Waxie

Discussion in 'Educational Resources' started by marketsurfer, Apr 29, 2002.

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  1. Zed

    Zed

    Is this how we measure success these days gentlemen? If you folks are such good traders why don't you post something helpful instead of trying to knock other people down. I have sat back and watched the abuse that goes in this forum for too long. Maybe its time for you traders that have an inferiority complex to get another line of work.

    Maybe I will start posting stupied 1 line comments to get my post count up. I am sure you low class traders will appreciate it. After all thats how it's done, right?
     
    #31     May 1, 2002
  2. zed,

    You don't get it, this forum is all about bitching and complaining. The Romans liked to watch lions rip men apart limb for limb, traders are no different. They are even of the same blood. It is a custom prehistoric in origin.

    If you want peace and compassion, become a Buddhist. They are good at such things. If you want manners and civil behavior move to England.
     
    #32     May 1, 2002
  3. He's right. I posted two lines, when only one would have sufficed.
     
    #33     May 1, 2002
  4. trdrmac

    trdrmac

    I enjoy reading trading books and the content of this book would have normally taken me a day to read. However it was so basic and poorly written and basic that I had to keep putting it down and switching to other things like Teenbeat and the Star for some interesting writing.

    Now the biggest thing that bothers me is that he claims to have turned 33K into 7 million, but there is not one single example of a trade that he made to do this. To me that equates to zero credibility, but I digress.

    Personal opinions aside, I will quote page 177 of RTFM or WYSD. "Waste your 17 Dollars".

    Waxie " Never lose more than 2% of your trading capital on any single trade"

    Trdrmac "OK sounds good, let's explore this"

    Page 178 Waxie "Unless the stop is so low that it would cost you to lose too high a % of your capital set stops below support"

    Trdrmac "OK"

    Example Page 178 MU with a last trade of $58.37 and where on the chart does WAXIE define support $30.00. WOW KACHINGO YOWSA. So is it 2%, 50%, or just click and pray?

    That whole example is 100% completely worthless to someone who is just getting started in trading.
     
    #34     May 1, 2002
  5. I think you miss the entire point...People who post in here are, for the most part, independent traders doing their own thing...And for the most part we are also bullshit detectors..There is nothing wrong with this...if any of us decided to go the vendor route and suddenly debase all of our beliefs to cater to a crowd of traders just getting in the business and create a bunch of hype and fiction about trading, then set up a bank account to debit credit cards each month, at that point would we call ourselves traders or vendors...

    Anybody who holds themselves out to the public as a trader and then goes on to sign up thousands of people for a few hundred bucks a month is obviously spending the bulk of their time marketing and not trading...So before you go on your rampage and condemn everyone on this board or thread for stating what is pretty obviously the truth, maybe you should see why we are saying what we are saying...
     
    #35     May 1, 2002


  6. LOL that brings back some fun memories. An interesting thing about different countries is that the people as a whole behave differently when they are drunk.

    In Ireland, for example, the tendency is to become more friendly and relaxed. Irish pubs are mostly mellow places on a Friday night.

    Drunk brits, on the other hand, will get into soccer and rugby arguments as an excuse to start a fistfight. They also like to throw french fries at you (or should I say chips) and think it's jolly good fun to piss on the bus stop.
     
    #36     May 2, 2002
  7. Hey, I think were missing the BIG PICTURE. We should take the best looking poster, do an infomercial and some CNBC spots and lets the money roll in. Write a book or two, do weekend seminars and charge a grand. We could do better than others, we would start with $1,000.00 and everyone kick in some, and the next week it would be a bundle. Hey if a guy can make a fortune placing tiny classified ads or 1-900's we should be able to make even more. Heck you could even buy our program with NO MONEY DOWN.
     
    #37     May 2, 2002
  8. This just came in from his email mass mail.....


    ORCL is $8s
    SUNW is $6s
    IBM is crushed
    AOL is $18s going on single digits
    EMC is $8s
    NT is $3s
    LU is $4s
    TYC is $20

    Wouldn't you think that maybe buying CSCO isn't such a good idea
    here?

    I mean, wouldn't it make sense that CSCO is gonna see single
    digits like all the rest more than likely?

    Simple logic dicates that that will happen.

    DOesn't mean it will happen, hell, maybe this is as low as CSCO
    ever goes, BUT why would anyone in their right mind pick
    this as its lows?

    Herein lies the reason why we have a LONG way down to go more
    than likely.

    Because people (investors) are so scared to miss the bottom
    that they keep chasing these POS stocks down further and further.

    ORCL is $8.50s TODAY! TODAY!

    Am I the only one who has been saying this would happen?
    Nope. One of the very few, but not the only one.

    BUT, 99.9% of investors kept buying these stocks in the hope
    that they would go back up and get them their money out.

    Not only hope, most actually feel that they HAVE to go up
    in the long run.

    One only has to watch Larry Kudlow and Cramer to see how
    the investor thinks. Kudlow said on air that Nasdaq would
    see 10,000 in 10 years. That was about 2 years ago.

