Gary Smith challange, any taker?
- Thread starter manz66
- Start date
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"Actually, I kinda deserved the response below. If I can dish it out, I should be able to take it as well. I have never claimed to be anything more than a one lot trader in the futures market. Trading futures was merely my tool for building my trading capital in mutual funds and junk bond funds. (You must not have read the introduction to my book) My trading account is now $528,000. $11,000 of that is at a futures firm and the rest at two
mutual fund companies. (That's a long way from the $2200 in my account on March 13, 1985) I've had one losing month over the past 39. I don't think I could have achieved that type of growth without knowing a thing or two about the market or always trying to pick tops and bottoms.
My current six figure yearly trading income is enough for me, sorry if it doesn't impress you. But I'm not out to impress, give seminars, tutor traders, or write market letters/fax services and the like. I much prefer to just trade for a living. About all I want to do (vendor related) is have the "temerity", as you so eloquently put it, to write another (but more reasonably priced) book about my strategies used to trade for a living - mutual funds, junk bond funds, and the stock futures.
If you like, you can e-mail me and we can set up a swap of our statements from 1996 through the first quarter of 1998. (If I do write another book, it will highlight the period from 1996 through 1998) Who are you anyway? Maybe one of those overpriced vendors who markets those $2000+ daytrading courses.
Some might think you are my publicist, since your response necessitated me setting the record straight on my trading. I'll probably get flamed for that. Funny thing, vendors can make all sorts of statements about their trading prowess, but if a private trader like myself makes similar statements, it's construed as bombastic.
And by the way, I knew I shouldn't have made my response to Mark Cook. I've spoken with him in the past and consider him a good guy. My apologies Mark. It's just I get so frustrated at everyone trying to top pick this market. I've never seen a market making new high after new high, yet one where all the self-proclaimed experts keep saying a correction is emminent. And that last statement is not directed at Mark.
Gary Smith Mr one lot futures trader".
http://groups.google.com/groups?hl=...r=&ie=UTF-8&oe=UTF-8&edition=us&start=30&sa=N
"Actually, I kinda deserved the response below. If I can dish it out, I should be able to take it as well. I have never claimed to be anything more than a one lot trader in the futures market. Trading futures was merely my tool for building my trading capital in mutual funds and junk bond funds. (You must not have read the introduction to my book) My trading account is now $528,000. $11,000 of that is at a futures firm and the rest at two
mutual fund companies. (That's a long way from the $2200 in my account on March 13, 1985) I've had one losing month over the past 39. I don't think I could have achieved that type of growth without knowing a thing or two about the market or always trying to pick tops and bottoms.
My current six figure yearly trading income is enough for me, sorry if it doesn't impress you. But I'm not out to impress, give seminars, tutor traders, or write market letters/fax services and the like. I much prefer to just trade for a living. About all I want to do (vendor related) is have the "temerity", as you so eloquently put it, to write another (but more reasonably priced) book about my strategies used to trade for a living - mutual funds, junk bond funds, and the stock futures.
If you like, you can e-mail me and we can set up a swap of our statements from 1996 through the first quarter of 1998. (If I do write another book, it will highlight the period from 1996 through 1998) Who are you anyway? Maybe one of those overpriced vendors who markets those $2000+ daytrading courses.
Some might think you are my publicist, since your response necessitated me setting the record straight on my trading. I'll probably get flamed for that. Funny thing, vendors can make all sorts of statements about their trading prowess, but if a private trader like myself makes similar statements, it's construed as bombastic.
And by the way, I knew I shouldn't have made my response to Mark Cook. I've spoken with him in the past and consider him a good guy. My apologies Mark. It's just I get so frustrated at everyone trying to top pick this market. I've never seen a market making new high after new high, yet one where all the self-proclaimed experts keep saying a correction is emminent. And that last statement is not directed at Mark.
Gary Smith Mr one lot futures trader".
I wouldn't get out out bed for $500, let alone show you, or anyone else my trading statements, so it comes as no surprise. The only reason I am writing this at all is because it is anonymous.
Gary -- What are your plans trading junk bonds now that Mutual Fund companies are changing the rules?
I have already been banned as a "market timer" from one company and another now has an ERF of 1% if held less than 90 days. I know the arena for timing junk funds is closing fast.
And I know of no way to hedge junk funds. The party was fun while it lasted.
I have already been banned as a "market timer" from one company and another now has an ERF of 1% if held less than 90 days. I know the arena for timing junk funds is closing fast.
And I know of no way to hedge junk funds. The party was fun while it lasted.
Yes it was fun while it lasted and a great place to park cash. And last year was really fun. Effective May 15, Federated's junk fund goes to a 2% redemption fee. I don't know how many are left that are free of fees. Pimco's PHYDX, Transamerica's and TCW Galilieo's junk funds might still be free. I haven't checked recently. I wish there were an ETF for junk and it was liquid enough for shorting. Junk either goes straight up or down and now it's in one of it's down phases. I don't think the closed end junk funds are liguid enough or have the shares available for shorting. They have tumbled 15% and more the past month.
