I have also given Waxie's site a try. During that week trial, on March 2, 2000 I'm pretty sure, Waxie had intered the chat room and called CIEN for a short. Apparently, a member questioned the price action because it had moved in the wrong direction the next day. Waxie posted a message stating that it is the traders responsibility to execute his trades, and manage. This is also stated in the introductory page. He then went on to say that his stop was above 74. (5, or 6 pt, stop) It sounded as if he was pushed into saying where his stop was. Anyway, in the following days the price action continued up into a gap up to 78. Then the price action came down to close at 53.31, on 12 Mar 01. He reported, WOWSA!!!, I made 500,000 as best as I can tellllll!! Ka-chingo! CIEN was on his list making 13 pts that day. But I was left wondering how he managed that one. Did he get stopped out above 74 liked he said he would? Did he get back in? And when? Evidently, he did. But he doesn't share that with any of his paid($400/month) members. Another time only within a week ago, someone asked him how much he has made. He said 1.5 million in one account which started with 1.5 million. 100%!! I wonder, How many accounts does he have? In the account he mentioned, is that a high risk account? What percentage of the total trading portfolio is that one account? Was margin used while trading this account? Last, Thursday the 5th of April, five stocks were called at the open to Fad the gap. Four of them went the wrong direction. One was ok. After hours Waxie reported the four as being covered flat.(I wonder how many points are allowed for "margin of error" in his definition of Flat.) Anyway, there is a market for this chat room along with others(just as there are markets for used car lots with lemons), but I feel very comfortable with this site as there are individual successful traders who willingly share their knowledge to help other traders. There are a few chat rooms that do emphasize how, and why?(Educate) I feel that if your not understanding how, and why, you enter and exit a trade, you've got yourself a lemon.(Mostly) Jeffrey
I'm curious, has anyone been following Waxie for a really long time (like a year or so)? I've been getting his emails for about 6 months, and he's been on the money about the market the whole time. Doesn't mean he's a guru necessarily; there are people from time to time who seem to be able to call the market with uncanny accuracy. Anyway, he said in a recent email that he called the Nasdaq all the way up to 5000 prior to last March, before he started calling it down to 2000 and lower. I'm just wondering if anyone can verify this.
I think most of the people in the trader training business are bs, fwiw. I have a lot of critical comments on what I've seen, it would be nice to see professionals contribute to the industry. One thing I've started doing is inviting pros to do lunch seminars for the traders (eg Mark Seleznov was in my room Friday, Tim Bourquin will be there Tue etc) to help expand traders' knowledge and skills. What other improvements would people like to see in the trading rooms? I didn't like the offtopic rambling, bs "momentum posts" vs TA-based careful posting, and the lack of small stops and specific info. that's needed to succeed, in trying out all the other rooms out there. Ken
It would be a service to rookie traders to interact with professional traders(visitors) in the rooms as mentioned clearifying How, and Why, of entering/exiting positions along with management of a position. Example: If a trade was called 6 month's ago, following a trend, a chart should be posted periodically visually pointing out the original entry point and a trend line showing where a trailing stop would be followed by placing the stop a specified amount above/below that trend line. If stopped out of the position short term, how would you manage to re-enter the intermediate trend? Also, backed up the a visual chart(TA). Personally, I called many that have at least double their price change the beginning of Jan. 2001 Is my portfolio at least doubled at this point from those calls? No. I've been trading intra-day. I have a lot to learn. Jeffrey
Check out http://www.kinetictrader.com. The site is for position traders, and it's set up close to what you are asking for.
Dustin wrote: "Ken, at the time some guy challenged Waxie to prove that he really was making all this money, and if he proved it the guy would give him World Series tix. Waxie provided his daily trade P&L for all of his members and his claims were supported. The guy ended up backing out of the deal." what i wonder is, does this guy have an audited track record, showing his risk/return profile? i mean, larry williams audited 10k to 1mil stunt was based on a risk per position of up to 30%, not what i call feasible trading for the long term, hehe... or do people just fall for waxies self-marketing?? tokyo joe, anyone?? cheers
I followed him for a while, he is probably a great trader but most of his calls are made after he enters at a better price. I found it difficult to learn and trade the way he advocates.