How To Make Money Trading The Markets.

This is a discussion on How To Make Money Trading The Markets. within the Stocks forums, part of the Markets category; Allen, Before you claim a strategy does not work, please make sure you are able to trade the strategy the ...

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Old Nov 7, 2009, 7:02pm   #751
 
amit1986's Avatar
Joined May 2009
Allen,

Before you claim a strategy does not work, please make sure you are able to trade the strategy the correct way. Besides Richard's strategy, learning to trade ANY strategy requires three disciplinary steps:

1) ALWAYS paper trade the strategy first to understand when the strategy works and when it does not.
2) When trading a strategy with real money, trade small lots. With respect to stocks, start off by trading nothing more than 100 shares. As you build consistency in your profits and gain more confidence, you can increase your lots slowly.
3) Stay away from stocks that are very volatile. The rule of thumb is that stocks over $100 fall into this category, but this does not necessarily have to be the case. For example, stay away from stocks such as GS, AAPL, RIMM, BIDU, etc...

Just by reading your above comments, I can already tell you have violated at least two of the three rules above. You did not paper trade the strategy until you became comfortable with it and you did not stay away from volatile stocks since you traded FSLR.

You also mentioned that you've read through the entire thread, but RIchard has mentioned that you must abide by the above three principles when starting out trading this strategy. Yet, you skipped through these steps and expected to make an immediate profit?

It takes many months to learn how to trade one strategy the right way. It takes many more months to learn how to manage the psychological pressure associated with trading. The fact that you tried this strategy one day or over several days and lost "a lot of money" does not imply the strategy does not work, but rather, you must try to figure out what it is you are doing wrong. First of all, if you are serious about learning this strategy, then start with the above three steps outlined. Keep your expectations realistic - don't expect to make an immediate profits after a couple of days/weeks.

Also, don't forget that Richard also uses Level 2 / Time and Sales to judge entries and exits. This means that although you may have followed the steps of this strategy correctly, it does not imply that it is the ABSOLUTE way of doing things. You most likely do not have the knowledge of reading level 2 as Richard does, which effectively does give him an edge.

I have not paid Richard for his course, but I have attempted his strategy with real money and it worked for me. Of course, if it didn't work tomorrow, then I would not claim that it never works. There are too many variables to consider (I do not read Level 2, but Richard does; I do not have the 10 years trading experience that Richard does; etc...).

So please, just because the strategy does not work for you does not mean it is does not work at all. There's a good chance you traded the strategy incorrectly.

Amit


Quote:
Originally Posted by Allen Shelton View Post
You are correct that anyone can display a screencap of a good chart and state that they traded it successfully.
It appears that Richard is baiting people to become future customers.
When people sell courses for a lot of money because they claim it contains proven "methods" that should send up a red flag.
I think it is wrong but thats just me.
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Old Nov 7, 2009, 7:09pm   #752
Joined Feb 2007
That's always a very handy clause to have on side...

"Are you sure you traded the method correctly?"

Hahaha...wonderfully professional.
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Old Nov 7, 2009, 7:16pm   #753
Joined Mar 2007
Quote:
Originally Posted by Paul71 View Post
Would you not want to see any documentation from the inland revenue?
Would not be able to confirm from an inland revenue statement , if income is from trading or helping new traders learning.

I have even seen live statements that are forgeries, and spotted them out.

O D T
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Old Nov 7, 2009, 7:33pm   #754
Joined Feb 2007
Quote:
Originally Posted by oildaytrader View Post
Would not be able to confirm from an inland revenue statement , if income is from trading or helping new traders learning.

I have even seen live statements that are forgeries, and spotted them out.

O D T


ODT, the accountants that i have used in the past have offices, they have other people working in thier offices like bookkeepers, PAs, secretaries etc. They have normally been through rigorous examination processes, and are overlooked by governing bodies. They are professionals. How the hell can you and i, or anyone else for that matter, talk seriously about 'trading coaches'? You go ahead if you want to, you take the subject seriously, that is entirely your decision. Personally i think it's a joke, that's all i have to say on the matter. Thankyou.
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Old Nov 7, 2009, 8:11pm   #755
 
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I find to many people waste to much energy questioning and putting down other people.

