The spectra person has stated his historical progress. As I understand it he has not reached breakeven on his early losses by recovering as much as he has lost. I think he is saying that he changed his ways and he is now making money. He thinks that based on his "recovery" that he can train others to do what he is now doing so far. So he does recognize that he is in the 90% category and he feels that he will get to breakeven and then get into the 10% category soon. I do not believe he is including the income he gets from subscriptions in his recovery. He has stated that 2 to 3% of his subscribers are taking his trades and he has not said what % of those get the trades done correctly. It is not clear how much money he is trading now in the announced trades. It seems like he presently has a low rate of participation in this thread for some reason. Regarding the post, I missed the brutal point somehow. I didn't get the hate down either. It may be true that following the conventional orthodoxy is a tough row to hoe. To be an advocate of a paradigm that has 90% losers (or as in ET, loosers) is a difficult process to consider rational. The career shift spectra is now making as explained in his web space and in his commentary in ET is something I follow because it may become an example of some sort. I, especially, try to follow the stages of maturation of various approaches, strategies and sales programs. InvestTools, for example has a segway out of the planner asset allocation stratey into a quasi TA approach. They do about 20,000 dollars of add ons to get people to a level that is three times the expectations of asset allocators. this sales campain is in a different field and different price range.
i get it just fine my boy... iwe are interpreting the same statement 2 different ways thats all. but i think you and i feel the same way about the emotional part. I dont see PMA as emotion..i see it as confidence and ability to control actions and emotions becuase one feels positive about ones self and thier inherent abilities.. the opposite would be negativity which i would realte to weakness, poor self image and higher probablility of damaging emotions.
Jack, I consider myself inbetween the 90% category and the 10% category. I've learned to slow it down for the account size I have. I generally make between $250 and $800 in a day. I'm single and don't have many expenses. I only need $2500 a month to live. I make enough for a few toys and am growing my trading account. As for money from subscriptions. I've taken very little since we started the PureTick service. This is because, like any business, we have a big amount of advertising expenses (tv,at mag,et,google adwords,futures mag, server rental, hotcomm rental $900/mo). There are more expenses then one would realize in a web business. When I started my computer repair retail business I did not break even for 6 months from open. Also I don't get 100% of the income since Alex is the owner. I'm paid on a time basis. I like being part of something great and trading at the same time. It feels grand. Geoff / CajunSniper
As an amateur I wouldn't know what that value range was per day. So I can't comment. Business is something else; I either do start ups or TFSE's. I just haven't been in a place that is measured in hundreds or thousands per unit time. In the trading stuff you do as a business, I do as an amateur and my tab is running more than yours and so is the tab of about 10 others who work with me. Thanks for responding.
I have not heard of the term TFSE. What's it stand for? I've found when I get to talking about numbers with prospective traders and clients it can get frustrating. They wish to mirror my results but may have an account size 1/5th the size of mine or their experience level is much lower. I get a lot of mail from people trying to duplicate the track record. The most important thing is keeping a record or journal of your own when starting out.
Trading IS a business. The vast majority of retail traders do not treat it that way. Each trade decision is a business decision. The same as in any other business. Trading is "easy" in that you can just press a button to buy 180k of notional value with a 5k contract on whatever whim you have. This is great because it practically guarantees most traders will fail. Those that have discipline, a solid business plan, and setups with an edge will make money. In the case of futures, they will make money from others mistakes.
