Larry: How long does it take to make a good trader? Dan: It depends, but with most people that are really successfully they have been at it for 4-6 years at a minimum
I heard of Dan zanger from someone. He made money, yap so does lot of great traders, he built his own strategy. and I heard lot of people got burnt badly following his alerts in his chat room. So if you learn patterns and come up with your own strategy and learn how to interpret the chart that is the best way you can trade not by following Dan or someone else's alert in the chat room blindly. Every equity goes up or down, once your master the trend and pattern you will pick your own alerts and flow with the trend of the equity, for that you need a good charting software not a paid alert alert service.
A trader should always buy the issues that he/she wants, alerts or no alerts. But Dan reads the market ok, perhaps better than most. And can identify patterns better than many. So his service is useful in that it gives a work frame and a short-term point of view. If someone expects Houdini, no, that doesn't exist. Following something -anything- blindly, is the surest road to disappointment. With this caveat, his nightly letters can be one more weapon for the battleground.
A new interview with Dan Zanger: http://www.chartpattern.com/cf/images/new/articles/traders-world-2010.pdf
You herbs on this site are fascinating to watch. This guy makes what, $20 mil plus and you say he should not be praised!? Give me a break. I see the same type of comments on major hedge fund players who do well in the market but, of course, you get people like yourself who just love to run their mouths. You should post a P/L of that type of return. Point is, Zanger found a hot market and exploited it.
There is always a Zanger left after any period in the stock market - bull or bear, doesn't matter - point is how does that translate into a success of average Joe like me for example If we take any disaster - there is always a person who foresaw it.. Always