Guys, I grew as a newbie trader watching Jon and Hub. Now, I've come to realise they're full of it. So are all the other mentors I've seen on the web. If they could do what they say, why would they be surfing around trying to find customers. Why wouldn't they be putting their millions to work, pulling cash out of the market ATMs they talk about? I've tried and tested, and the crap don't work. Please justify to me, risking 2 points on the ES with 3 contracts to earn .5 points, 1 point, and 2 points. Are you really going to risk 100 dollars to earn 12.50 less commission with the first contract? 2 winners and 1 loser amounts to a loss. I've been in the trading room. 50/50 at best. Some mornings, three stop outs in a row! I was truly dis heartened about 2 weeks ago. I got an email from Hubert. It was the saddest thing I'd ever heard, and I guess was directed to the newbs of the newbs. Hubert was going to reveal, at risk of being black balled, all the secrets of the secret trading world, everything he knew, for only 499 dollars. One catch though. You had to promise to teach others what he taught you. It was like a knife through my heart. The true scum revealed itself. No successful trader would put them selves down to such bull. Reading the TRIN and VIX is no big secret that will get anyone black balled. Completely full of BS. And to think, pull still read Carter's book like it's a bible. What do you do once you realise you've been fully delusioned? After years and years of buying the crap, what do you do?
If any wannabe trader has to depend on someone else to learn about the markets they are inherently doomed to failure from the get go. I am not talking about read quality books such as the bibles/koran of trading/investing/options like magee/edwards or Graham etc. Self educate but forget the mentors and anyone promoting a trading course. All it is is TA with BS added to scam you. Just like the realestate no money down blah blah blah courses.
Take advantage of free trials to see other peoples' approaches, but don't pay a dime for their advice. Take Michael Parness' website (http://www.trendfund.com). The thing I learned there from speaking to the kid on the phone who wanted me to buy their coaching service was Michael makes his big money on outsized option bets. He'll take big hits too, but one winner makes up for it.
John Carter is one of the biggest hypocrites in the industry !!! However not all mentors are bad. I've had the privilege to learn from an exceptional trader who is also very humble and very honest. So not all mentors are bad. However, John Carter is definitely very unethical person. PERIOD
I am a newbie, but I don't believe we require a mentor in order to achieve success in trading. I know having a mentor does speed up the learning process, but there are just too many snake oil salesmen out there. It is impossible to figure out who really know what they are doing, unless you have finally figured everything out yourself. By then, you don't really need a mentor anymore. Just enjoy the free stuffs and listen to some POP in the chit-chat forum. PA
This is the problem of some trading sites like puretick, they risk 35 ticks to make 5 ticks. Also, they average down, so assuming you normally trade 3 contracts, you could be trading 9 contracts on a bad trade. I think they do this to keep a high enough win ratio that if someone signs up for a trial, they will then sign up for a month. Then another trick is that the ONLY way to cancel is to fraud close your credit card so they can't charge you anymore. There probably are some good mentors out there, but I would think at least 85% of these sites and mentors are scams.
The biggest problem with PureSchtik, I have heard first hand from my buddy that is a member is that by the time Alex calls a trade, hits the bell, he is already filled and out before members get in. Of course on the losers they always get a fill. The YM is way to damn thin to hold so many trying to get a fill. He covers his ass well by saying you really should learn to interpret my calls after spending a few months with him. I can't figure it out he makes almost no money with Alex barely breaks even and still is around after 6 months.