anybody care to share john carter and hubert senters trading experience in this thread: http://www.elitetrader.com/vb/showt...perpage=6&highlight=list of scam&pagenumber=5 Should tradethemarkets.com be on the list?
Trading income can easily come close to or break 8 figures? Really? Is that how much you make every year?
Where did I say that I am swing or long term trader???? If you ever saw my posts, you would know that I trade very short term (from few secs to few mins) index futures. Also, I said 'SUCCESSFUL' swing and long term traders, and there is probably less than 1% of these.
Right now I make ~200 a day scalping citi. As I get more comfortable I've been upping my size with the same strategy, so I'll be at 500 a day in about 6 mos. 1000 a day in a year or two. Of course anything can happen. The strategy is fixed, and has performed over many different market conditions. range, trend, fast, slow. It has its weak points, but so does everything. Trading is my only source of income, and speaking for myself, and from observing the other 30 traders i work with nobody has time to teach. The only people who teach are the partners who put up the capital the traders are risking. No training fees. Alltheir compensation comes from the money generated by their lessons. Also, speaking for myself every single person who I've ever seen who sells training, can't really trade well enough to be profitable. Think about it, if you KNOW you can win, say 10% more than you lose, you just pile on the size and that's a living. Only limited by your ability to stick to the plan and not change your style when putting on size. This is the hardest part ime. Its all mental. There are lots of ways to make money, its just a matter of finding a way you can bet big on without freaking out and changing things, which always ends up with you buying tops and selling bottoms. Anyway, be very sceptical of people who want to sell you info. Its all free online, and chart time. I think anyone can trade, provided they try hard enough for long enough. Oh, and the holy grail: don't use charts for signals, as in, buy when the rsi crosses 30 , and the inverse h&s pattern breaks the neckline. You just use those patterns as a guide and follow the current price action, its the only thing that doesn't lag.
Charities and good causes are often funded by wealthy traders/finance guys. That seems worthwhile to me. I don't think most people who make good money doing something they are passionate about would stop doing that and do something else.
I heard through he grapevine that day was today on TF I think. Something about winding up long 400 contracts.
That's what I heard. Something like 20 months without a loss, and today he took over a $300k loss. That's too bad, hopefully he can brush this off and resume his winning streak.
I agree, the book was good, just ignore the specific trade setups. You can use the trade setups for ideas on developing your own. The sections on market internals is an excellent primer, again use common sense when reading his opinion on how to use them. I tried his service years ago and warning don't try to follow Senters daytrading or Carters either.