TFSE stands for tax free stock exchange. The technique is used to make money in a way that allows you to have the advantage of how the public can value what is going on. An example will help. By taking several closely held private corps (C corp start ups) into a publically traded corp (Nasdaq level), you have traded stock into the treasury of a corp for stock that is in the float of a listed corp. By continuing to run each corp as an entity, what is given to the public corp is checks that have no expenses associated with them. The P/E of the public is affected in the E. I swap and get control too, it turns out. The timing is to do it so the annual meeting puts me and others on the board and then the board hires me as CEO. quarterly, the income of the public advances. The first yeaar this does not affect the P/E ratio; it stays the same. I preplan so that the E part is increasing about 100% a quarter. E is used to do things. The P of the P/E is in correpondence to the new E per Q. Soo you can see my assets have increased 400% and the corps all perform as usual. I am drawing salary in each and also the public as a new salary. The first four Q's just set the new P and after that this P would be pretty well set because of year to year thinking. As successive years ensue there is a kicker that comes to pass; you may see it already. From sector analysis, you know what happens. Corps in sectors are internally ranked by E and the P/E ratio adjusts to make this come into effect on a trailing basis (annualized). ET deals mostly in TA and not FA so thisstuff is not part of conversations. Slowly but surely (over a few Q's) the P/E grows by the number of times the E grew. In my case by 6 Q's the P/E wwnt from 15 to 60. So I have had P grow by 4 at first then by 4 at last. I gave one E away for 16 P and drew salaries, and honorariums (board comps) for 5 corps. Now think of the stock holders that had to do one thing. They had to go from majority to minority with no dilution. They only got to have 16 times the wealth in 18 months. Since the corp traded on the list next to Apple, it was a fun run for them. Can you guess two things? Who would come along next? What would (did) they do? Then they were running the show. Did they plan ahead well enough? Okay, you get it. The dynamic of TFSE's draws flies. M&A has a downside if the planning isn't cool for the A people. Most A types are very controlling and they don't cotton to anything except counting beans. The only way you can make any money is to sell two businesses. I would look around for two more to get into a package. Then you do not have to sell. You can do a TFSE and take control. Currently you do not have any cash cows. That is the final points. I only do cash cows. i better explain cash cow. Draw a series of boxes. On the left is where the materials begin to flow to the right. Each box improves the value of the left to right flow and money flows from right to left. One and onlt one of the boxes is the cash cow. The input to the box is where a "buyer's market" is maintained. The output of the box is where a "seller's market" is maintained. This is the cash cow box of the series. I will give you four examples of these to help you out. regional warehousing tomatos. packaging pesticides as private labels. selling liquid soap to maintenance people. picking up old tires from tire stores. You do not have any cash cows, so you have to find at least two or three to combine with your two non cash cow businesses. Liz and I have two cash cows. She just rounded up two more with the same regional markets. We will find a corp doing a publically traded spin off and capture it in the next year. Each cow is a market sector. Each cow is enjoying a unit price rise of about 100% a year. We do not deal in getting hands dirty so it these are another set of cash cows from another class than those above. The guys who are agents for Jake Berstein's presentations occassionally chat with me; their lawyers are on retstraints vis a vis bait and switch mistake that was made. What do you think the last offer they made was that I turned down?? Getting businesses to be valuable is a big business in itself. Fixing things that are busted is a big sector in consulting. Packaging stuff is another big consultiing sector. What do you think it would be worth to "fix" traders experiencing "repeated failure"?
So I assume that the 'FACT' actually has no research or merit to back it up? We'll just assume that yet another vendor is quoting 'FACT' that actually has no factual evidence?
Complete opposite...I make a few trades, look at homes for sale in exotic locations, eat some lunch, post on message boards for a few laughs, maybe play some Xbox360, and then go on more message boards for a few more laughs...I have a hard time not doing anything and message boards make me feel like I'm doing something related to trading while all I'm really doing is entertaining myself like a 12 year old. I don't take this business nearly as serious as I should and as a lot of guys do...but I've been successful for a few years running, I switch tactics if the market does, I learn something every day, I cut losses, and don't like Chinese stocks mostly because I am disgusted by Chinese food. If that makes me better than 90% of the traders who fail then I'm happy with that. I've been trying to teach my wife about trading and she asks me about certain economic indicators...I have no idea what she's talking about. I can also tell you that I probably make more money than most of the jokers who daytrade with a lot less stress...sometimes it's good to be unprofessional and do things the lazy way.