Yes he is. As a newbie to Elite Trader, I was interested in all of the fuss over Jack Hershey. Based on his claims alone, it was clear he was exaggerating (or lying) about his returns. Plus the slander about him (which seems 50% true, but still bad) supported my conclusion. He has stated on several occasions he gets 3x the daily range. While I couldn't imagine anyone being tempted by this, I was shocked to find others (mainly other newbies) on the board actually trying to learn this "method". Maybe this is understandable, because none of the real ET members (registered 2011 and earlier) seems to have clearly explained the Jack Hershey white lie, since it is obvious to them but possibly not obvious to others. So, let me show you fellow noobs/future Jack Hershey tycoons: At 3x daily ES range, with $100,000 in capital and assuming 2 out of 3 days are profitable: Average ES range for 6/16 - 6/26: 17 points x 3 = 51 points per day = 204 ticks per day = $2,550 per day per contract = 510% per day @ $500 per contract Let's assume leverage is only scaled at the end of the day. Let's also use a 10% maximum risk exposure. 1836 ticks - 204 ticks on the final day Worst case scenario, the final day is the unprofitable one Day 1. 20 contracts: +$51,000 Day 2. 30 contracts +$76,500 Day 3. 45 contracts +$116,025 Day 4. 68 contracts +$173,400 Day 5. 101 contracts +$257,550 Day 6. 151 contracts +$385,050 Day 7. 228 contracts +$581,400 Day 8. 342 contracts +$872,100 Day 9. 512 contracts +$1.3056 million Day 10. 768 contracts -$1.958 million Even after incurring a nearly 50% draw down at the end, you will have still turned $10,000 into over $2 million in just 2 trading weeks (10 days). "Oh, but it won't scale, and you shouldn't trade like that." Why not? Trillions of dollars have gone through the ES since it's inception about 10 years ago. Why can't you get a fraction of that without moving the market? "Jack didn't really mean 3x daily range." Then what did he mean? He explicitly said it. Question to Jack Hershey followers: are you having these types of returns yet? If so, why is your spelling still terrible and your shoes still missing? Again, I'm sorry to beat a dead horse, but I don't think anyone has made clear to others (not just themselves) about why this man is rejected around here so much. I hope someday Jack Hershey checks himself into a shrink house, and comes back and truthfully explains his method's real performance, the pros/cons of his trading and his personal pitfalls that he hopes other traders won't encounter. I'm not saying this to provoke you Jack, I sincerely mean it. All of us lie and blow ourselves up to something we are not currently. It really isn't something anyone will hate you over. If you are not lying, then please explain why you are effectively slandered around here. Please do so without your arrogant 12 year old language that just makes you look like a fool. And don't do two spaces between every paragraph/sentence. Sorry if I'm beating a dead horse. However I can only imagine someone blowing 3 months of their life "attempting" this method!
The cover story is that the illuminati are sworn to secrecy and sign agreements to use the method's profits to fund community betterment projects. That's why you never see a Hershey trader profiled in the media. Also, your run-of-the-mill crassly greedy person need not apply. "My profits are as the profits of ten because my heart is pure." Grasping self-interested slobs like me need not apply. But trading being not your commonly sought occupation, they have to trawl in the loly depths of places like this to find the one out of a thousand whose heart is sufficiently pure. Hence the obfuscation and bullshit. Suck candidates in but don't give anything away in the process. But I'm just jealous.
Your math is incorret.Jack uses $1500 per contract of margin and adds one contract every 30 points he makes.I personaly do not believe in 20-40 turns,but believe in 3xrange. My view,after many years of observations,is that Jack doesnt trade.Maybe he has some sort of automation,or has someone trading for him. I don`t think he is a liar,but he doesn`t speak of many many thing that have significant meaning in trading.
I see two responses in the main forum, but only one here, which means someone posted that's on my ignore list...