Calm yourself, AAA. I haven't "endlessly" criticized MM's record. I said that what he posted was useless. And that was that. If you're trying to learn how to trade, meaning learning something about market principles, discipline, trade management, emotional control, etc, then a "track record" is meaningless. On the other hand, if you're like all the other gimmees who are looking for recipes and picks and calls and tips, then a track record isn't going to do you much good either unless you are able to trade exactly as your particular guru is trading. The alternative, of course, is simply to attach yourself to his shirttail and take every call, in which case you deserve whatever results you end up with. You'll know within two or three days whether or not your particular guru is teaching you something about trading or teaching yet another batch of cutesy-poo setups with precious names which are nothing more than retreads of the same old same old. If the former, you're in luck. If the latter, run.
Be our personal guest in Trading From Main Streetâs Live Trading Room for two full weeks. We normally charge $195 for a one-month access to the Live Trading Room. In addition, as our guest you can purchase ½ hour of personal mentoring with Toni or me for only $50.00. This is a $150 value. I checked with priceline.com, and put in a bid for $35.00. They claim they can always get me the lowest rates.
Seems to me like ya got a problem with Brandon, cos he has a good business model which has been around a while... Optional777, rather than you playing the innuendo game on this public forum, why don't you go and set up your own educational service... once you realize that its actually quite a lot of hard work, perhaps you will stop fuming at Brandon cos of his success in the service that he provides to the trading community...
I dont mind. Ive never met a successful trader who spent any time bitching too much about educational services. The best trader I know is very thankful to Ken Roberts, not because Ken gave him anything he currently uses (he lost a lot of money using Kens methods) but because Ken Roberts put an idea, a dream, into his head and he was able to follow that and is very happy now. Personally I dont want to sell something I think is of limited value to anyone but me, but the point is that successful traders have an entirely different mindset then is seen by 95% of the posters on ET and 100% of the ones who spend their time bitching and moaning about Brandon, Don Bright or whoever else. Brandon
Wednesday, June 04, 2003 The Rules of Day Trading By Brandon Fredrickson The Rules of Day Trading 18:06:16 brandon: A trading plan is essential for success. It is utterly impossible to succeed at trading without a concrete plan. The following are suggestions, some general, some specific, that I think will help traders achieve their goals. GENERAL POINTS Homework: The study of specific equities and their relationship to the overall market is essential. It is suggested that the trader work at least one hour outside of market hours on familiarization with stocks that could be traded the next day. 18:08:40 brandon: This can be done on the Internet. Also suggested is ""Nightly Business Report"" on PBS. As time goes on, the trader will have greater understanding of the widely traded stocks, and will be able to better judge information for potential opportunities. 18:09:18 brandon: In addition, the trader should spend time every day honing his craft; studying trading techniques, refining his ideas, etc. Weekends require at least 2-3 hours of study to setup for the following week. The trader should be prepared to spend a minimum of 12 hours a week outside market hours on this planning and study. Schedule: A standard schedule is essential. The trader should arrive a the trading center 45 minutes before the market opens (or more) and plan on being there all day. 18:10:07 brandon: Before the market opens: The trader should have a list of potential trading stocks from his homework from the prior evening. 18:11:02 brandon: He should look at these as to how they traded intraday the day before, and draw conclusions as to whether or not he will follow them when the market opens. 18:11:15 brandon: The trader should have his attention on the market, and on nothing else, be rested, and be ready to attack the market. If there is some outside influence that could take attention off the market, the trader should cease trading until the situation is addressed and handled, and he can trade without external influences that could have a detrimental effect. Taking heat: This is the term used for watching a trade go the wrong way. It is the number one reason why traders lose money. Losses are inevitable. Nobody makes money every day. The key to winning overall is to limit the losses and offset them by winning trades. 18:13:29 brandon: The trader should never take more than a set limit of heat. In my personal experience, it is extremely difficult to set a number limit on how much heat, such as one-half a point, etc. An easier way to define the problem would be in terms of dollar value loss on the trade. 18:13:38 brandon: so for example, don't lose more then $500 on a trade 18:13:42 brandon: then figure out how many shares that takes Maximum Shares per Trade 18:15:55 brandon: Traders with little experience get wiped out in short order by trading large amounts of shares. Until the trader is making money consistently, i.e. 10 trading days in a row with no losing days, the number of shares should be limited Mistakes 18:16:30 brandon: Traders make mistakes. The most common mistake is to sell when one wants to buy, and vice versa. The computer can go down, the feed to the exchange can be interrupted. There are a lot of things that can go wrong. The trader must assume full responsibility for any mistake that occurs. Open positions should be exited immediately (almost always at a loss) when a mistake occurs. Number of Trades Per Day 18:17:14 brandon: Trading too much in one day is the third reason why traders lose money consistently. There is absolutely no reason to trade more than 15 trades per day. The maximum number of trades should be limited to 15 per day. Trading Times 18:18:08 brandon: Trades are consistently more successful before 11:00 a.m. and after 2:00 p.m. Trades are consistently less successful between 11 and 2. There is only one exception; if a particular stock is ""in play"" (being traded heavily due to some factor such as a big news announcement), this rule can be broken with relative safety. 