How to be a Guru in 10 easy Steps

I got the opposite meaning out of Redneck's post. Guru-isms that don't work as advertised. Redneck please clarify.

 

Can anyone guess who this "guru" is?

1. Seek out locations like ET that are teeming with newbies and wannabees who have a desperate need to believe

2. Troll for followers with grandiose claims, both trading and personal

3. Recruit flunkies and "seconds in command" to support your unsubstantiated claims of trading success... if this is not possible, simply create sock puppets

4. Peddle an incomprehensible "method" with its own jargon that can only can be learned from you or one of your stooges

5. Speak in riddles and gibberish to keep followers hanging on your every word and believing their lack of success is because they didn't grasp the full meaning of your "wisdom." This also makes the "method" nearly impossible to backtest... but if you do mistakenly state something in clear enough terms for others to test, attack backtesting and whoever ran the tests

6. When exposed as a fraud, disappear until it blows over... reappear later in a thread filled with potential fresh victims

7. Constantly berate "detractors" and the "conventional wisdom"

8. Make up success stories about followers who were willing to "do the work" -- even if in reality they went down in flames

9. Never, ever do live trading or show any proof of success (because there is none)

10. Foster a cult-like atmosphere

11. Keep things fresh by promising new things on the horizon that will never materialize, like books and automated trading platforms

12. Find someone to support you so you can play pied piper full time and not be distracted by trivial matters like having to earn a living

 

Trendo.

Yes Sir I will… and Yes Sir you are correct about my meaning


A bit of background first

We make the most amount of money by sitting on our hands – either on the sideline because we are not getting a clear read for an entry… or when we’re in a position making money

Obviously if we are in a losing position – we must get the hell out of dodge


Having patience and calmness while trading with deliberation, purpose, and intent – is absolutely paramount for proper trading


Furthermore – having framed up and clearly define trade parameters is also paramount

Specifically why we will get in

Specifically when we will get in

Specifically when and where we be wrong and get out for a loss

And when one gains more experience – where we should be looking to get out with a profit, or at least lock in some profit and reduce our position / exposure a little

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Newer traders – lack all the above to one extent or another – and for the most part trade like nervous nellies – which imo is why they move their stops too soon in the first place


By us (the experienced traders???) telling someone to take half off once price moves in your direction – does what – just makes them more nervous and more jumpy/ froggy


Take half off where… when….under what circumstances…

Who knows because we can’t read their mind, we don’t know what they’re trading, we don’t know anything about their methodology…

But I’ve seen this advice being handed out like it’s some sort of miracle cure all… And after thinking on it – imho it actually (subconsciously) causes a trader to become more jumpy and more nervous – because…



By taking half (or whatever) off as soon as price moves in our favor (and I still don’t know exactly what that means) – we are admitting (at least subconsciously) that our position is weak at best.., and/or “will” fail at worst – But the truth is we never know what price will do – so why not sit patiently allow price to show us its intentions.

Also by taking half off I believe a newer trader ends up jumping in / out of positions (racking up commissions), chasing price, and chasing their tail – all of which acts just like a negative feedback loop – so instead of curing the problem – it’s really reinforcing it.


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Bottom line;

Every trade we place – we must do so for a specific set of reasons

And by placing a trade – we completely accepted the fact we may lose that money

We know exactly where we will be wrong – hence we have a stop

And once we enter – we must simply sit on our hands and let the play work itself out – win, lose, or draw

Hence we must always trade with patience, calmness, deliberation, intent, and purpose – while remaining within our clearly defined set of parameters – never like some frog in a hot frying pan

And please remember this is for newer traders – experienced traders already have a rhythm and methodology – they can scale it/ out, add to/ take off, fade/ buy... etc.. etc.. etc… because most importantly however they trade…

They absolutely have the patience and calmness – to trade with deliberation, purpose, and intent – while remaining completely within their well defined parameters


Apologies for being such a long winded SOB today

RN

 

lurking.....

 

MB,

Come on man quit lurking – and add some content

I’ve read some of your stuff

RN

 

a real guru could benefit himself and his followers at the same time. it would be a very fine balance between the two to serve them both, but possible.

in other words a guru could benefit by publishing a perfectly good model if he were crafty. he would be profitable and the people who were using could be profitable as well.

the thing is that all gurus look the same and so how do you know the real thing from the fake thing? follow the money - but sometimes that is hard to do also. cause a crafty guru may not actually take income. but rather leave it parked somewhere.

damm crafty guru how do i catch him? well i think it helps to hang out around exchanges and get in with the crowd that knows for sure. guru referral is a crap shoot even amongst industry professionals. you can trust in the following statement - there are some people making huge money in the trading business actually trading.

toby crabel is one of them http://en.wikipedia.org/wiki/Toby_Crabel

toby was a guru selling trading systems and little magazine articles while making a living off a past tennis career. he was one of the guys everyone would point a finger at and say - he's one of those a-hole vendor guys.

rick saidenberg would be another one http://www.traders.com/Documentation/Feedbk_docs/1997/08/Abstracts_new/Interview/Interview9708.html

rick was and still is a paid programmer who made it big managing money but was a "SYSTEMS SELLER" whooo bad word? Really?" I mean is that a bad word - these guys are exceptions and anyone who blankets all guru's as scammer is just always going to be an unenlightened loser.

99.99999 % are scammers but give credit to the ones who are not else we all be the fools for not pursuing their methods. for what one man can accomplish surely another can follow and possible improve upon it.

mb

 

Toby Crable is the man! Sold his book and tried to have it removed about 3 years after, I had 2 copies of the original, one which is now in the possession of Mr Brown

I agree there are a few golden nuggets out there but good luck finding them.

 

hey i do have your book on toby and i think i have an extra one. i need to get it back to you some time when your back in the country!

 

wow, great thread.
I am currently studying guruism. thanx for the tips

you guys have shown that it isn't not necessarily that all together difficult to get started in this. I am a newbi guru but can see much potential.

My reasons for getting into it:

1. trading has been going not that "GREAT" for "awhile"
2. picked up a lot of jargon ie: lingo, and what not
3. I know a little about very wide ranging topics
4. I have made all of the mistakes one encounters
5. real good at photoshop
6. plenty of time
7. I finally got it that morals were just getting in the way
8. getting real good at guessing "THE TRENDS"
9. started new religon to facilitate(get the message out)
10. no prob assuming new "IDs"

my question is, and I thanx in advance, do you guys think that I will be a"TOP NOTCH" type if I promise to read up on the all the different ways, and work at it ,so much time, every week?

the reason I ask is because I need to make a lot of money back as soon as I can and trading for real is just not an "OPTION" for me anymore.

My greatist strength is that over the years I have put in a lot of "SCREEN TIME" and it wasn't all watching cartoons if you get my drifty.

I will def. be checking back in on this place for updates....
over & out

 

Poor old Jack believes he was hired by the UN and several countries to investigate claims of global warming at Antarctica as he told us in this thread:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=161373&perpage=6&pagenumber=14

Stop in the gift shop on your way out and buy the limited edition commemorative Jack Hershey action figure.. limit one per customer

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