The $6000 secret

Discussion in 'Educational Resources' started by trader28, Jan 3, 2005.

  1. Spent a day in the Kingfish traders room, nearest I could figure was he is selling some kind of floor pivots with some money management thrown in.... anybody know what it is and if its worth it?
  2. It has been a few years but I sat in his paltalk room for a few days just to see what method(s) he was using.

    There was nothing worth $6K then and I doubt there is now.

    Kingfish did call a few amazing trades while I was in attendance but I had the impression it was more intuition on his part than a set of rules he could teach someone else to trade by.

    If you want to scalp the ES, there is a free manual together with a paltalk room run by Marsh Jones that will teach you the basics. You can find out more about both at

    Good Luck
  3. nkhoi

    nkhoi Moderator

    yes, it is called whack trade, you keep whacking it with 1p stop until it go 10p your way. There is many way to calculate pivots, is his way the best way?
  4. I actually said that to him when he claimed "no losing days ever", I said is that because you always get a 10 pointer and no days of 9 or more losses.... he went ballistic on me and I had to tell him to calm down and stop assuming I was being negative, I was only trying to understand
  5. svrart


    i was in the paltalk session yesterday too.

    here's what he does:
    1. calls all trades beforehand.
    2. there is an aggressive and a conservative position with a stop 1 point away from the conservative. yesterdays was to sell at 1220.25 aggressive, 1221.50 conservative and a stop of 1222.50. the 1221.50 got executed.
    3. when the position moves one point in favor half is closed for a then riskless trade.
    4. the stop stays till a profit of 3 points is seen, after which a proprietary stop takes over.
    5. when 10 points is hit, some more contracts (quarter of initial) are closed out.
    6. remaining run on the proprietary stop.

    he calls buys and sells several times during the day. some get stopped out very quickly.

    he made some very good calls.

    i found him to be quite humorous and tolerant of stupid and hostile questions. if i were him i would have thrown out some of the people!

    things he did not answer even though asked multiple times - what is the win ratio, and what is his own performance.

    anyway, it was an interesting experience. as my approach is discretionary, i saw things from a very different mechanical perspective.

  6. The most humorous thing he said was god gave him the system.... so I can only assume Satan set the price

    As for his calls I ran Xtracements2 for the pivot numbers and they were virtually identical..... no wonder he is so humorous and tolerant, the guy is laughing his way to the bank on gullible peoples money
  7. sonnet


    thread, is it not obvious that a huge horde of the retail trading crowd want to lose money?? THese chat room gurus just take advantage of that fact. U have to choose to be an idiot to be duped like that over and over again.
  8. sg027


    One of his better trades is usually made before the Session 1 open (8:30 CT). He looks at the Globex High and Low and sells or buys as close to that as possible, with the stop just the other side of it. He will take partial profits at one point, if the trade gets 3 points of profit he will look for what he calls his "prop stop". The technical analysis behind this doesn't make sense to me except to keep a person in a trade in the event they can get 10 points out of it. The prop stop is based on a 5 minute chart. Say you are short and have 3+ points of profit in a trade, you would look for 2 consecutive 5 minute bars that close higher (blue or green candles or what ever color you use). The prop stop is the highest of the two candles + 1.25 points.

    You will often see where a gorup of traders are short, and he will call a long trade for anyone flat, but tells the short people to stay short.

    I also understand he will use a 60 minute and a daily line on close chart and look for peaks and valleys, these apparently act as support and resistance on these time frames.
  9. Trader28 I have been trying to find the xtracements2 download for the last 3 weeks. Where did you get it? It use to be a but the website is down.
  10. Hi sridhar,

    You forgot to mention point (7).
    What does he live off? Tading or smilingly hustling $6000 away from credulous simpletons.

    Thank you for spreading the news,

    #10     Jul 28, 2005