You can find about 80% of Tony's new book "How to take money from wall street" here: http://www.tonyoz.com/scaninfo.htm Click on "usual suspect" link and go on from there to other ones. From what I understand, there is no magic. He looks for really good set ups that give him atleast a 3:1 reward to risk ratio. It takes discipline to pass on trades that don't fit the criteria.
I have had a few enjoyable dialogues with the guy and I have read one of his books which was good. I also made a little money using his screens and my setups on realtick but thought realtick became so bad I dropped it. I would happily pay 20 dollars a month for his scans. However, I have a trouble with anyone saying anyone is the real deal or an excellent trader without seeing real p and l statements on a very consistennt basis. For four years I made an excellent living trading the markets and now I have trouble making much. I know a lot of guys in the same boat. I have seen a famous market wizard call out their calls real time for six months and lose money on those calls. I know few of the "well touted" vendors who probably make the large majority of their money being vendors. I have heard from well placed people that other well known vendors have blown up accounts with regularity. I know traders who use to make high six to seven figures a year who struggle. So before we go saying someone is currently an excellent trader, let him/her post their real time or daily or even weekly p&l in a public place. And let them do it consitently. I propose that we call all vendors educators and no one be called a good trader unless that traders consistently posts their p&l. P.S. Tony Oz may make a ton trading. If he wants smart people to give him credit for it he should post his P&L on a very consistent basis.
JEM is 100% correct. This is a business where what comes out of people's mouths is very often different than what is on their P&Ls.
jem, I agree with you. But there must be a limit, right? I mean how many pnl stmts would one require and over what time to be able to say a guy is for real? In the end it may be up to each person to make up their mind, as I don't think there'll be an objective way to determine this. For me, I would take Tony's book (his trading witnessed) as well as his many real time seminars to be enough. But to each his own.
kgharris, If you don't feel that Tony's methods that he relays in his books are high percentage setups...what would you recommend would be a better resource to come up with better percentages? Not that I'm challenging you, but I am in the info gathering stages and am always looking for new ways to look at the markets and setting up trades. Thanks in advance
I recommend Tony's books and video course. They are top notch in my opinion. Tony's had also replied to my e-mailed questions as well on a few occasions. He's a good guy, in my opinion. -- ITZ
Hi Haub. I have nothing against Tony Oz, and by all means buy and read "The Stock Trader". The original question of this thread was about buying a CD course that cost 100's of dollars, and I do not think it is worth it. I think many of his set-ups are the "buy and close your eyes and hold on" type that made people money during the internet bubble, but in reality don't have much more probability than flpping a coin, and don't incorporate money management strategies that ensure success. BUT, I also think you have to develop your own strategy, and that is a culmination of input from different sources - for you one might be Tony Oz. But, again, buy the book not the expensive CD course. Other things I would recommend include (all public, ordered via Amazon so I am not spamming here): 1.) The Master Swing Trader, Alan Farley 2.) Any Candle books by Nison 3.) Candlestick Charting Explained, Morris and, Google. There are many sites out there that offer a wealth of information on trading patterns that are free. You can also do a search on EliteTrader to find many. Finally, I could recommend a few sites that have been very helpful to me in creating my strategy, but I don't want to be accused of spamming. So, PM me and I am more than happy to share with you. In summary, I think over time you develop what works best for you, and you have to study what other people do to craft that strategy. BUT, there is no reason not to try and save some money during that process. Best of luck.