Ok We can all see the ignorance in Bob's post. Thats obvious. I did want to thank all the rest of you for contributing. As many know I have bought several systems in the past and some have been out and out scams but here is why I believe Linda's might be different. Firstly; because she is not asking for a huge chunk of money up front. If after the first month I am not happy I can stop and my loss is limited. Unlike these other scum that want huge money upfront with no guarantee. Secondly; She is the only real deal that is validated in Market Wizards and I believe this means allot. What I am looking for is some guidance on consistency!!! I am trading profitably BUT it is sporadic and my losing days can get out of hand and destroy allot of the good work I do on the winning days. All advise from experienced traders in this forum is VERY appreciated. Thanks.
You may want to read this discussion about her in another forum http://www.dailyspeculations.com/Letter/taforum.htm R.M.: I donât want to step on any toes here, something I have a bad habit of doing at times, but to get anywhere you have to take on risk. My loss of faith in the value of technical analysis can be pinpointed to a day. I had gone to the downtown library to research how to calculate the ADX indicator (this was before everything was on the internet) [a female technician money manager] had been on CNBC that week promoting Street Smarts and had thrown everyone a bone by revealing her "Holy Grail" trade, which was to buy when the ADX was above some value after a small correction followed by a move up that broke the previous down dayâs high, or something like that.
She is definitely the real deal. I have watched her trade. She made the first big sum in the 87 crash and can now afford to be wrong and take shots. For what its worth she has my respect. W
Samson, The real-time chat will be of value if you are: 1. a discretionary trader. 2. a Tape Reader 3. use and believe in the value of the technical approach to trading 4. like high probability small scalp trades 1 - 1.5 points a couple of times a day. (once or twice a month she catches a nice trend day) 5. Primarily trade ES but don't mind commentary on all actively traded markets. 6. Have no misconceptions that any single individual, book, tape, seminar, will provide the answer to the question of the HOLY GRAIL . 7. Use the analysis as a tool to help you make better trade decisions and ultimately become self proficient as a trader. About Ms Raschke: Ms Raschke has her good days and her bad days. Most days she is all psyched up and trades aggressively. Some days she is off her game and admits it to the chat room. Her supporting cast & crew, Chris, Hawkeye, dan are all professional and make many good calls throughout the day. I value their opinions. Her live chat room was definitely of value to my trading when i started. Understanding and building a framework for market structure is difficult if not impossible without a guide. She has been mine. And I have been able to develop my own style with her help. Which I believe is her goal. Although I do not use her real-time chat room currently, I still subscribe to the web sites end-of-day access. The nuggets of information provided daily are well worth the $110 price tag. To The previous Elite Trader member who described her with such terrible comments. All I can say is Ms Raschke is a true professional and tough competitor and would probably just laugh at your ignorant description of her. My friend, you REALLY are terribly ignorant !! I watched her trade live in a Las vegas seminar. She made a substantial profit trading bonds and S&ps in front of 200 attendees on a pre Fed day (very slow action) announcement , which I will never forget. Ms. Raschke has described her services as a temporary tool for learning the markets. Once the skills have been acquired, there is no reason to subscribe anymore. I have heard her say this to 200 people attending a seminar. I was in shock!!! To a previous post which states she actively posts or promotes in other countries ? I do not know nor can confirm that statement. What I do know, is during a period of 2-years of not trading nor using her service, I had not received One(1) e-mail, phone call, letter, fax, or other request asking for my return. And to describe her as a "snake-oil" salesman? With her sales and marketing techniques mentioned above, I don't think she can sell snake or any other oil. But she can trade !!! Best Regards Dave Scott
Thanks Dave; I really appreciate the feedback on Linda it was very constructive. The only thing that bothers me is your comments on scalps? Could you expand on that a little more with your experiences in her room? I am not a scalper at all, my holds are for 4-5 points min. That being said I think I am going to try here forum for a month and see if there is anything that she does that might help me correct my inconsistency issue. Thanks again
Samson, I am glad to be of help. Now we can get to your issue, and pinpoint any incompatibility problems between styles. Many times during the day, scalp trades are called in real-time. These trades have a high probability (80% positive expectancy). The trades are based on S&R levels, Short skirt trades (1-minute retest of a previous momentum high or low) , previous swing highs & lows and tape reading. ES Trades always have a 3-point stop. The trades are scaled in one or two unit increments. A unit consist of x number of contracts. When she adds a second unit it is usually because the trade has gone a little against her but the underlying reason for the set-up has not changed and the risk/reward is still favorable. Additionally she usually states prior to entering the first unit that she intends to buy some at the current level and some more on any further push (up or down). In addition to price stops, she also uses time stops. If a period of time goes by and the trade is not working, she has an uncanny ability to break-even or take a small loss. When she exits a trade its at one price. With that said, although I have not calculated her actual trade by trade performance, it appears to me she is most often taking a 1.25 to 2 point "bite" out of the market. She trades size and this is what she is comfortable doing. Yes, I have seen her take 3, 4, 5 points ( even 30 points back in 1999, 2000 the good ol days) but this is much less frequent. She is very aware of the overall volatility in the market and I believe adjusts her profit objectives accordingly. Although she monitors all time frames and all markets, scalping the ES is her daily bread and 5 point moves, although they do occur, are not the trade of the day. What is the trade of the day is 50 cent, 75 cent, 1.25 point 2 point scalps. Buy the bid , sell the offer, get in fast, get out faster. And when the fat pitch arrives she swings hard, real hard and trades very aggressively. What you must reconcile is if trading on a very small 1-minute or 5-minute time frame right for you? and how her profit goals, risk/reward ratios, and time frame factors that she uses, compatible with yours. It is not right for everybody!! I guess you could say we as traders bide our time day in and day out taking "pieces" out of the market just as she does. Our edge is being fully involved in the market and realizing when that fat pitch arrives. Best Regards, Dave Scott
Just experimented a little with the Holy Grail and it looks pretty good on the strong trending 60 min. currency markets. Ron
Take your own advice 3 Rules 1. Unconditional Money back guarantee (Take no excuses) 2. 4 References home numbers and address's 3. Audited Statements of claims She is a CTA, had a hedge fund by the name of LBR Pacific Fund so you can always find out true performance. Don't just go by Market Wizard reputation.