Hello all, I've been day trading stocks and options for about 1 year now. I just converted my IB account to universal and have done some light trading on the S&P E minis. Having spent most of the week on PalTalk in King Fish's (free for the last week) Emini trading room, I am not sure that I could justify the $1k expense to join his room. He says that its so simple that it can be learned in less than 2 weeks. I am wondering if anyone else out there might be able to shed some light on "The greatest S&P daytrader in the world" (his words - not mine)....his style and whether or not you think that the $1k would be well spent. IMHO, I cannot see how someone with such a supposedly winning style needs to charge even a dime - I mean, can't he make enough trading? ps He had at least three losing calls that I know of last week.
Hi joefutes, I was in that room for a few days as well and saw some nice calls as well as some losers. I also received a few PMs while in that room from dissatisfied paying members. IMO, don't do it. Do not pay unless he can be 100% correct and you can just blindly follow his calls. That of course is not possible even though he says otherwise. All ya gotta do is screw up bad one time and you will get hurt.....who needs to pay for that? As far as his style goes, I cannot help you there as I was only in there this week myself. Stops save lives and if you can use them well, you'll live to trade another day. Give yourself some time to figure out how to work the things. In the mean time, woodies room on paltalk is where I'll be hanging out, I saw some great calls in there, and it was free!
He's better if used as a contrian indicator(made some very good money off him that way). When he is right it's good for a nice point run(4-5 es). When his wrong it's from start to finish with excuses delux as to why it was a good call enough thou it lost and don't dare question him about the call or you will get berated. Wouldn't waste my money on his room. He uses only price action and no indicators(which isn't a bad thing unto itself). Generally his calls are better the closer to the open and early premarket. Some of those can be pretty worth while. Afternoon calls are generally of the disater types. He doesn't and refuses to track his calls so people can determine if his service is any good. Frankly he's better off not tracking them or he would have even few customers. Fwiw, My opinion only. Bsulli
Regardless of what anyone says good or bad about some guy charging money for his "services", odds are good it is a scam...Even if the "advice" is good, it might not be good for you...What if the guy only trades breakouts and you are a natural fader, you might lose your mind listening to the guy, not to mention your money... Also, any guy who knows trading should have some insights, some concepts that the majority do not possess...The more the guy sounds like every book written by Tom, Dick and Harry about trading, the more the guy is probably just talking and not trading...
I don't know about that. If you want to see someone with a proven track record with the SP, I'd take a look at Lewis Borsellino at www.teachtrade.com . He's definitely the real deal and has been one of the biggest S&P traders since the contracts started trading. He also has a book out with course notes. Worth a read, imho. He believes enough in his methodology, that if his calls don't make at least $500/month for one ES, you don't pay! I'm NOT a subscriber ... I've just read his material, and it makes sense to me.
Is it just me or does a $500 guarantee on the ES show a lack of confidence in his calls? That's only 10 points per month - not exactly something to write home about. The problem with these guarantees is that if you actually follow the calls and he (and by inference you) doesn't make any money, you may get the course free but your losses more than make up for a free month/year of the course.
Not only is it a pretty low target of 10 ES points ($500). I actually went and checked out how often he makes it. Here's net monthly $ starting august 01 and ending june 02. He's trading 1 ES for the record. ($) -125 510 -517 1627 600 -1005 -987 -225 757 545 932. That's pathetic!!!!!! $2112 for the period of almost 1 year. So much for the biggest trader in the SP pits