Any trader, new or old shouldn't be concerned whether Joe Friggin Blow can make a dime off a method or not. The main concern should be whether the method makes some bit of sense, can you comprehend the process and more importantly CAN I MAKE MONEY WITH IT! If it doesn't fit, look somewhere friggin else. The only way you will know that is to test it. I could give a rats ass what Jack did looooong ago and far away on the old boards. I got busted in college for cutting hippy's hair on the beach without a license does that make me a career criminal. Christ, some of you on this board need an enima cause the shit is reaching your brain. I don't trade his stuff because it's too complicated to trade intraday for me. Do I wander around the internet bashing it, hell know cause I know it works, just doesn't work for me.
Seems to me like Hershey stays civil because he is too out to lunch to realize the abuse is all true. He should change his name to "Walter Mitty". http://en.wikipedia.org/wiki/Walter_Mitty
It isn't just that Hershey claims his methods are "profitable". No, I, FWIW, would have no problem with that sort of claim because I'm well aware of the fact that there are profitable trading methods out there. It's that he has to say things like, "I get 3X the ATR every day" or "I never take a loss" or "I was making so many good trades the SEC came after me for insider trading" or "I made so much money I rented the King of Sweden's yacht" and all manner of BS of that sort. Those claims are simply ludicrous beyond belief and it's not because I'm a victim of "the CW" that I say so, but because of common sense and the laws of probability and compounding gains.
I actually just had a back and forth with him this past weekend. I asked him why, if his methodology is so utterly fantastic, he wasn't one of those spoken about in hushed tones in the trading world because he was so tremendously wealthy. The way the guy talks about his own method, he should be atop the Forbes 400. Don't you think it's a bit much?
I agree with your points. Regardless of the BS, Jack's stuff works. Many a brilliant mind borderlines on insanity. That being said I wouldn't recommend his stuff to a relative.
If you have to ask that question you haven't figured "it" out yet. I had dinner with a fund manager last week with $350M under his care and we talked about that very subject. He's 46, his fund is private and has averaged 60% a year for the last 12 years. He has an impressive list of clients that will swear up and down that he doesn't exist. He only works 3 days a week. He said he could make way more buy why? He who dies with the most toys is dead.