18:18:21 brandon: But trying to ""find a trade"" between 11:00 and 2:00 is almost always a bad move, and should be avoided by the trader. It is safer to miss a few opportunities than to consistently lose money when the market is slow. Also, under most circumstances, initiating a trade after 3:45 is too dangerous, and should be avoided. Never initiate a trade before the market opens or after it closes. Maximum Positions at One Time: 18:18:38 brandon: The trader should try and limit himself to one open position at a time. Two positions is acceptable, but three is not. 18:19:18 brandon: this is more of a general rule 18:19:24 brandon: if you are doing basket trades obviously it wont apply 18:19:30 brandon: but most people don't do baskets 18:19:57 brandon: Holding overnight is usually done to try and avoid a loss. It Holding overnight for an expected gain is too risky for the trader. 18:20:03 brandon: keep in mind this is for daytraders 18:20:23 brandon: All rules are made to be broken. All rules can be safely broken under certain circumstances. But in my experience, breaking more than one rule is a grave mistake, and reduces the possibility of success to less than 25%%. It should not be done. Trading Regimen 18:21:17 brandon: Every trader has a regimen; a style or set of rules that he follows to choose trades. For example, most day traders use technical analysis as part of their personal regimen to form conclusions. 18:21:31 brandon: The personal regimen would include the specifics of what indicators are used and why. These regimens are constantly being refined and polished, due to the fact that the market changes all the time, and what worked 6 months ago may not work now. The trader must have a personal regimen, a specific set of rules or guidelines that he follows. 18:22:18 brandon: This must be in writing. These guidelines must be his own, in other words, he must not use another trader screaming, ""Buy Hollywood Global Internet right now"" as a buy signal, or some ""hot tip"", or some computer program, or anything else, to make his FINAL decisions. 18:22:34 brandon: He must make his final decisions himself, and he can't do it without a personal regimen. No personal regimen means the trader is open to the vagaries of whomever or whatever is making the decisions around him. The trader himself must make the call, not something or someone else. 18:22:55 brandon: The personal trading regimen helps the trader refine his skills and learn what works and what does not. He can change his regimen at any time, of course, but he must have something to change. 18:22:58 brandon: and 18:23:06 brandon: deeba deeba dats all folks 18:23:25 cibio: that was great 18:23:33 cibio: B question 18:23:56 jem: enjoyed it! v 18:24:05 speedo: thx ciao 18:24:13 * jpomerenke give B a high five 18:24:42 brandon: sure cibio 18:24:44 cibio: i understand trading between 11 and 2 is not wise to beginners like myself 18:24:57 cibio: so what should beginners do between that hr 18:25:04 brandon: follow the market 18:25:05 brandon: learn 18:25:14 cibio: i usually watch 18:25:17 jpomerenke: turn of your order entry 18:25:36 cibio: now that's a good idea 18:25:43 jrod: important for focus to walk away imo 18:26:16 cibio: hey B ui changed my style this week 18:26:25 cibio: due that i was having too many losses 18:26:38 cibio: i was trading 500 shares all the time 18:26:44 cibio: i lowered it to 200 18:26:49 cibio: i just take more trades 18:26:58 cibio: it worked 18:27:10 cibio: just trying to get disciplined 18:27:26 bbcc: good idea 18:27:40 cibio: thanks 18:28:06 cibio: with 200 shares u can walk away from a bad trade with not much of a loss 18:28:28 cibio: great class Brandon 18:28:43 brandon: 50 shares its even less 18:28:53 _cactus: thanks b 18:29:01 cibio: how can u make money with 50 shares 18:29:11 brandon: that's not the point when you are starting out 18:29:40 cibio: that is true 18:29:45 tradess: great idea on the lesser share amount cibio 18:30:04 cibio: im not really that much of a newbie but yes a beginner i am 18:30:11 cibio: thanks trades 18:30:15 trader_j45: B, you mentioned not increasing your size until you had 10 trading days with no losses. Do you really mean 10 trading days with no loses or after 10 trading days having a positive P&L. 18:30:17 cibio: tradess 18:30:41 tradess: got it 18:31:25 brandon: positive P&L 18:31:31 trader_j45: thanks For a free trial to the TFMS Live Trading Room visit our homepage http://www.tradingfrommainstreet.com
You want to sell yourself something you think is of limited value but not to anyone one else? You might work on that sentence. Or maybe you are selling yourself on your own "educational" services, which you think are of limited value. I don't know of too many great traders who need to discount their services by 66% in order to get people to buy their "educational" information. Usually the loooooozers who can't get clients by word of mouth or national recognition for their superiority have to have loss leader sales to suck in clients. Hell, if your shit is so good, just give the poor wannabe traders a free half hour. If you are good at selling them on your "personal mentoring" they will come running back for more and more and you can charge them some serious jack rather than a measly $150. Know how the best money managers get new clients? They don't have to get new clients, they get a steady stream of referrals from the satisfied clients they consistently make money for. I see you are studying from Don on how to handle criticism. Ad hominem exaggerated baseless retorts. Oh well, the people who would be stupid enough to give you money are stupid enough to fall for such a simpleton reply. I also notice you speaking of yourself in the third person. "moaning about Brandon....." I wonder what the inner monologue is also in the third person, maybe something like this. "Brandon is very smart. Brandon made a special announcement. Brandon made it in bold letters to attract people. Brandon hopes people sign up. Brandon thinks offering a discount of $100.00 will attract stupid people. Brandon knows smart people don't fall for that stuff. Brandon needs more stupid people. Brandon is a good marketing person. Too bad Brandon can't make enough money trading that he has to hawk his website. Brandon wish he was wealthy enough that he didn't have to do this. But Brandon needs fresh meat."