What I actually said 8 months ago was "If there is any interest I can post the results here." There was no interest as you can see, therefore I did not post further.A few guys sent me emails asking about the service, and I sent the reply that I will now post here. As Bogan7 points out, I am a low poster and do not spend that much time on any forum and am therefore a little uncertain as to the correct etiquette. My reply was as follows:- "I tried the service for 3 weeks and did not become a full subscriber. > > The claims made in the extensive advertising are very tempting, but for > me, totally unachievable. $300 a month for the service I also felt was > vastly overpriced. > > I papertraded the recommendations from his chat room using the Thinkorswim > platform that I use for my real time stock/option trading and I found that > one big problem was that the stocks recommended were often highly illiquid > and extremely volatile. The slippage on these stocks can be huge, and when > you are only looking for a 1% move, there can be a 1% slippage entry, and > 1% slippage exiting so Manny will be posting a nice winner, but in reality > there was a loss in real times, sometimes up to 5%. This happened several > times. > > There were times when I actually wondered if Manny was really trading his account, or just calling out trades. > > Another area that I did not like was that during the three weeks he was > recomending shorting stocks that were not available for borrowing with my > broker and claiming winning trades for his record. > > The trade recommendations are nicely vague. "I'me looking to sell XX > around $25.00" and seconds later he posts " I sold at $24.80" and the > market is now trading $24.50. > > The performance claims, to me, are simply unachievable and in the private > chat > room this is confirmed by many of the participants that I chatted with. If > the 1% a day was achievable I would borrow against my house and trade the > recommendations in massive size, also impossible given the illiquidity of > the stocks. > > There were about 60 in the chat room, of which I guess at least a quarter > were on trials. Pure guess, but that leaves 45 guys paying $300 a mnth > which is not a bad income stream for anyone. The massive advertising will > ensure a constant stream of new players when the old ones get burnt out. > > I hope my views have been of help." > I hope that this establishes my credentials that I am not a shill!
You may not be a shill, but about 10-20 monikers in the chat room probably were. Free access for his buddies to say good things. Did a little research on this guy AKA Manny Backus and he's had some legal problems. Walks like duck, quacks like a duck, smells like sh*t. It's sh*t. --------------------------------- For Immediate Release: 06/08/2005 Commission Halts Unregistered Activity By PortfolioCrafter.com and Manuel Jesus-Backus a/k/a Manuel Jesus ORDER TO RESCIND SUMMARY ORDER TO CEASE AND DESIST 01/24/2006 Harrisburg, PA, 06/08/2005 â The Pennsylvania Securities Commission issued a Summary Order to Cease and Desist against PortfolioCrafter.com (Portfolio) and Manuel Jesus-Backus a/k/a Manuel Jesus (Jesus-Backus) to halt the offer and sale of unregistered securities in Pennsylvania. Located in Los Angeles, California, Portfolio is in the business of rendering investment advisor services and maintained a website at PortfolioCrafter.com (Web Site). Jesus-Backus was a Los Angeles, California, resident and is the domain registrant of Portfolio, the creator of Portfolioâs proprietary model stock portfolio, and the provider of realtime investment advice to Portfolioâs subscribers. The Web Site states that âFrom; Manuel Jesus-Backus...Hereâs How You, Too, Can Lock-In At Least +8% Net Gains In Your Stock Portfolio Each & Every Month, Like Clock Work (Which Translates Into 150% Per Year Compounded)...All I want you to do (and all you have to do) is duplicate my model portfolio trade activity...Hereâs how it would work...Iâll inform you of each and every trade that I make in my model portfolio in real-time, so all you have to do is simply copy these trades in your own portfolio (in identical proportions) to achieve the same uncanny results...If my model portfolio achieves less than 8% net return during any given month, then I will immediately refund your subscription investment in FULL.â The âsubscription investmentâ was in the form of a monthly fee of $99.00. The Web Site also stated that Portfolio had at least one subscriber who was a Pennsylvania resident. Commission records reveal that Portfolio and Jesus-Backus are not registered in Pennsylvania as an investment adviser and investment adviser representative, respectively, and no exemptions from registration are available to them. The Commission directed the Respondents to stop transacting business in the Commonwealth of Pennsylvania as an investment adviser and investment adviser representative in violation of the 1972 Act, and in particular Section 301 thereof. Any further solicitations or sales made by Portfolio, Jesus-Backus or their affiliates in Pennsylvania will constitute further violations of the 1972 Act. Any further solicitations or sales made by these respondents in Pennsylvania will constitute violations of the 1972 Act and the Commission's Orders. Any person who is solicited by or has information about these respondents is asked to immediately notify the Pennsylvania Securities Commission by calling 800-600-0007, or, in Harrisburg: (717) 787-8062, in Pittsburgh: (412) 565-5083 or in Philadelphia: (215) 560-2088. Alternate formats of this release may be available on request; call 717/787-1165. https://www.secure.psc.state.pa.us/...ype=&ReleaseDate=&ReleaseYear=&Desc=&Rescind=
Wonder why this site was targeted. I was under the impression that publishing your trading opinion, as long as it is generally available, and you weren't personalizing advice or managing the money in any way, was protected by the CFTC...[size]
Still amazed that people will pay for crap they can get for free. There are 100s of resources available if you'll do the work to dig it up. T http://actionpointsta.blogspot.com/
Yeah...it's my blog. What's good for one trader may be useless to another. Other than that, there really isn't much to say. I'll locate a nugget from time to time. It's all posted there for anyone to see. Regards, T http://actionpointsta.blogspot.com/
This is an old thread but I thought I would post here anyway to see if anyone is still interested in First Hour Trading. I'm signed up for a trial account and have traded 3 days, so far. First day - still getting used to Interactive Broker's platform and couldn't take the trade. Second day - slippage did me in and lost $17 (only trading a small amount of shares). Third day - Got wiser and set my hotkey to limit +0.25% so I would either get in close to Manny's price or I wouldn't take the trade. Seemed to work (mainly because the price came back to the original entry, a minute later, and I was able to get a good fill. Made $25 shorting 50 shares of Costco which works out to the 1% that he promises. Of course this is only one day so too early to tell long term results. Negatives: His "chat" room is run by a moderator that only allows positive thoughts. If you try and post that you lost money, it will never see the light of day. All results are based on him getting in and out at the perfect time with no slippage so one has to take the results with that caveat. Positive: He does seem to have a good feel for where the market will open, where it will go before reversing. Better than I do, anyway. To answer some of the above comments: If you trade with a large broker, I wouldn't think you would have trouble shorting; the stocks I've seen him trade are widely owned. Yes, the slippage will do you in so you have to get in with limit orders only (which he advises also). If anyone is still interested in this stuff, I could keep posting......