There did exist a very long period of time in which people did make money at will. As this group of people grew, so did the competition. As the competition grew, the âcompetenceâ standards grew. Those who lacked confidence and skill found themselves facing failure since they could not adapt to the competition, and decided to blame others, rather than challenge themselves.
For those that knew Harvey and paid attention during class, and understood the importance of Level II, momentum, the ticker and arbitrage between Selectnet and Instinet, knew that Harvey was NOT a chart man. In fact as someone who ran All-Tech Training Group, who taught thousands of traders, I had many heated and intellectual debates with Mark and Harvey about technicals. Iâm proud to say that I along with Don Traponese, we were successful in the debates and incorporated charts into the training. Later the integrity and purpose of All-Tech Training Group was challenged by Congress, other officials and lawyers. All-Tech Training Group was NEVER found liable in any case, and in fact was praised. The standards that we instilled became the standards by which the industry is currently governed.
âThey said plenty of guys were killing it doing what they said. Shefts even came out and gave a bullshit useless lecture although I do not recall the substance.â
That has to be one of the most ignorant and nonsensical statements Iâve seen. How can you say a lecture is useless, if you donât recall the substance? Mark Shefts is one of the keenest businessmen I know. Furthermore, ensuring that his customers were successful was the key to his and Harveyâs success at All-Tech. If you believe that your opinions outweigh the facts of a $1 billion, year long US Senate study and an industry changing standardâ¦I have a bridge Iâd like to sell you.
I donât know one seasoned trader who believes they will get an instantaneous fill when the market is ahead of them. Thatâs like thinking youâll be one of the first people out of a fire exit door in a packed movie theater when someone yells âfireâ, and youâre sitting in the back row with a hearing aid.
Most unsuccessful traders would get their fills and then find the stock reversing. No different than the average investor who buys a stock after itâs been hyped up for weeks, only to find themselves at a loss because they waited too long to jump in.
Again itâs evident that you donât have your facts straight. In the world of the Internet and forums like this, you should take great care in making sure you have your facts together, youâll never know whoâs watching and what they know. There is no such organization known as RMB trading. Robert M. Luecke leveraged his stature (acquired through his experience with All-Tech, Harvey and Mark) to form RML Trading..NOT RMB TRADING. Iâve worked with Rob for a VERY SHORT period of time, in San Diego and worked with (his successor) Barry extensively. Barry testified for the US Senate in exchange to offset his personal rogue practices. I donât remember the reference information for the Senate study, but you can Google âjai+ramoutarâ for the link.
If you rely upon pointed questions to elicit the truth, you have a serious problem. If someone is going to tell the truth, it really doesnât matter how the question is formatted...they are what they are.
âThe motorcycle guyâ was not a son-in-law, as none of Harveyâs children were married or bore children at that time. I will not reveal the âmotorcycle guyâsâ name, but he was a great asset to the company.
JEMâ¦your opinion is your own. My suspicion is that youâre a very sour person, whose yet to achieve their goals in life, and blames others for their shortcomings. Harvey (rest in peace) and Mark invested millions of their own dollars to protect their customer and business, while protecting the traders of today. There are many folks whoâve made millions as a result of the impact that Harvey and Mark made in the markets.
You made a very serious mistake challenging a man whoâs left the earth, and soul who attempts to find peace⦠a man who changed the way WE trade the markets forever. You were very bright by shielding your stupidity and ignorance with a three letter moniker. I was brighter by responding to your idiocy with my real name, as I can take credit for my contributions in this arena and association with Harvey and Markâ¦I share (in a small part) in their legacy. Be VERY careful about how you talk about Harvey Houtkin and Mark Shefts. I am one of many who will extinguish your opinion with fact, and will stop at nothing to ensure that you do not disturb them with ignorant, false, hurtful and unfounded statements, as one of them attempts to rest in eternal peace, while the world enjoys the fruit of their accomplishments, while the Houtkin and Shefts' families mourn his loss!!!
Quote from jem:
yes - they had guys come out and act like you could soes in at will- get filled and make money.
They taught and office full of people to trade the big cap nazz like intc dell msft csco etc.
They also said look at the graphs and don't get shaken out by the jiggles.
They said plenty of guys were killing it doing what they said. Shefts even came out and gave a bullshit useless lecture although I do not recall the substance.
What they did not tell you was that you could not get filled soesing on the big stocks during moves. The market makers could collect orders and hold for their max time... 30-40 seconds (I learned this later from guys in my office) At the end of the time if they could flip it out to instinet they did. If not they would cancel.
They were able to make free quarters like that all the time. My friend who was good would flip out half and try to hold the rest.
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We would be sitting back in the all tech office waiting to get our fill - frequently it came back down 3/8ths.
It got a little better when they gave access to instinet and island. But I left and went to Bright trading within a month to two.
Had I not made money swing trading before I got there I might have just quit. It was a total sham.
Rob the owner with some apparent integrity left fairly quickly to start RMB trading and Barry was left to milk commissions out of fish until he had to testify in front of congress.
I will say this - neither barry or rob ever lied to me if you asked them pointed questions - which is why I never really blasted them.
But all tech training was a sham apparently designed to suck commissions out of people. Actually the name of the trading company was something different but the trainer was Harvey's son in law or family friend. For those who know he was the former motorcycle garage guy.
