vvv wrote ; > hehe, who cares about calls?? I tend to disagree. Calls are not the most important thing in trading. that's true. But most traders need them, they can scan for them themselves or follow others, but still you need calls, so a source of good calls is a good start. As a matter of fact I don't care about calls since I trade the index ! That ended the perpertual scanning for me, but that's personal. > i think traders trade or start a fund, nontraders sell their rubbish... That I fully agree with ! And you are right about the audited tracking record. I think my comment was balanced earlier. I was hyping nobody. I was merely pointing out that some traders make money [10%] and from those, some are actually helping others to do the same. Few services are close to serious, none offer all the requirements you ask for. Who cares. I daytrade for myself, manage a fund on another system too, and would not ever consider sharing this. It is more interesting to use customers leverage with profit sharing than let them do it themselves, when you have something which works. But again, I do not pretend my way is the only way. Anyway 90% of wanabes will fail and pay us. I have been there paying seniors with my losses in the beginning. It is part of the process.
tntneo, i didn't want to imply that you were hyping anyone, i meant the likes of tokyo and waxie, who, from their own talk, if alas less walk, make it sound like george soros is their impoverished third degree cousin... then again, of course you're right, it always takes two to tango... cheers
Dan Zanger, Chartpattern.com I'd suggest a place to avoid. In addition to his site http://www.chartpattern.com (basic T&A and stock picks that have been rotten for the past 12 months...) He runs two hedge funds. I got into the Millennium High Tech Fund LP last March 2000 (great timing, huh!) because I felt Zanger was of course smarter than I and could short the heck out of the decline. Whooops!! I put in 50k and exited 3/31/2001 with 22,300$..... In asking about it.. His response was "we bought the TOP".. I mistakenly thought I was buying his trading skills.. Silly me... Friends and I use him as a contrarian indicator now. If his model is in the market, means get out or short the picks LOL... He stopped out with losses on his recent picks... He didn't follow his 'golden rules' (which he posts on his site) with my money, etc. I know that he has audited financials for the "greatest returns in history" but I personally think it was a one time wonder. Check the performance of the 2000 and 2001 "model portfolios" and then decide if it's worth your subscription money. I left the hedge fund and cancelled my subscription. Good luck all !!!!
PS -- I had to remain in the fund for a one year commitment or I surely wouldn't have been out sooner. Not sure if that is required of all hedge funds, but it was here. Maybe someone else is more versed in hedge fund rules and regs. Cheers!
Who's still checking out http://www.millennium-traders.com? Any members who will give us the benefit of their experience...good or bad? Would love to hear from you! Hey Rock, Anything new to report? Which site is picking winners? Thanks. tradeRX
On Millennium, today I checked over their trading log (which you can find at their website.) I wrote down each entry with the time, and each exit with the time. I then looked at a 1-minute bar chart to see what price you could have entered or exited based on each call. I used the middle of the 1-minute bar as the entry or exit price. For example, if they said at 9:50 to consider buy VRTS, and the price range on the 1-minute bar at 9:50 was 60 to 60.4, I used 60.2 as the entry point. There were two trades that they didn't provide exits for; I did not count those trades. They probably would not have significantly changed the results. There were a total of 20 trades, many of them overlapping. The average holding time is probably an hour or two; the range was 5 minutes to about 6 hours. Stocks traded include AMAT, BEAS, BRCD, CHKP, CIEN, CMVT, JNPR, NVDA, SEBL, VRTS, VRSN. (These are typically the stocks they trade.) Average price is about $50/shr. The results they posted on their daily email was a gain of approximately 27 points total, with no losers. My calculations showed approximately 14 points, with 16 winners and 2 losers. The biggest winner was 2.25 points, the biggest loser was 1.7 points. My guess is that you can take the point gains based on their daily email reports and divide by 2. I would estimate that they report on average 15-20 points per day. If I get a free hour some day I'll try it again and see if I come up with the same results.
let me tell you how http://www.millennium-traders.com count their winners: Today one of the winner they claimed is AMAT, according to their daily recap it was a buy @ 50.58 and sell @ 51.54 for a gain of 0.96 point. not bad huh..but wait, checking their log, reveal the call was made on 10:30AM, the stock immidiately tanked all the way to 49.75 and never reached entry price until 3:00PM(after the rates cut), what amazing is that the absolutely high for AMAT today is 51.54 and guess what? they log their sale @ 51.54(the daily high) for a gain of 0.96 point. The truth is they call the sell around 15:19 @ 51 just a few minutes after it peaked. Well, if you hold it for 4.5 hours doing nothng else, sit through a 1 point loss and sell at the absolutely high of the day before they call the exit for you only then you will have a chance to make this 0.96. The only loser according to their rule is the stock that never reach their entry point until close. after all, they call themselves "Daytraders", right?
Should we all learn something from Giardini's or countless other ppl's experience? Nobody else can do it for you, what they after is YOUR MONEY,be it $50,000 or $250.
There are some good groups of traders around in free chat rooms -- sharing ideas and observations to help everyone succeed. These seem like the winners to me. Richard