english is not my first language so ... i am the biggest fan of canslim and if you take a quick look at my previous post you'll see why...i used to work for that company and i am forever grateful and lucky because i had a great start at investing and after about 1 year, i am about to take trading full time ( not daytrading ) but i make money with trading only. some say the book by wjo is a scam to sell you the paper but it is not...wjo makes his money with wonda not with the paper the paper is always bullish at all times, the market might suck and they still say it is ok why ? because ibd is a bullish publication and casim is a bullish strategy they would not sell the paper if they admit when the market is bad, and canslim does not work in sideways and bear markets. and yes it is true if you understand and know how to apply canslim you can make money just partecipating in 1/3 of the market...bullish david ryan did win the us investing championship 3 times and in the market wizard book he explains what he does to pick stocks but that doesn't mean that the system will work for you and yes after david ryan left ibd and went to work for a mutual fund his performance was waaay more mediocre so ? there is no need to be surprised every good money manager will tell you that to make the first million is easy but when you invest A LOT of millions can slim can kiss my... now there are many many ways to make money in the market with or without canslim just like there are even more ways to lose money and i feel sad when i see new investors building totally unrealistic expectations if canslim works for some it doesn't mean that is good or bad it means that it work for some and that's it, it might not work for you. the bottom line is that many new investors would be way better off if they stay out of the market because there are pro that work 24/7 and their only goal is to separate your money from your wallet new investors should read how to make money in stocks from p 235 to 242 about good mutal funds that's it, that's all you need. If you don't like wjo read that somewhere else what he is talking about is an old well known proven long term strategy that you can find in any other market book. if you really really really want to invest yourself take seminars but try to go for the seminars where you atually learn how to invest...yes, every seminar will try to sell you their service or whatever but as long as you can learn and get to the point where you are able to pick stocks on your own you 'd be doing great one thing that i love about ibd and their seminars and their services is that NO ONE EVER suggest you what to buy or sell, however those tools help you to have a very precise "picture" and analyze what you are going to get into that makes sense and that helps me i once watched and infomertial maybe investools with the red and green arrows that tell you when to buy and sell pleeease do not let them insult your intelligence i don't care if you buy ibd or wsj or pay for any other service but i am sad to see how many people buy all sort of stuff and get ripped off i took an optionetic seminar because i want to apply options to the bullish strategies i learned with ibd, in my naiveness i think it will work so i went to the seminar to see many many other people that will be very disappointed abut options and will lose money because optionetics gives unrealistic and rosey expectations that with options you can always make money wherever the market is sideways up or down right ? how beautiful and it sounds so easy by the way if after learing ALL about options in 2 days you need some help don't worry they sell you a coatch a newsletter and a software $ 10000 ? to recognize buys and sells and if that's not enough they got something else to sell you, see their website for yourself those seminars never end i guess after spending $ 20.000 + you are ready to invest just like ibd tells you that you can cut your losses at -7 , how great, now try to cut that -7% for 5 times in a row and see how it feels. look at canslim stocks for 6 months 1 year and 1/2 of them will tank big time ...that doesn't mean that canslim stocks are bad it means that they are not for everyone again new people shuld stay out and go for a good mutual fund where a pro will manage it for you while you don't have to worry and live your life instead of looking at the screen all day long you can go to the beach and please unless you have a sense of what you are doing and a clear direction a 2 day seminar won't solve your problems, nor an investment newsletter if you knew for a fact that 2 months from now ibm goes up $ 2...let's just say you do the hair of the ceo and he tells you...what are you going to do ? will you write a newsletter for everyone about ibm going up $2 or will you quitely go ahead and buy some shares ? if investing were so simple everyone would do it, fact is that it is not for everyone and it much MUCH HARDER than what ibd and all other "sellers of something" make you believe also take everything i say with a grain of salt i am not a market wizard i am not making millions i am just a guy who trades for a living and i guess i am even trying to take your money because i think i have an edge over you but at the end of the day the question is always the same are you making money ? am i ? i am but i am not making yet what i really could, i believe i will, but for now fact is that i am still on an internt board just like you good luck - g
guy990opl Your post is so true. Thanks for posting! It is the best insight post that I have ever read about IBD & trading in general. It make sense that IBD paper is bullish bias like some newsletters (especially penny stocks), brokers & governments. Some newsletters are bearish using fear to have you subscribe to theire service (like insurance companies & religion). The trading service always tell you it is so easy to learn trading (to hook you up like a drug dealer) until you attend their first training, then you need more trainings, mentoring, chat room & tools (like used car salesmen lowballing). Guess we always should be thinking about how the other party is making money from & what is the bias. We then can decide if we can benefit in the process or else. By the way the Investor Toobox will up sell you lots of classes & tools too. Lots of Optionetics graduates after forked over 20k are in Thinkorswim classes (mostly free to the clients) now to learn what is the fact of options: http://www.optionplanet.com/ The option tools are free too.
forgotten to mention the quote was from page 4 of this thread, originally posted by kowboy on 02-18-03 03:44 AM.
I use IBD to look for quality companies through the fundamentals. Then it is up to you to decide if the company's price is justified. PE and industry PE is one way among others. I have done very well by using IBD as a starting point to skim down my selection of 'value' trading picks.
================ Helpful points, except 990,IBD ''always bullish'' isnt very accurate; would say its probably bulilish 75 % of time, about the same % as market is bullish. Yes it pretty much presented as a long strategy WHEN in a bull uptrend [M=market]; but it sounds like you never took his paper during a bear market . I have And also , not an advertisement , but also would recommend his short selling book, by Wiilliam O Neil. Warning .its pretty much all bearish however. LOL Other wise excellant points, thanks
i didnt turn profitable until i started paying attention to CANSLIM. I made a similar system for this that is working well for me. My technicals are slightly different, and i dont use it exclusively, but it is a great screen. I have a trend following and a breakout component that is a bit different. Like any system...it is not the most important thing...money management is. But this is easy enough where I can program the trades to enter and exit, and add to take take away without having to stare at the screen all day, and i can trade while keeping a full time job. So far year to date...i am up about 32%. We are in a runaway bull market i know...but I have not devoted much time to it at all...al most like free money.
================= William O Neil, unlike many who ''teach/coach'' is actually understandable ,uses plain english. Many are too muddy;IBD was built on his trading profits, and his profits purchased NYSE seat Like the old example clipped from Investors Business Daily, Headline, FRONT PAGE; Broken 200-day Line Flashes Late Sell SIgnal. And the cartoon like picture says DON'T Miss The Last Exit