Funny how you had to take a jab at my performance, something you know nothing about. However many of your methods are public, opening a door for criticism and public opinion. With that said, I'm only calling for one stellar student to come forward, apparently an impossible task.
Hehe, nice touch about the bet, and thanks for your faith my friend. But given that I have LF in my ignore list I couldn't care less if he is interested or not in taking the opposite side of the trade you just offered and even if he did I wouldn't know . Now, my post was intended for the bystanders who are still waiting to do something about their goal to become profitable traders, but still don't take the plunge into the hard work part. Not to those who for some bizarre reason choose to criticize a man who has been freely, I think I have to be emphatic " F R E E L Y" shared his knowledge for years with anyone who is willing to do the homework.
Clearly I'm aware I'm green I wasn't trying to be cheeky - I just wonder if making a ton of money and giving it all back hasn't clouded your judgement? I am reluctant to throw around the word "guru" around like everyone else in the western world does. (Your yoga teacher isn't a guru). The word guru means "one who dispells darkness" and should be reserved for enlightened individuals IMO. I don't know if you've read "Speculation as a Fine Art and Thoughts on Life" by Dickson Watts but its mostly a book of quotes by the master trader. One of my favorites is "vehemence is a sign of weakness; quietness is a sign of strength."
No you are not new to this game. I am. Since there is a good chance I am naive as well, you will not mind giving me 5 to 1 odds. In fact, considering how 'difficult' day trading is and that 90% + fail, this is a fantastic bet for you. Once again, this is not about who is smarter than who. It's just an experiment on many levels. Possible Bet: I have until July 1st to begin live trading. From July 1 to Dec 31st, I will return 50% + annualized. If I return 50% + annualized, I win. If I return between 30% and 50% annualized, it's a draw. If I return below 30% annualized, you win.
I should really stop posting in this thread because I have my own trading homework to do but Niko makes a sound point. Can someone explain to me what would drive a person to give away trading knowledge for years without ever trying to make a buck from the legion of traders who would have gladly paid him? If the only answer one can come up with is "ego" then why is DBP constantly giving credit to Wyckoff? Why does he remain anonymous? Why isn't he making outlandish claims about how much money he has made? The only other explanation I can come up with is either that DBP is completely insane or he is a sociopath who has for years toiled with one goal in mind - of ruining the low hanging fruit he claims to be looking out for. This is where Occam's razor comes in handy.
You can't criticize something you know nothing about. However yours is public and based on the results of your students, marginally profitable, which is not good enough. The edge in your technique is minuscule.
As a swing trader, I took roughy $5000 to $35 000 in a year before I had read a single book on trading. I withdrew most of it.You can read it here: http://www.elitetrader.com/vb/showthread.php?t=278064&highlight=fortune&page=5 As a day trader, I started out losing on my first shot at trading. At this point, I had read over 100 books, done a lot of testing, but not enough simulator trading. I was also using too much leverage. Stopped what I was doing, did a massive amount of backtesting and simulator trading. Re-wrote my trading plan. Came back and made a killing as a one lot trader for a good period. Sized up and took huge losses in a short period of time. My story is longer than that, but the point is, there's a difference between being profitable in a short time period, having some winning trades and being consistently profitable year after year. It's much harder than what the gurus are telling you. While some people may perceive me as being negative in this thread, I would rather call it being realistic and I'm actually sincere in my postings, since I don't want people to get their hopes and dreams too high and I hate people who's bullshitting others. All I'm asking is a little transparency and honesty.