I actually listened to this guy for 3 to 4 hours on Thursday, I think he lost 4 to 5 SP Points on 3 trades. Only one day, but really did not impress. The market was not very active, but he called them out ....so I marked them down. He seemed to have a MA system, but without movement, that system is not what I would be trading. I think his service is 250 Bucks a month. I will Pass. Or I will subscribe and conta trade this guys calls????????
True, but one way to learn is by trial and error. Can be costly at times, I know that from my own experience and I guess almost everyone can say something about it. Plus, not everything suits everyone. For some MA strategies are OK, for others they are not. So you are bound to test things on your own. For me the most important thing is the integrity of a vendor I deal with and not the stuff he sells.
Thursday was a tough day, I lost 12 pts. It was a day when no breakout wanted to materialize and my systems are breakout systems.
Thank you for all your comments. It's just that I have heard traders say "learning from profitable" traders can save you a lot of money because you will not fall for the traps that they did when they started. Like I said, I'm pretty new to trading and thought this would be a good way to learn. I will keep you all posted as to how things turn out IF I do decide to sign up for the program.
I have been listening to Bob for about 3 weeks. The first week he had about 90% winners, the last week and a half he probably broke even. Some friends in Chicago who told me about Bob have been with him for a few months and have done very well. Bob just started a website, www.geocities.com/purelogictrading. I know that he plans to post all his trading results. You can contact him with any questions.
Geocities websites are cool. They have two different Hello Kitty templates among their choices for your mainpage. You have to respect a guy who values money enough not to waste it building a website when he can make one for free.
"Some Good/Valid Reasons Why Vendors Sell Systems The system vendor may now have a better trading system which he/she is using in his/her own personal trading while selling the older (but still profitable) system to the public. The second reason can also be while a system vendor may like developing systems, he/she may not necessarily like trading them. Everyone does not possess the discipline or the psychological makeup for trading. The logical solution is then to sell them. Even Jack Schwager of Market Wizards fame, says in his book that he likes doing research and creating new trading systems, but doesn't like the actual process of trading. The third, and perhaps the most important reason is leverage and transference of market risk. Let's say you have $10,000 of trading capital and a great system that makes 60% per year. Starting with $10,000 you can make $6,000 profits in one year, if everything goes according to plan. Not bad, but don't forget the amount of work it'll take, with all the ups and downs and trading for a full 365 days. Now lets say you use the same $10,000 as marketing capital to sell your system. You send out 1200 direct mail letters to a targeted mailing list of people who have bought trading systems in the past. Even with 1/2% response, you get 60 orders. Now if you charge $500 for your system, you generated $30,000 revenue or $20,000 profit, not in one year, but in a couple of months. Plus all the market risk has been transferred to the buyer. Furthermore, if the system vendor wants, he/she can trade the system and sell it at the same time. In liquid markets, it will make no difference whether 1 or 1000 people are trading it. Another factor to take into account is that if 1000 people buy a system, less than 10% will actually stick with it for any length of time. Half will never trade it, it'll just sit on their bookshelf gathering dust. The other forty percent will abandon it after 2 or 3 losing trades. Selling trading systems is like any other business. People in other businesses sell products or services for profit. If it is possible to make a larger profit with less risk by selling a trading system rather than by using it, doesn't it make more sense to sell it instead?" -------------------------------------------------------------------- This was in the link Richtrader gave
It is a bit strange to me that he doesn't register PureLogicTrading.com as it's available. Maybe he just has no internet acumen.