Gary Smith challange, any taker?
- Thread starter manz66
- Start date
Gary,
I go back to the Club 3000 days, and I was one of the lucky ones who got your original trading manual. I can honestly say that it was a major factor in turning the corner for me. It is a huge understatement to say I am thrilled you are on this board, and I hope you stay and contribute.
Folks, this is the guy who pretty much pioneered backing up your claims with verified account statements. He made awesome returns trading the big S&P contract using a phone broker and getting his quotes off the CNBC ticker. Any of you hotshots think you can do that? He is the real deal and a great guy to boot.
I go back to the Club 3000 days, and I was one of the lucky ones who got your original trading manual. I can honestly say that it was a major factor in turning the corner for me. It is a huge understatement to say I am thrilled you are on this board, and I hope you stay and contribute.
Folks, this is the guy who pretty much pioneered backing up your claims with verified account statements. He made awesome returns trading the big S&P contract using a phone broker and getting his quotes off the CNBC ticker. Any of you hotshots think you can do that? He is the real deal and a great guy to boot.
It seems to me that Mr. Smith, after having written a manual entitled "Living the Dream Daytrading" (or whatever the title is), then quit trading the S&P futures and started trading mutual funds. Call me crazy, but this makes me wonder just how good Mr. Smith is at daytrading. Have you seen his account statements for daytrading S&P futures, and did they span the same 3 years that he seems to expect out of others?
He published years of account statements. Maybe he got tired of sitting in front of the tv all day.
I think the title to his book was a bit unfortunate and no doubt something suggested by the publisher. He lays out how he traded and the results. It is a method that will work well in a trending bull market, but of course so will a lot of other methods.
The valuable part for me was that it showed you in some detail how to make money, as opposed to a lot of the guru books available at that time that would show this oscillator or that moving average system, all carefully picked to work perfectly on the chosen example. In contrast, he showed you how to deal with the real market.
It wasn't rocket science but it helped me tremendously. I also know that he took on a lot of powerful vendors at a time when there weren't that many people willing to step up. This was pre-internet, and the closest thing we had was Club 3000 and another newsletter whose name I've forgotten.
I think the title to his book was a bit unfortunate and no doubt something suggested by the publisher. He lays out how he traded and the results. It is a method that will work well in a trending bull market, but of course so will a lot of other methods.
The valuable part for me was that it showed you in some detail how to make money, as opposed to a lot of the guru books available at that time that would show this oscillator or that moving average system, all carefully picked to work perfectly on the chosen example. In contrast, he showed you how to deal with the real market.
It wasn't rocket science but it helped me tremendously. I also know that he took on a lot of powerful vendors at a time when there weren't that many people willing to step up. This was pre-internet, and the closest thing we had was Club 3000 and another newsletter whose name I've forgotten.
I think we should let Gary Smith, contribute to this board as others. If he tries to sell stuff than it would be open season on the quality of his claims. If he makes statements about what a great daytrader he is lets give him a hard time. But lets not make him defend himself in his first 50 posts. Why would he want to waste his time, I do not think he has much to prove.
I have read both books.
When his S&P book came out it gave information about some profitable trade conditions. His hanging around the highs trade, is what most have come to understand as a precondition of a trend day if you allowed for the expansion of range. ( I state this from memory as I read his first book in the mid nineties, but his book was one of the few worth while reads at the time. ) I do not agree with everthing he writes but why would that be a problem.
I have read both books.
When his S&P book came out it gave information about some profitable trade conditions. His hanging around the highs trade, is what most have come to understand as a precondition of a trend day if you allowed for the expansion of range. ( I state this from memory as I read his first book in the mid nineties, but his book was one of the few worth while reads at the time. ) I do not agree with everthing he writes but why would that be a problem.
It seems to me that if you title your manual "Living the Dream Daytrading" that he's inferring that he's doing well at daytrading. I didn't read the manual, so I'm just guessing.
But you're right, I don't think he came out and said he was a good daytrader. I think what he said is that no one else is a good daytrader. He seems to base this on his experiences with "vendors", of which he is one, and on the fact that no one took him up on a $500 reward.
When you stop to think about it, IF one were successfully day trading you would wonder what incentive you would have to provide your statements to Mr. Smith, when with any type of diligence Mr. Smith may be able to uncover the workings of a successful method. At least, that would certainly cross my mind.
I think Mr. Smith is to be applauded in his apparent success in trading mutual funds. Even the fact his success took place during the greatest bull market of our times, this does little to diminish it since he managed to keep it, which many did not.
But on the other hand, one wonders exactly what proof Mr. Smith has for some of his contentions about day trading, other than the fact that some "vendors" evidently lied in order to sell books or other products, and the fact that no one took him up on his $500 reward. Perhaps Mr. Smith could weigh in with some of his actual proof.
First of all I want to say thanks to Gary for participating on ET. Like some of the others here, I found your book (How I Trade for a Living) to be one of the best on my bookshelf (not that that is hard to do, lol, but its truely one of the rare honest gems). The comment about how your book was depressing was right on for me too, lol...and that is a GOOD thing. I know you want to get away from message boards, but I hope you choose to stay here for awhile...your "in your face" honesty is much needed around these parts.
Now to some of the others on this thread. Please read his book before you start throwing stones. He clearly explains his "adventures in vendorland" and talks about his development as a trader and a person through that time. That is something I have NEVER heard from another vendor. He is also very candid about his trading successes and failures, never brags, and doesn't hold himself out to be something that is not attainable by the average trader.
For people who think its stupid to ask for proof from someone that claims to make 100k a month or the hot system that makes money year in and year out ad in TASC or whatever the grandios claim is at the time then they have only themselves to blame when the faith they put in that person or vendor crash lands into reality. I, like Gary, will never tell someone its impossible to do, because I am just an average joe trader, banging it out each day. But just don't give anyone money without proof of their claims. Its just good common sense, in a business that badly needs it. I wish the best to guys like Scientist and hope they are legit, but I used to think just like that and learned a lot of things the hard way. Best of luck.
And thanks Gary, for all the help you have been. I'm glad I got a chance to tell you.
Now to some of the others on this thread. Please read his book before you start throwing stones. He clearly explains his "adventures in vendorland" and talks about his development as a trader and a person through that time. That is something I have NEVER heard from another vendor. He is also very candid about his trading successes and failures, never brags, and doesn't hold himself out to be something that is not attainable by the average trader.
For people who think its stupid to ask for proof from someone that claims to make 100k a month or the hot system that makes money year in and year out ad in TASC or whatever the grandios claim is at the time then they have only themselves to blame when the faith they put in that person or vendor crash lands into reality. I, like Gary, will never tell someone its impossible to do, because I am just an average joe trader, banging it out each day. But just don't give anyone money without proof of their claims. Its just good common sense, in a business that badly needs it. I wish the best to guys like Scientist and hope they are legit, but I used to think just like that and learned a lot of things the hard way. Best of luck.
And thanks Gary, for all the help you have been. I'm glad I got a chance to tell you.
Quote from nitro:
The challenge posted is absurd. It was clearly made by a piker. The people that are making money trading these markets are making $10,000 - $50,000 a day. What on Heaven or Earth would cause them to go after a $500 "prize?"
nitro [/B]
One word "EGO". The $500 is just a filter to keep the riff raff
from sending him a million emails.
That would be my guess.
peace
axeman
Keeping the "riff-raff" out is a necessary condition, but is not a _sufficient_ condition to perfom this scientific experiment free from bias.
Just like escaping the Earth's gravitational pull is a necessary condition to reach the moon by rocket, it is not a _sufficient_ condition in order to do so.
nitro