Jack, please tell us what it was like to finish last in a trading contest, and what it was like when you failed to turn $10K into $1M in 100 days as you promised your former IBD group you would.
The class of people you are referring to are doing their Due Diligence (DD) based on their orientation and their personal pursuits. The general order of DD for these people is: 1. Request proof. 2. Check the proof to see if it real to them. 3. Request another form of proof. 4. Repeat 2. 5. Pass (meaning do not take any interest) on the methods. For item two the most common complaints are: 1. Once photoshopping was available and they were knowledgeable of it, they felt that photoshopping was occurring. My first experience here with this issue came from Nitro. He felt I photoshopped the posted material and secondly it was not possible to make that amount of money in one day that actually happened (it was beginner level for a person I was mentoring at the time). 2. Hindsight complaints are second in popularity. I countered this by posting a series of charts where each chart had a bar added. This too was unsatisfactory. 3. Third party review posted results. When third parties were imposed upon by those asking for proofs, the third parties were reluctantly willing to be imposed upon. They did report out and bear the expense of subsequent FedEx's and did not make copies of the materials sent directly to them (the 1.7 million dollar net profit in 31 partial fills). They benefitted by offering a 10% commission discount to traders who trade as I do (there were coattail trading benefits). 4. Other party verification. This is too indirect because it is not me and the other party is doing something else anyway. (See the follow on in the oft cited BABAK humorous piece) 5. Reading illustrated documents. listening to audio, reviewing videos. This fails because of the DD doers work requirement that is involved. Usually the claims of the DD doer are that 1, 2, 3, and 4 are also involved and if the effort were to be handled the DD doer would have to learn too much to comprehend. 6. DD by replication. This hasn't borne any fruit as yet. Good examples are the one pager on unusual volume which is backed by a video, illustrated transcript of the video and 30 sbapshots over a planned day that completed the plan at a rate of turning 10K into a million in less than 100 days. The person doing the trading was well underway at the time of the recording of the trading day. You, among others, have been asked to back test these items. So far no one has shown that the materials provided would not achieve their goals. It seems to me that a lot of persons could screw up such a back test to get a bad result. But they haven't so far when asked. The other example is my request for an Excel spread sheet that could be filledin with data. The spread sheet would calculate the results by the standards of the originator of the blank spread sheet. There are some copy cat programmers who use bits and pieces. Their results are under 1000 percent per year though. 7. Attending trading sessions. DD is not done during these sessions for some reason. The way it turns out is that people simply take advantage of the situation and do what is called learning. 8. DD searches. This fails because it is too much work. Finding an Excel that summarizes a years posted calls and results is considered unsatisfactory. The primary reason is that the basis of each entry, while available, takes time to find and then verify with a thid party reference. 9. Federal records of criminal citations and their subsequent retraction. This is not a common DD practise for amateur slooths. Spending money to capture this set of records using the sunshine laws would take time and talent and it only proves that the government was mistaken on what the limits of possibilities are. If a movie were made it would be the opposite of a "boiler room" and only show the SEC screwing up and dull lawyers accepting their apologies. 10. Head to head trading. This was done and it was regarded as humorous by all parties. There is no way the CW and the PEP will ever be comparable. CW means Conventional Wisdom and PEP means Pool Extraction Paradigm. 11. Funny math DD. I have found that working in front of others at a blackboard doing the math or powerpointing it does not work. It is a one way street and not a possible dialogue. You can read in ET how no funny math ever appears from anyone and especially in posts. At best, the funny math is presented as a reference from a scholarly journal. Use Lo as an example. He is corny.
You are laughable Jack.. a failed insurance agent that even fell to pieces in a trading contest and slipped out the backdoor down 24% before the losses got worse.. you couldn't even stand up to the pressure with no real money on the line
Jack, you spew excuses like a fire hose... almost 800 words to obfuscate why you never prove your delusional boasts when the simple reality is that it would be easy to (if you could trade as you claim) but you can't because you don't.
is TO AVOID proof RUN AWAY from auditing and cast DISPERSIONS And funny, the first sentence of this thread: I am 24 single, still live at home with parents. Could apply to Jack, except add 50 years...
The Johnson report is a statistical fraud. The brokerages have trolls who will encourage to let them handle your money. Simple enough. An american college degree is worthless. You will waste 4 years learning crap you will never use. Get out of the matrix, live life. If you fail, learn why you failed. ET Forum is full of negative idiots. If you learn how to master entry and exits, patience and risk management you can accomplish things which you will not believe until you do them. You can lose a boat load of money, or do the opposite. Go ahead, go to school, pay your college. Your degree, thanks to globalization and your great old buddy system will be worthless. The only way around it is to do medicine, or something super high end which you could probably learn on your own in less than 4 years and get CERTIFIED for. I have worked in tech before. Most of the guys who were successful didnt go to school for what they knew, they learned by....READING AND DOING!!! A college degree means you dont know how to read a book on your own and need someone to babysit you.