    How's he doing? He's only 8400 points off. Nasdaq would have
    to rise over 1000 points a year to hit his target.

    Cramer has been calling AOL since $30s and higher saying its
    a great company. The stock can't even rally when we rally
    and is at new lows here nearly every day.

    CSCO will hit single digits. We've said it many a time. Like
    many other techs it has a cult following and people refuse to
    give up on it, but ultimately reality sets in and these stocks
    hit the places they have to hit.

    The problem with the market is that everyone still is tech happy.
    You ask the average investor what they have most of their money
    in and STILL they will tell you TECH. Why?

    It's actually very simple. GREED. The #1 problem with capitalism
    is that it preys on greed to those that refuse to work
    hard. The hard workers know that you don't get rich overnight.
    They aren't worried about getting rich with Tech stocks
    for the most part. It's the lazy investors who don't want to miss
    the next great runup. They keep buying techs, dollar cost averaging
    down, because they KNOW they will eventually come back and thus
    they'll make their millions that way.

    The problem is that they are NEVER coming back. NEVER.
    You heard it here 2 1/2 years ago and you hear it here all
    the time. They are NEVER coming back.

    IBM will not see a new high, CSCO has no shot in hell of ever
    seeing a new high, same with INTC, EMC and 1000s of others.

    BRCD will see single digits. It WILL, I am short it
    and have been riding it for some time and am up nicely on it.

    When it hits single digits you can all thank me. If I'm wrong,
    I'm wrong, life goes on. Why? Because I'll cover and not
    take a beating. Investors don't EVER "cover". They keep
    holding and hoping and have a false bravado. They have the
    same Hubris that Cramer has when he says that AOL is a great
    company and is a good buy at $30s and then $25 and then $20.

    Instead of looking at the reality, they won't let go.

    GLW is $6s, the same price it was when the great Bull run started
    a few years ago.

    JDSU coming back? JDSU will probably be out of business within
    a year. Maybe, maybe not, but for sure it ain't coming back
    to life for its investors, that I am sure of.

    For those that think that CSCO has more upside than downside,
    think again. Anything is possible, granted, but if I had
    to wager, I'd be wagering that CSCO sees $5 before it sees
    $28.

    That's just a fact, Jack.

    See ya on the other side,

    WAXIE
     
    #38     May 2, 2002
  9. good job posting that email. while some of those claims may actualy be based on fact, they are hugely slanted to support two notions:

    1) pay me to think for you
    2) excuse me from liability for thinking for you...

    I started a thread on Trading Chat Rooms, and lambasted those that charge huge monthly RENTS for entrance fees (like Pristine iwth their 6 or 8 or 12 different rooms to join, and others also, like Millennium-Traders, etc.)

    Each of these chats have two essential elements:

    1) a fully airtight disclosure agreement that stops liability at your front doorstep, and no where near theirs, because they exist "virtually", and, of course, no body made you trade...

    2) heavily discounted members (read free membership) who always tout the calls and support the key-person, just like you see the stooges on those infomercials that always have people in the audience who need that new appliance or are always just soo cheerful that they're busting at the seems to buy the product.

    Psychologists will tell you (as well as lawyers) that this type of grifting is one of the oldest sophisticated cons in the business.

    Many companies, law firms and other government agencies will monitor these sites (as paying members) just to accummulate evidence, without these owners realizing that their membership are not all lambs being slaughtered. The SEC has (as well as other SRO's (Self Regulatory Organizations) like NASD, etc.) teams that monitor these sites for compliance although they define themselves as "social" instead of "investment advisory".

    In these thin trading times, you can actually see the movement or temporary support for a stock, once it has been called. Earlier a commentator mentioned 1700 members, whom if just half of them bought 1000 shares of the "latest stock called out" would significantly move the market.

    Well imagine the opposite scenario, where investor's business daily states that Tyco is being liquidated from Mutual Funds by the tune of 26 funds (topping their most recent list, as one trader showed me the article), and the clearing agents or whomever, needed help in finding buyers. How hard would it be to influence one of these chat rooms to intice their members to purchase the stock (Analyst's game) whilest these major institutions are dumping the stock?

    Of course, the last example was hypothetical, and does not represent a solicitation or inducement to either purchase, liquidate or maintain a position in any equity mentioned. Check the appropriate box {I Agree} to continue...
     
    #39     May 3, 2002
  10. arrogance is never a pretty smell,

    self praise stinks...

    there are actually a lot of real educated people/persons that work at these firms that are being summed up in the most undesirable terms....

    whether or not another database sells again, or another UNIX server sells again or another firm is audited by an accounting firm has nothing to do with the price of tea in china or what an investor thinks...

    being in an economic downturn causes all boats to sink, and when the tides turn, will cause most boats to rise, if they can weather this storm, not whether or not WAXIE calls them as shorts or not...
     
    #40     May 3, 2002
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