Market Monk

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Quote from Charlie Dow:

I can solve the Monk discussion really quick.

Contact him and get his address. If he lives in a $10 million neighborhood he might be on to something. If he lives in a house trailer, calk it up to delusional behavior. If he can't prove residence, same conclusion.
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The fact that he posted nothing about the trades in his blog other than # of winners & losers and $ made says a lot, posting the entries/exits certainly would have helped in the credibility dept for me.
Look at the winners/losers ratio and then keep in mind his philosophy of always being in the market and doing ~20 trades/day. I also read that he counts breakeven trades as losers which makes the very high percentage of winners/losers even more hard to swallow.

Day 23 Trading Results
Total profit for today = 1,757,250
Total profit for the month = 8,343,713
Total profit for entire campaign = 8,405,833

Total number of trades = 21
Total number of profits = 18
Total number of losses = 3
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If he is pulling in >$1,000,000 per day (assuming he doesnt scale up on size any further than day 23) then I guess I'm having trouble seeing his motivation on wanting to mentor other traders to also trade his system (and charging them money to do so). Seems like with his skills he is well on his way to being very wealthy without bothering to mentor.
The purpose of the mentoring monastery idea is to find potential equity partners who can trade my method in my hedge fund in which my money is invested. I am not about to hand over my money to a trader unless they can prove to me they can trade their own money and compound it using my trading method. Hence, the real time signal calls during phase 1.

If you have read the introduction to this blog you know there is no free lunch with alcoholic beverages here. If you are not interested in putting your own money at risk then I am not interested in working with you as a partner. I am looking for equity partners, not spectators with an axe to grind who want free real time signals for entertainment and gossip purposes.

There is a buy in involved to participate in phase 1.
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Hmmmmmmm.

Is it possible that its true? Of course. Is it likely? Hell no.
 
Quote from nzbryant:


No wonder there is so much violence in the world.

You have SERIOUS anger management and it seems superiority problems. Get help.
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no, the reason there is so much violence in the world is because everyone thinks he's everyone else's shrink.
 
Depends on what market you're trading. When I'm trading YM futures, I can't force my self to stay in the market all day. The lack of trend in the index futures makes it difficult to ride a position all day. However, when I'm trading agricultural futures, I can easily stay in a position throughout the entire day. I will even hold positions into the electronic session, through the electronic session, and into the next day. This is something I'm incapable of doing in any other market.

It really depends on your style and the markets you trade.
 
Just for S--ts I wrote that trading monk person about his team he is building. I got back what basically looked like a generic email response. Everything seemed legit about the requirements he was wanting in a people until I got to this line.

"You have an additional 10k in risk capital that you are willing to spend to become a team member of the monastery."

Now why in the hell would a trader who supposedly made 8 million in a month need another 10K from a person to be part of the team. The ROCK does not like the smell of what is cookin.

From what I hear our neighborhood friend Jack is a fan of this type of trading of being in the market at all times. Can someone or even Jack himself give a description of how this would be done that would make sense or in an easily understood way. I could go look through Jack's posts but I get lost.

Like I said in the first post I think it is an idea worth investigating.
 
Quote from ANCHOR:

Depends on what market you're trading. When I'm trading YM futures, I can't force my self to stay in the market all day. The lack of trend in the index futures makes it difficult to ride a position all day. However, when I'm trading agricultural futures, I can easily stay in a position throughout the entire day. I will even hold positions into the electronic session, through the electronic session, and into the next day. This is something I'm incapable of doing in any other market.

It really depends on your style and the markets you trade.
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I agree with you about having the right type of market, preferably one that has oscillations, volume, and not easily manipulated. I would have thought most of the equity markets and the euro would make good candidates because they seemed to have some oscillations where you are taking small profits until you catch a couple of the ones that trend for you. The key is to take small profits instead of a whole bunch of small loses because then by the time you catch the good moves you are just making back what you churned up. In some markets like some fixed income markets the oscillations seem too tight on many days.
 
Hello Folks:

Well I didn't have the Friday I would like to have had. Not much of a day for me either way.

Anyway, I just wanted to mention a couple of things for anyone who is interested. Just hoping to save you some time and money.

First, take a good look at what "Market Monk" is peddling. Check out Elliot Wave carefully. One of the things you may find is that for every "Elliotician" (yep, thats what they are called), there is a different variation of "Elliot Wave" theory. Each one claiming that his version is the "real thing".

Next, ask yourself how likely it is that you could take $5,000 and trade a primary market like the S&P500. The market is so noisy that you have to have at least a 6 tick stop and when volatility spikes up, you need to adjust that up to about 2.5 points in order to stay in long enough for your edge to kick in.

Finally, there is the issue of maintaining a position. If you have to maintain a position with only $5,000 behind you, and it starts to go against you with any momentum, you are going to get hurt. This should be obvious to anyone of common intelligence. I am not saying it can't be done, just that it is very improbable that an undercapitalized trader could manage it. Sooner or later your account is going to bleed to death (in my opinion).

For folks who think it is worth a try, I think Teresa Lo uses that strategy (in all the time, stop & reverse). Unfortunately I don't know what her results have been thus far. Before spending any money to "join a monastery" (give me a break), I suggest you check out Teresa's site (sorry I dont know the URL). Try google.

Now I am off to BBQ some ribs :)

Best of luck to you all
Steve
 
Quote from steve46:

Finally, there is the issue of maintaining a position. If you have to maintain a position with only $5,000 behind you, and it starts to go against you with any momentum, you are going to get hurt. This should be obvious to anyone of common intelligence.
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Yeah, Steve, but if it starts to go against you with any momentum you reverse into it, thats the point.
 
Hello:

The idea that you can determine when to "reverse into it" in a positive way is easy to suggest, but more difficult than it seems to implement.

In a noisy market like the ES, a trader is likely to encounter a series of out trades where he or she takes a loss, reverses, then losses again as the market reverses. I don't say that it cannot be done, only that it is more difficult than one would anticipate.

Look, the bottom line is I have seen this before (a couple of times in fact), and it is always the same thing. I think we'd all like to believe that somewhere, somehow, there is a way to all of a sudden "get it" and from then on you make millions. Unfortunately it is more likely that this is just one of the many scams playing out on the Internet.

As I mentioned in my first reply, there are traders who use similar systems, BUT they are properly capitalized, and they use a logic that can be learned without a $10,000 buy in price. After I wrote my reply, I checked out Teresa Lo's site. Seems to me that she offers a system that is similar, and in contrast to the Market Monk's, you can learn it for a couple of hundred dollars. Another alternative is to develop several systems that run in the market concurrently. The net effect would be as though you were in the market continuously. Read Acrary's posts from a couple years ago. What I am saying bottom line is that there are ways to do this without spending $10,000 to "join a trading monastery"?Come on now.

Hey look, who am I to worry about you folks. Some will get sucked in, some won't. Thats life. I think I have said all that I care to about this.

I do wish everyone good luck.

Steve
 
Steve

I agree with what you said. It is very hard to trade well with an always in approach.

I havent tried it with real money, but with simulators didnt do too well. I found it hard to be in when there wasnt an obvious probability edge on a trade. That might be a psychological issue, but could also be technical. I know Market Monk alters his strategy when the market is in a lacklustre low volume situation (he doesnt say this on the site).
 
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