I went to a free Pristine presentation and was impressed. I am a total newbie and would like to hear from of you experiences daytraders about your opinion of Pristine. Thanks ,Breezy
breezy1 Take a look at this thread. http://www.elitetrader.com/vb/showthread.php?s=&threadid=8850&perpage=6&pagenumber=1
In fairness I will state my exposure to Pristine is limited. I have received their daily insights for a few months and each week follow their stock of the week. They have a book "Tools and Tactics for the Master Day Trader" which I found interesting and filled with ideas on how to interpret technicals. In addition I read another book "A Beginners Guide to Day Trading Online." At the time I was unaware, but shortly into the book I discovered the author claimed to be a successful Pristine Trader. I have been a short term trader for several years, but I will state that I have not been an active trader. My definition of short term is buying and holding for a few weeks. My methods constantly switch and given my limited experience and knowledge I have slowly lost more than I have made. Over the last few months I have become more active and in a sense you can say I am a newbie as well. In my opinion Pristine is more of a sales pitch than anything else. Throughout the book they make several subtle references about the Pristine Method and getting official training with Pristine. Their weekly insights also push to sell the Pristine method. Don't get me wrong, if I was them I would do the same. They are established to sell their product. The material they provide is motivational. Obviously Pristine has some validity as there are people who successfully trade using the method, but what percentage? My personal guess is you will find very few successful Pristine Traders as compared to other established trainers such as Bright. Why do I say this? Well each week they send a stock pick of the week and almost each week the stock fails to make entry. Now you can say well then when a stock does make entry it is sure to make profits. The number of buy setups Pristine has is limited and while they can be modified, a review of many postions that met their setup criteria resulted in negative results. Not meaning money was lost, but meaning once again no entry was possible. If you are interested in swing trades then possibly you could find stocks meeting highs or lows and then find a few with entry. If you are look to trade intraday it will be more difficult as you will need to be watching 50 stocks and as they meet highs and lows analyze the charts for potential opportunity. The technical analysis they use is in my opinion much like reading tea leaves with no clear cut right or wrong. There are specific building blocks and rules to the trades, but in the end you have to gauge each series of bars along with its reversal indicator. Since each series of bars will have varying lengths, tails, and will overlap or gap different degrees, the trader then must "use the force" and determine if the trade is right. If you are interested in the Pristine Method then my suggestion is to purchase the book which can be bought on Amazon for a discount and to sign up for their daily emails. Then paper trade using their techniques for a month. If at the end of the month you still think Pristine is all that then go spend the $1200 to take the training class. Who knows, you may be one of the few that can read those leaves.
I have just read the attached thread from Nutsneal. If you read the thread it is obvious there are a few people who are proponents of Pristine. Still my opinion stands, before you spend $1200 on the class and then find yourself in the trading room spending $60,000 as they "teach you to trade", research it a little more and experiment with their techniques. If you are half way intelligent you should be able to take their book and daily insights and within a month make a reasonable decision if the Pristine Method is right for you.
I appreciate the feedback and will go to the recommended thread. The cost of Pristine's 2 day seminar is now up to $1,995! I will do lots of investigating before plunking down that kind of cash. I know about the book and have priced it on Amazon. I am currently going thru all Pristine's free stuff and may paper trade their Pristine lite's picks to see how it goes. Any suggestions for education for a new trader that do a better and maybe a less costly training program would be appreciated. Breezy
Oh my God - do you really mean to tell me that their weekly recommendations fail to kick in! Imagine that! recommended stocks that don't go up in a down market - I'll be. So what do you think is the most important lesson to learn in learning how to trade? I could be wrong, but it just might be knowing when not to trade. By all means, do not spend your money with them - you ain't ready. The so called "Pristine Method" amounts to identifying high probability entries. Not the high probability that the entries will trigger, but rather the high probability that if they do then the stock will continue in that direction. If Pristine trained traders fail, it is because they ignored what was being taught, or they were looking for something that is unrealistic. You can lead a horse to water, but...
Tampa "Oh my God - do you really mean to tell me that their weekly recommendations fail to kick in! Imagine that! recommended stocks that don't go up in a down market - I'll be." Tampa if you check into it they have recommended several shorts in this down market and they have not made entry either. They do not always recommend up stocks in a down market. As far as high probability of success given as a reason for so few entries, I defended Pristine as stating this may be one reason their system has some merit. Then again I have not seen any evidence. My recommendation was based on personal preference. I believe their system of technical analysis is weak and has very limited potential. Lets take for instance the Pristine Method of break even stops, per page 310 of their book Tools and Tactics for the Master Day trader. They have a section of initial stops which makes sense based on the relationship between two bars, but then to break even they implement an idea called the $1 rule. Here Pristine claims after a stock has risen $1 above entry you raise your stop loss to break even and claim in-house traders use a rule of .75 cents on trades less than $12. What type of crap is this.... you cannot place an arbitrary rule of $1 or .75 for those less than $12. Each stock is different. Are you telling me it is a great idea to move your stop loss to break even when a stock moves $1 above entry on an $80 stock? When the book was written there were still quite a few stocks over $100 out there. What about waiting for a $4 stock to make .75 cents. Don't you think it would be much better to recommend a percentage rather than a straight value? My only point is too be wary and to obtain more information before spending $2000 on a 2 day seminar. Once again maybe there are people that can make money using Pristine, but with advice like the above I am not sure I want to be included.
Apparently you wasted your money on the book. The $1 rule applies to daytrades - not to swing trading.
I think it is unfair for someone posts the Pristine method without even attended their regular training. I have attended some of their seminars, online trainings & trading rooms over the past 2 years. Their trainings are very professional. When you see a trading setup, the details are specified with their methods including trigger, target & stops. We all can not predict what event will unfold. News will override TA. If you really want to know more, you can access their weekly free: http://www.pristine.com/askpristine/ I took my first training with Chris Manning, which costed me $2500 3 years ago. I think all training price has came down a lot. Love Pristine's online training. K.I. S. S. is the best way.
@ Tampa... maybe you should go buy the book or maybe you simply have your information reversed. Maybe you were asleep during the seminar and wasted your money. There is another possibility, maybe Pristine overlooked a printing error in their book. You can be the one to let them know so they can reprint. Page 311, "A Final Note on Break-Even Stops." It states the $1 rule is only intended for swing trades and not for day trades. They actually recommend a much smaller increment for day trades. I will say again that applying an arbitrary value of $1 after entry or .75 cents for those stocks under $12 is a poor method. I say this regardless of time frame. It does not matter if it is intraday, swing, or if you buy the friggin stock to hold for your grandkids twenty years. Using the same value regardless of stock price is stupid. Tampa, if you would like to defend Pristine then do so by actually saying something of value, not just slinging an insult because you are defensive about their methodology. @zxcv1fu This post is about the validity of the Pristine Method and it is hard to debate without being able to discuss the method. My reference to page 310 of their book is to point out a specific example of a point I disagree with. I am not giving away their method and do not care if without attending said $2000 seminar someone thinks it not fair I discuss their methodology. Anyone with half a brain can get their daily insights free and for $40 you have their book. It is also not like charting is a new invention. Now I understand some people are getting a little hurt since I do not whole heartedly fall to the religion of Pristine. I have gone as far as stating it is obvious the method works for some people and have stated the method has merit. Forgive me for taking issue with some of the points they make.