Market charlatans

[jsengxx]

Quote from small_beer:

It's very nice of you to come her all the way from the Big Mike's Trading forum to tell us how stupid and unappreciative we are of this work.

Enjoy the freedom of speech you are not accustomed to on that forum for losers and morons. Calling someone stupid there would get you banned in no time especially if you aimed it at Fat Tails (Harold Steinhaus) whose "legendary reputation" would never recover from it.

I´am not saying that bigmike is better than elite! I am an elite trader off bmt from today and after spending the whole day on the elite circle I think I have thrown 50 dollars out off the window!

I was only referring to cj booth. His thread for me is the best thread I even have read on bmt. It is about price action. When you take a trade you must now why you do it and not because some indicator is telling what you must do.

 

[small_beer]

Quote from NoDoji:

I looked briefly at some of it and it looks solid as rock to me.

Check out the guy's site.

<b>Where is his name? </b>

If the guy cannot show his name he is not accountable enough to do business with him. That's pretty typical of the BM crowd. Big Mike, who is a vendor too, and Fat Tails prefer to hide behind silly Internet handles instead of using their real names.

If you are doing business online, you either have the integrity to stick your name to it or you are very likely yet another online conman.

<b>Where are the results?</b>

The spreadsheets with hypothetical results do not amount to much. Who can verify that? Show me your trades. At least on a simulator. A good sample.

I did not check his strategy, so will not comment on it, but I would be careful jumping to any conclusions about the stuff you find on that forum.

One more thing, which makes this guy look even worse and that I just noticed. Here is what he says:

"LEARN from a TRADER not a SALESMAN"

Yet there is no evidence that he is a trader. How can you say things like that? That's an insult to the intelligence of anyone with a normal IQ. Show me that you are a trader first. Otherwise, all I can say is "talk is cheap."

 

[Equalizer]

Quote from jsengxx:

Hello,

I have read the hole thread from cj booth and I think it is al based on technical analysis, it is a good strategy so I think it is stupid just to see what poeple are writhing here!

Why not stop talking about what other people do and begin to write somting interesting like a good strategy for making money?

How are you jsengxx !!
All your good strategy for making money are belong to us.
You are on the way to destruction.
You have no chance to survive make your time.
HA HA HA HA ....
I precise you.

 

[dealmaker]

Quote from NoDoji:

I looked briefly at some of it and it looks solid as rock to me.

90% of people will lose money with excellent strategies, so I wouldn't use "student" results as a guide to whether a trading strategy is profitable or not.

NY Times says rate of success is only about 1%. What makes trading difficult is that you can do everything right and still lose money, all that said those who last in the business have not only mastered psychology of trading, technical and fundamental analysis, but also have have become masterful risk managers.


ps http://www.nytimes.com/2010/03/28/business/28trader.html?pagewanted=all&_r=0

 

[Ol' Yella]

Who has a near 80% win rate with a profit factor of 7 as an intraday scalper?

Come on.... that guy has to be a con artist.

Quote from small_beer:

That's pretty typical of the BM crowd. Big Mike, who is a vendor too

Big Mike is a vendor?

What is he selling (beside elite memberships)?

There was a thread over there asking if Mike was verifiably profitable. It was pretty funny. Everyone got all pissed at the guy who asked.

 

[NoDoji]

Quote from Ol' Yella:

Who has a near 80% win rate with a profit factor of 7 as an intraday scalper?

If break even trades are not counted as losers when calculating the win rate, this is not out of line for an experienced intraday scalper.

 

[goodvintage]

Quote from jsengxx:

It is about price action. When you take a trade you must now why you do it and not because some indicator is telling what you must do.

So what that it is about price action? Big deal. You can trade with indicators too.

You make it sound like using price action is the only way to trade. I use both. I am pretty tired of hearing all this macho talk about price action being superior to indicators.

One wise trader whose work I have followed online for years likes to say that "the indicator is only as good as the trader that uses it" and that sounds very true to me. Same with price patterns.

Mastery is the way.

 

[goodvintage]

Quote from NoDoji:

If break even trades are not counted as losers when calculating the win rate, this is not out of line for an experienced intraday scalper.

I have seen traders with a win rate of 90% plus. A friend of mine is one. He got his education from a guy who may be even better. I am not sure about the other parameter, but both of them are doing well and that's what matters.

Those are very rare examples, but they are real. I can't do that well even with the methods those two fellows are using. That's discretionary trading and your mileage varies.

 

[goodvintage]

Quote from Ol' Yella:



There was a thread over there asking if Mike was verifiably profitable. It was pretty funny. Everyone got all pissed at the guy who asked.

Yeah, you could basically have predicted the reaction of these lemmings. This is a cult following, a personality cult. He and Fat Tails can never be questioned or else the whole sham will collapse.

I seriously doubt the poser even trades, though he claims to be trading for a living. It's more like he sells BS for a living.

 

[wrbtrader]

Quote from Ol' Yella:

...Big Mike is a vendor?

What is he selling (beside elite memberships)?...

Any forum owner is a vendor if that forum owner is making money from sponsorship or off the backs (bandwidth/visits) of its members. Therefore, Baron of Elitetrader.com is a vendor and he once said he makes a good income from Elitetrader.com

I'm guessing he's making close to 6 figures from this discussion forum only because he's turned down high 6 figure offers by those that wanted to buy ET from him.