And the other 99.9% of ET said "AMEN"!
Thanks for making a REAL contribution to ET--by logging off.
linda B
- Thread starter dandy
- Start date
And the other 99.9% of ET said "AMEN"!
Thanks for making a REAL contribution to ET--by logging off.
"Losing" traders do not have to sell their advice to newbies. Many "losing" traders do.
And do you know why? Because they can't trade themselves.
I am not saying that LBR is one of these (who knows--maybe she is one of those traders who has lost her touch). But this industry is filled with them.
Quote from Choad:
We're going to need a few more pictures to verify it is you.
After all, this IS ET!
if you guys trade the way you look at bosoms, my bottom line should never fear.
http://www.foxnews.com/story/0,2933,203945,00.html
I do not know enough about LBR to know for sure if she is one of those gurus who can still trade. For sure she knew how to in the 1980's, but New Market Wizards was written 15 years ago.
I have read her book STREET SMARTS and thought it was an OK book. A good book for new traders, but there is nothing that will teach like experience.
I cannot say, though, that I don't see a few red flags. I do; here are a few:
1. No recent track record. No P/L statement. Futures Truth ranks systems; Mark Hulbert ranks newsletters; but who is keeping track of guru traders?
2. Ubiquitous marketing. You cannot open one of those (free) traders magazines like ACTIVE TRADER without seeing an advertisement for some upcoming seminar. And this has been going on for years.
I have to wonder if she is spending so much time/effort/travel on her seminar business, how does she find time to prepare to trade and to trade? If her advice were so priceless, it would (a) cost a LOT more; and (b) be so difficult to obtain that one would practically have to beg for her to give it up.
I'll have to admit this, however: compared to the parasites in the guru industry, she is a saint.
I have read her book STREET SMARTS and thought it was an OK book. A good book for new traders, but there is nothing that will teach like experience.
I cannot say, though, that I don't see a few red flags. I do; here are a few:
1. No recent track record. No P/L statement. Futures Truth ranks systems; Mark Hulbert ranks newsletters; but who is keeping track of guru traders?
2. Ubiquitous marketing. You cannot open one of those (free) traders magazines like ACTIVE TRADER without seeing an advertisement for some upcoming seminar. And this has been going on for years.
I have to wonder if she is spending so much time/effort/travel on her seminar business, how does she find time to prepare to trade and to trade? If her advice were so priceless, it would (a) cost a LOT more; and (b) be so difficult to obtain that one would practically have to beg for her to give it up.
I'll have to admit this, however: compared to the parasites in the guru industry, she is a saint.
Now that this thread has moved to chit/chat where it belongs......
When I was paying close attention to Rascke four years ago, she had pile of other peoples money that she traded on a daily basis. All commodities all time frames.
She also had an entourage of bodies to run the chat room and do research. I assumed she was paying them. Thats a lotta mouths to feed.
One of the bodies was leaving her entourage and starting his own hedgefund with two of his buddies. Already had the other peoples money committed to them. His new office was at the CME. Not trading at home anymore.
At my seminar there were two soon to be ex-long time floor traders from the Naz Pit (also paid attendees) who were converting to the electronic contract and the screen.
I could go on. Anyway, I was impressed.
Jesse Livermore was a losing trader.....nearly five times he went bankrupt.....
I can't tell you how much I've learned from him....