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Dec. Fortune Mag: $11,000 into 18 Million in 3 years
- Thread starter MichaelNorris
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Did you look at his YTD trading results?
He's been getting his A__ kicked. at least 5:1 losers. All his
glory was in the year long bull to 4/2000, & some in the summer 2K rally. After that he's no better than a million others. He was pyramiding his winnings, & tho he did this very well, I would not get too excited. Take away his one huge Rambus trade, & he's even heavier into the red YTD.
He seems to only go long, which explains his recent failure.
Pack
He's been getting his A__ kicked. at least 5:1 losers. All his
glory was in the year long bull to 4/2000, & some in the summer 2K rally. After that he's no better than a million others. He was pyramiding his winnings, & tho he did this very well, I would not get too excited. Take away his one huge Rambus trade, & he's even heavier into the red YTD.
He seems to only go long, which explains his recent failure.
Pack
Rocky, you rule!!
I've enjoyed reading all your posts on this board. I like your attitude. I can relate very well. I like what you said about money. IT IS ALWAYS ABOUT THE MONEY. Let's face it, the world revolves around money like it or not. People who say they aren't here for the money are either lying or must have a lot of it. If they have lots of money and truly want to help people then that's great. But my experience and instincts tell me they are not. They're just trying to get ahead like everyone else. I'm fine with people getting ahead on my money as long as I get a peice of the pie too.
I agree with you about being a follower. Yes it would be nice to be completely independent and make all my own trades and be the god of trading, but if you're making money from someone else's advice then who gives a rats A$$. Money is money. I don't have time to be proud in trading. I'm hear for one reason only and I'll take the money from wherever I can.
I am also looking into millenium-traders.com. I hadn't heard about trendfund.com before but I'm looking into them as well. Man, those guys at millenium are amazing. A lot of their calls are very fast though. I was wondering what broker you use? I'm with Datek Direct now but I'm thinking about switching to Interactive Brokers. Their cheap commissions would be perfect for your strategy of trading lower shares but lot's of volume. Would you agree?
Also do you know if IB can be linked to e-signal or one of the other charting services for faster point and click executions? Millenium highly recommends a point and click broker. They recommend MB Trading but their commissions would kill you on a strategy such as yours. If you have a chance I'd very much like a reply.
Good luck to everyone. We're in the best business in the world!
I've enjoyed reading all your posts on this board. I like your attitude. I can relate very well. I like what you said about money. IT IS ALWAYS ABOUT THE MONEY. Let's face it, the world revolves around money like it or not. People who say they aren't here for the money are either lying or must have a lot of it. If they have lots of money and truly want to help people then that's great. But my experience and instincts tell me they are not. They're just trying to get ahead like everyone else. I'm fine with people getting ahead on my money as long as I get a peice of the pie too.
I agree with you about being a follower. Yes it would be nice to be completely independent and make all my own trades and be the god of trading, but if you're making money from someone else's advice then who gives a rats A$$. Money is money. I don't have time to be proud in trading. I'm hear for one reason only and I'll take the money from wherever I can.
I am also looking into millenium-traders.com. I hadn't heard about trendfund.com before but I'm looking into them as well. Man, those guys at millenium are amazing. A lot of their calls are very fast though. I was wondering what broker you use? I'm with Datek Direct now but I'm thinking about switching to Interactive Brokers. Their cheap commissions would be perfect for your strategy of trading lower shares but lot's of volume. Would you agree?
Also do you know if IB can be linked to e-signal or one of the other charting services for faster point and click executions? Millenium highly recommends a point and click broker. They recommend MB Trading but their commissions would kill you on a strategy such as yours. If you have a chance I'd very much like a reply.
Good luck to everyone. We're in the best business in the world!
well no small surprise I have found a home at Millenium Traders also. You will not find any room that will always pick winners, but this seems to be one of the best as far as i can tell. They have a one week free trial see for your self, but make sure you read their intro page, and paper trade for the first day or so. You need a direct access brokerage account also, and ability to watch moving averages etc. Their training sessions are good also, see you there.
Dan Zanger has been very successful, but considering the amount of individual traders in the world, it would be surprising if one or two had not made exceptional gains.
After all even in a lottery, where the average gain for all entries may be $1, most people lose a dollar and somebody makes millions, but is it worth analysing that persons number picking system.
I believe that in the long run most active traders lose money over time, I think roughly ten percent make money and probably 0.0001 per cent make the kind of money that Dan Zanger made/makes?
