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ScalperJoe said:
Cramer's defense to his critics is that he's providing "education and entertainment" and he never promised to "outperform" the market.
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I won't be popular around this forum for saying so, but he contributes two things in the retail investment space which I think are worthwhile, regardless of implementation details: he motivates people to take control of their own money (be it in how to select decent index funds) and he highlights the importance of homework for the DIYers (including not going DIY if you don't have enough time to do it properly). His first retail book Real Money was well structured towards those goals.

I too found Confessions Of A Street Addict to be quite entertaining.
 
That is enough about TST, let's talk Cramer! :)

I like Cramer. I wouldn't follow his calls, but he is entertaining and it is really hard to talk about stocks that people don't fall asleep. I read Confessions... and I liked it a lot, indeed, I want to reread it. 2 things I remember from the book:

- He used insider info too
- His wife saved his ass/trades several times

So he gives credit where credit is due. He is also not a very nice boss, one employee wrote a book about working for him, Trading with the Enemy* is the title. I give credit to Cramer that he recognized that sometimes it is luck or being in the right place at the right time (soaring 90s!!!) and not skill what made him money and he left trading while the going was still good.

He also hates Tesla (the company), just like me... "Musk can get away with financial murder."

*quote from the book:

" "Being a Wall Street insider means getting the news before it's news. With a lot of money and a little effort, the system is easily manipulated. If you believe the everyday investor gets the same level of service as someone like Jim Cramer, you probably should stop trading now... most of Wall Street sees no problem with such discretionary disclosure." (Pg. 91-92) "Jim knew firsthand that it was all too easy to perpetuate the rumor mill for a big hit." (Pg. 128)"
 
Pekelo said:
That is enough about TST, let's talk Cramer! :)

I like Cramer. I wouldn't follow his calls, but he is entertaining and it is really hard to talk about stocks that people don't fall asleep. I read Confessions... and I liked it a lot, indeed, I want to reread it. 2 things I remember from the book:

- He used insider info too
- His wife saved his ass/trades several times

So he gives credit where credit is due. He is also not a very nice boss, one employee wrote a book about working for him, Trading with the Enemy* is the title. I give credit to Cramer that he recognized that sometimes it is luck or being in the right place at the right time (soaring 90s!!!) and not skill what made him money and he left trading while the going was still good.

He also hates Tesla (the company), just like me... "Musk can get away with financial murder."

*quote from the book:

" "Being a Wall Street insider means getting the news before it's news. With a lot of money and a little effort, the system is easily manipulated. If you believe the everyday investor gets the same level of service as someone like Jim Cramer, you probably should stop trading now... most of Wall Street sees no problem with such discretionary disclosure." (Pg. 91-92) "Jim knew firsthand that it was all too easy to perpetuate the rumor mill for a big hit." (Pg. 128)"
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Will the REAL Jim Cramer please stand up, lol!

This video is CLASSIC.

 
ScalperJoe said:
My guess is the traders cashing checks aren't full time traders, especially the ones with the $1,600 withdrawals. They probably have other streams of income keeping them afloat, or trade their own retail accounts as well.

Pekelo estimated that the majority of the live accounts have sub $3k in equity on Day 11, hardly enough to build a solid revenue stream from trading futures unless they are generating income elsewhere. Regarding the person with the 10k withdrawal, how did you come up with the $23.07 figure? It's highly speculative, not knowing his tax filing status, expenses, deductions, and other income sources, if any.
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Based on filing single, standard deduction, no children and from the trading income only. My point is the best trader there is still not bringing much home after the additional 20% tst clips and the extra 15.3% SE tax takes.
 
volente_00 said:
My point is the best trader there is still not bringing much home after the additional 20% TST clips and the extra 15.3% SE tax takes.
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That is true for Americans. But if we can't increase the profits, what if we drop the cost of living? In most smaller East European cities and in Asia, one single guy can live on 1K per month. So he only has to make 1.5K monthly, and that is doable with even only 3 cars. (10 ES pts per month)

There is a reason TST has a special Russian room. For the lazy, here is a tool to play comparisons between cities:

http://www.numbeo.com/cost-of-living/

So a family guy from Chicago with 3 kids shouldn't apply, but a Vietnamese single lad can be a happy customer...
 
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