much they lose and hope to earn in a day/week/month/year.

Whattta country. Thanks guys for joining the discussion...

Thanks for the link on the report...
 
Not only that, we also have time to critique the CNBC commercials in another thread in the Trading forum!

If it wasn't for Elite Trader I think more of use would be as wired as that Dynergy "Please pass the potatoes, I think they're in Chicago" lady.
 
Im not sure how much other professional daytraders make...I have heard that #1 guy at Schonfeld made $20M (his take) 2 yeara ago. Schonfeld is big on overnight positions...and swing trading...so maybe that worked well 2..3..4 years ago. DOnt know how well he did last year. Further, I am willing to bet that traders who put millions of dollars at risk probably are "protected" somewhere...either by brokers or have some kind of order flow information. They are your typical daytrader - even if you're a professional trader. They most likely have lot more info than the rest of us.

Only thing I know for fact is that the top trader at Worldco made $2.5M (+ or - 200G) in 2000. Not sure how he did in 2001. I think that is about the maximum you can make as a daytrader without any "extra" information or special relationship with floor brokers than the rest of the world. By the way, he trades only listed stocks - no NASDAQ.


So that big number Nasser supposedly mentioned...$.15M....is very possible. No biggie though. I would have thought he made much more consdiering how well he is known. Whatever method he is using, Im sure its nothing new. After all, if you knew somethingt hat you could make money with, would you tell the rest of the world???? I wouldn't.
 
and thought it made sense to do so here. This bashing crap is getting old. Time to move on.

Originally posted by DATTrader
He traded very well as he usually does...see the screenshot attached. But more importantly, I think its time -once again-to get back to discussing trading and forget trying to prove or disprove anyone's degree of character or success as this thread seems to be focused on.

I have always tried to avoid getting into these negative bashing oriented threads as I remember being the brunt of one myself. Having said that, I do have some insights into some of the comments made on this thread. The reality is, this small industry is filled with "double talking, two sides to every story BS". If everyone believed what everyone else said about everyone else, then everyone is Satan incarnate and we're all going to hell. While I really don't know Thug_Life personally, I know he used to work for a MW franchise branch whose owners for whatever reason left MW over a disagreement with Dave.

I did however know those owners personally. WHat is interesting is that -after splitting from MW-they initially hailed the owner of their new brokerage firm as "the greatest guy ever to work in the industry". THey told that to me personally in 2000. Last I heard they are in a lawsuit with him over -what else-business disagreements. My suggestion to Thug_life is hey man its water under the bridge and remember-despite what you may have heard-things ain't always what they seem to be. Let it die.

How I know Dave personally is-as many already know- I used to be an instructor at Marketwise before moving away from Colorado. Is he a strong, opinionated and polished businessman as has been suggested.....hell yes he is would you expect anything less? The guy was one of the original pioneers of the industry, having the vision to form MarketWise when the Nasdaq was at 1,500.....BEFORE its run to 5,000+!

The bottom line is that in this industry you can only believe what you see or know to be a fact. The fact is, Dave Nassar trades live capital on the Webex sessions every Thursday. I have been a witness to all but a few and he makes $$ routinely when he does it. I screencapped the one from yesterday and it is attached.

Think about it. What happens when you throw down trades randomly with size for the hell of it? We've all done it. You get your ass kicked that's what. So the fact that he makes money consistently -especially while trading the open live in front of others-would tell me something about him if I knew nothing else about him. He's not just throwing down trades and getting lucky....the guy can trade.

Does this mean that he or MW can teach everyone else to trade as well? Not necessarily. We all know the variables there. Its a tough job. When I was at MW our living, breathing focus was to try and develop a way to teach concepts that we knew worked, in some way that would take hold in the trading minds and hearts of the trader/student.

Myself and the other instructors-Brian, Kevin, Ed, all of whom are still there I believe-did a great job in that capacity as they were all knowledgeable traders with documented success. Look at the archived Wiseguide issues on the MW site and check out Brian SHannons TA work. It is solid substantive material and it was posted without 20/20 hindsight. In that regard we did the best job possible, better than anyone else I believe. But, ultimately it was up to the trader/student and human nature is what it is and that is why the statistics are what they are.

Further, I know Dave would be the first to admit that what we taught at MW in 1999 simply does not work as well anymore in this market. But I also know from the Webx sessions that Dave trades much differently now than he did when I was there...thus he himself as a trader has adapted. Consequently, I can only assume that MW has adapted its training material to be relevant to today as well. The fact that Larry MacMillan has chosen to affiliate his name and reputation to MW should says something in and of itself.

Finally, regarding some of the comments made in this and other threads, I can confirm neither there accuracy or falseness. But as I already said, I can say that I did know people who personally told me derogatory things about Dave or MW that I later learned to be complete BS. Despite what we hear, its not just about fear and greed in the trading industry. You would be amazed what tremendous stories that emotion called jealousy can breed and we are all probably guilty of that to some degree. Enough of this lets get back to trying to trade this shitty market. Have a great weekend everyone.

PS SHould I really have capitalized Satan? Seems blasphemous.
More...
 
I gotta come onto this thread in support of Mr Nassar... yes he runs a business to make money (but so do we all, in our daytrading)... in and of itself, that should not be a reason to slam him... the bottom line is whether or not you can gain any insights from David Nassar... I certainly have from reading his books... any person's approaches and methodologies are, admittedly, an acquired taste, but I rate David Nassar up there with the likes of Tony Oz, Alan Farley, Vadym ("Threei") and Don Bright for useful insights... yes, each, of these individuals offers markedly different insights, but additional knowledge never hurts even if we don't personally implement it...

Without people providing us with material to digest and ponder upon, all of our learning curves would have been much tougher.... the more diverse insights that we are exposed to, the better, in my view...
 
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