Just hope we're all in the ten percent.
After all even in a lottery, where the average gain for all entries may be $1, most people lose a dollar and somebody makes millions, but is it worth analysing that persons number picking system.
I believe that in the long run most active traders lose money over time, I think roughly ten percent make money and probably 0.0001 per cent make the kind of money that Dan Zanger made/makes?
Just hope we're all in the ten percent.
This is where I must reply.
Dan might have hit a great winning streak. The best bull market in history. Was it all luck or skill?
I've been trading for quite some time. The successful traders when I started are still doing well. The 10% is still the same 10% year after year. That isn't luck it's skill. Yeah a few may drop and a few get added but the traders stay the same. The question than is what do they all have in common?
Think about this.
Rtharp
Dan might have hit a great winning streak. The best bull market in history. Was it all luck or skill?
I've been trading for quite some time. The successful traders when I started are still doing well. The 10% is still the same 10% year after year. That isn't luck it's skill. Yeah a few may drop and a few get added but the traders stay the same. The question than is what do they all have in common?
Think about this.
Rtharp
Maybe out of the 10% of traders who have the skill to make money there are the 0.1% (ust a guess) or so who make extraordinary profits, a combination of skill and luck. Or maybe the ones who lose big or win big are the less skilful traders. Or a mixture of all of the above.
Luck must come into it somewhere, or else all skilful traders would make enormous profits ad infinitum.
If 1000 traders all took very big and maybe foolish risks, most would lose, but somebody would come out as being seen as some kind of wizard. Like the guy who doubles up on red in roulette and it comes up 24 times in a row.
Perhaps I am stating the obvious here, but I do think that some people do tend to ignore the obvious when it comes to considering why some traders have done so extraordinarily well.
Luck must come into it somewhere, or else all skilful traders would make enormous profits ad infinitum.
If 1000 traders all took very big and maybe foolish risks, most would lose, but somebody would come out as being seen as some kind of wizard. Like the guy who doubles up on red in roulette and it comes up 24 times in a row.
Perhaps I am stating the obvious here, but I do think that some people do tend to ignore the obvious when it comes to considering why some traders have done so extraordinarily well.
i believe that over an empirically relevant time frame "luck" does not feature as an ingredient to success in trading...
winning a lottery once is luck...
winning a lottery year after year is impossible...
achieving a net positive trading record over a ten plus year period has however been achieved by a select number of market participants...
luck?
winning a lottery once is luck...
winning a lottery year after year is impossible...
achieving a net positive trading record over a ten plus year period has however been achieved by a select number of market participants...
luck?
Dan Zanger, Chartpattern.com.. Good Trader??????
Hmmmmmm, don't think so here. He runs two hedge funds. I got into the Millennium High Tech Fund LP last March 2000 (great timing, huh!) because I felt Zanger was of course smarter than I and could short the heck out of the decline. Whooops!! I put in 50k and exited 3/31/2001 with 22,300$..... I asked him about it.. His response: "we bought the TOP".. I mistakenly thought I was buying his trading skills.. Silly me... Friends and I use him as a contrarian indicator now. If his model is in the market, means get out or short the picks LOL... He stopped out with losses on his recent picks... He didn't seem to follow his golden rules with my money, etc. I know that he has audited financials for the "greatest returns in history" but I personally think it was a one time wonder. Check the performance of the 2000 and 2001 "model portfolios" and then decide if it's worth your subscription money. I left the hedge fund and cancelled my subscription. Good luck all!!!!
Hmmmmmm, don't think so here. He runs two hedge funds. I got into the Millennium High Tech Fund LP last March 2000 (great timing, huh!) because I felt Zanger was of course smarter than I and could short the heck out of the decline. Whooops!! I put in 50k and exited 3/31/2001 with 22,300$..... I asked him about it.. His response: "we bought the TOP".. I mistakenly thought I was buying his trading skills.. Silly me... Friends and I use him as a contrarian indicator now. If his model is in the market, means get out or short the picks LOL... He stopped out with losses on his recent picks... He didn't seem to follow his golden rules with my money, etc. I know that he has audited financials for the "greatest returns in history" but I personally think it was a one time wonder. Check the performance of the 2000 and 2001 "model portfolios" and then decide if it's worth your subscription money. I left the hedge fund and cancelled my subscription. Good luck all!!!!
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