AWESOME advice. There are firms, where you can trade futures with just a small amount of money. Every time you are correct, you can use full leverage and make 1k a day on a lousy 20 tick play on the dow! But of course, it took me 5k in losses to figure this out! Stocks should lower pdt rules, margin etc. Futures rock and theres a reason why they keep slamming stocks in growth in participation! This is simply the rich creating barriers to entry for the smart and not so rich or poor! Stick to your dreams, try it out and DO NOT TRADE EVERY DAY. READ READ READ. You CAN make a living out of this, if this is for you. Some people are too impatient. These sour bastards are all over 30 yrs old. Married to a horrible biotch, and have no more dreams to chase, THEY ALSO HAVE CHILDREN. I am 26, no kids, no mortgage, I have done crazy sh*t in futures and I am hoping to trade crude oil one day. Find a good prop trading firm that doesnt become pushy in terms of overtrading. (good luck as most of these will want to make you poor and make themselves rich! especially in NY!) If not, start trading futures on thinkorswim for 1 to 2 years, on DEMO. Then, use a smaller margin broker for futures and take say 3 k you can blow and start with that and really tight rules and discipline. If you suck, try again and learn from your mistakes. I did, now, I laugh at adults and losers, posers and peons with slave jobs. As long as I can make 2k a month until reaching my desired lot size, I am happy. Dont let anyone stop you. The world is full of arrogant, simple simon assed losers who will crush and eat your dreams. At least try. If you fail, school isnt going anywhere, and neither is the library! Get your CISCO certifications instead of wasting 4 years of your life man. Also, get certified in web design through Adobe and Graphics through Adobe that way you have a nice resume. Again, great advice from belwetherbull!
You may wish to review item 7 of my post. When trading is going on in real time with real money, as you say, there is no dispute. It is possible when we were on other people's turf, there was an element of "competing". This means that accounts were open for most people there in that place. Trades were being done and continuous comparisons were made. Separate feeds and platforms were in use simply because the turf platforms were not usable "as is". we settled for one screen on a laptop and used a wireless connection. At the CME there must be tons of wireless options avaialble on any floor or if sitting outside. How long it was necessary to make the popint depended upon the observer's preparation. Those who had read all the archived materials and had followed posts for a good while, were more able to understand and ask questions. Programmers and writers were oriented to getting the foundations and building blocks so they could do the tasks that were then assigned to them. The results of that work are public. in another circumstance, if a commercial platform is being rebuilt or replaced, then it is a phase oriented process. Each phase prepares for what comes next. Necessarily, the first efforts are for the company to come to understand its data is flawed. This is not a simple task to convey to people who are selling data. Once that is accomplished and the resourse becomes usable then, facilitating the next phases becomes more orderly and easier. So far, it involves years of effort. Why commercial outfits make the effort and spend the money is easy to determine. They have a possibility of observing in real time accounts that arrive on thier door steps. What has it been like over the last fifty plus years for the brokers and agents who did see this happening? When operating under NFA section 208, it is something else. There was a common periodicity of C and R's. If there was a pause, then the call initator was reversed. The IB would initiate the call for a confirmation of "no news is good news". Why during these years and years of trading was this the common practise? the reson was related to the agreement in vogue regarding "coattail trading". this may be unfamiliar to you and others on ET. The criticism I receive from others, qualifies those people as to what they know and what they have experienced. Apparently few of them, you included, have not had personal relationships with agents of IB or broker account managers. I feel that few of my critics have ever had LPOA's anywhere or been or either side of LPOA's. I operated at the NFA limit of LPOA's I did always did "bunched" trades where it was the responsibility of the broker or IB to "spread the wealth around" in the accounts. You may notice that I mention being cited for criminal activity. try to associate that with timing of trading and running multiple large accounts. review you "movie" experience if nothing else. Examine how a person gets to trade using the trading desk of his IB or broker. I would have to know the ID number of my agent(s) and I would be setting the fees and commissions. when a person is doing that, he usually "throws bones" for the convenience provided. And that person may have standing instructions for his clients he does coattail trading for. How many ten of thouseands of trades do you think others have observed of me trading just considering the days before electronic trading? There is no one who has ever disputed my results. Everyone who has seen my results wanted part of the action one way or another. The people who are criticising me are not disputing my results. what they are whining about is their poor phishing skills and their translation of what I say into what they call "claims". I do not make claims. I state the facts of my experience which has, for five decades, been observed by people who work for me as I trade. In the opinion of most of these observers, I am from another planet and they do not have the ability to answer the question: "Who the hell is jack hershey?". All they know is what I do trading and the results of what I do trading. In other fields, I have enjoyed the same reaction from those I worked with. It is all very very humorous and a truly fun experience for all. I may be a little different than most people; I find nothing wrong with that. Because I give everything away and do not keep things, I turn out to be something people are sceptical of and it cannot possibly be real. We are starting a program for vets in Tucson this Fall. It has to do with the consequences of being taught how to kill others. The sponsoring group is truly uncommon. Putting a different first recourse in front of PTSD is almost as pleasurable as enabling families to "take" all the money they need for any lifestyle. Learning to learn is an important topic. Knowing how the mind works is equaly important. as you see, my critics know little or nothing about either. They are in a tough place. What I post is based upon very very successful trading experiences for five decades. Anyone who is an expert trader can read and verify my skills to anyone who is not expert. See if you can find an expert and have him/her read enough to get you straight on this matter. Presently, your thinking, if any, is screwed up for some reasons.