I subscribed to his service for several months off and on, very good stuff. Trendline break patterns are reliable short term trades, generally good for 5-8%. I have never been fond of stops so like to average in and out as stuff moves. Still use realmony everyday, Herb Greenberg can definitely find stuff.
I am not trying to attack the guy. He is a good writer, and I found he was very quick to respond to questions. Is there a track record for his picks for his premium service? I also find it a little hard to swallow that he basically copied Bill O'Neill's approach and has never seen fit to credit him. Whatever.
If you've read him for a long time, you know that in his earlier writing he praised O'neil and stated that he learned how to trade from his book. He's modified things from O'neil's book, but that's what his style is based on.
(? I also find it a little hard to swallow that he basically copied Bill O'Neill's approach and has never seen fit to credit him) Bill O'Neil uses earnings momentum, a fundamental analysis parameter Smith uses TA only, NO fundamental stuff - that much I know
so far, so good - his picks seem to be working need to take money managemt seriously though, he does not provide exits and entries
up about $550 in 1 1/2 days on 26k avg capital deployed. 3 picks, 3 wins (one short closed for quick profit on fri) do i expect this to be typical? no dont, but it is promising
He provides the entry point, his loss cut is a close below the buy point, the only thing he doesn't provide is how to take profits. But to figure that out, you need to watch the price volume action of the stock.
(He provides the entry point, his loss cut is a close below the buy point, the only thing he doesn't provide is how to take profits. But to figure that out, you need to watch the price volume action of the stock.) on a side note, how do people get the "quoted from" block in their posts? what you said makes sense - as far as how to take profits, I'm looking at trailing stops - not optimal, but a solid capital preservation tactic. calibertrader, have you used the service lately? what has your experince been if you have?
I read the delayed version of his posts. The delayed version used to be a couple of days, now it seems it's a couple of months. I use his writings more to improve my own technical analysis rather then for picks. He has a very simple basic approach, and I like that. The simpler the better. If you follow his rules, and find your own stocks, you can make money fairly consistently. You just have to improve the profit taking, the rest is pretty easy.