Even if a method is poor or applied incorrectly you would not of 'lost a lot of money' with good money management skills.

Mr Charts does not have to prove anything by posting live accounts statements, if you don't believe him why trade his methods. Everyone has a choice, you don't have to read his posts and you don't have to buy any of his products. Just move on.

I for one will be staying!
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Old Nov 7, 2009, 8:31pm   #756
Joined Mar 2008
Mr Charts offers detailed training and tuition, live trading etc.. you just could not offer this service without knowing exactly what your talking about, especially when your training someone who is pretty good themselves. Plus alot of the training is spread over several sessions, so if it was no good nobody would continue. I have exchanged several emails with him but decided not to go ahead with nasdaq trading i concentrate on FX.

However I did not get any impression atall of salesman tactics from him there was no hard sell, no emails tempting me to take his course, no spams etc.. just some good honest advice.
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Old Nov 7, 2009, 9:52pm   #757
Joined Nov 2009
Quote:
Originally Posted by alfiemal View Post
Mr Charts offers detailed training and tuition, live trading etc.. you just could not offer this service without knowing exactly what your talking about, especially when your training someone who is pretty good themselves. Plus alot of the training is spread over several sessions, so if it was no good nobody would continue. I have exchanged several emails with him but decided not to go ahead with nasdaq trading i concentrate on FX.

However I did not get any impression atall of salesman tactics from him there was no hard sell, no emails tempting me to take his course, no spams etc.. just some good honest advice.
Mr. Charts does uses this thread as a lure for sales prospects.
It appears that he prefers to sell his course rather than trade.
Some inexperienced traders may learn something from Richards course but they would have paid dearly.
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Old Nov 7, 2009, 9:58pm   #758
Joined Nov 2009
Quote:
Originally Posted by amit1986 View Post
Allen,

Before you claim a strategy does not work, please make sure you are able to trade the strategy the correct way. Besides Richard's strategy, learning to trade ANY strategy requires three disciplinary steps:

1) ALWAYS paper trade the strategy first to understand when the strategy works and when it does not.
2) When trading a strategy with real money, trade small lots. With respect to stocks, start off by trading nothing more than 100 shares. As you build consistency in your profits and gain more confidence, you can increase your lots slowly.
3) Stay away from stocks that are very volatile. The rule of thumb is that stocks over $100 fall into this category, but this does not necessarily have to be the case. For example, stay away from stocks such as GS, AAPL, RIMM, BIDU, etc...

Just by reading your above comments, I can already tell you have violated at least two of the three rules above. You did not paper trade the strategy until you became comfortable with it and you did not stay away from volatile stocks since you traded FSLR.

You also mentioned that you've read through the entire thread, but RIchard has mentioned that you must abide by the above three principles when starting out trading this strategy. Yet, you skipped through these steps and expected to make an immediate profit?

It takes many months to learn how to trade one strategy the right way. It takes many more months to learn how to manage the psychological pressure associated with trading. The fact that you tried this strategy one day or over several days and lost "a lot of money" does not imply the strategy does not work, but rather, you must try to figure out what it is you are doing wrong. First of all, if you are serious about learning this strategy, then start with the above three steps outlined. Keep your expectations realistic - don't expect to make an immediate profits after a couple of days/weeks.

Also, don't forget that Richard also uses Level 2 / Time and Sales to judge entries and exits. This means that although you may have followed the steps of this strategy correctly, it does not imply that it is the ABSOLUTE way of doing things. You most likely do not have the knowledge of reading level 2 as Richard does, which effectively does give him an edge.

I have not paid Richard for his course, but I have attempted his strategy with real money and it worked for me. Of course, if it didn't work tomorrow, then I would not claim that it never works. There are too many variables to consider (I do not read Level 2, but Richard does; I do not have the 10 years trading experience that Richard does; etc...).

So please, just because the strategy does not work for you does not mean it is does not work at all. There's a good chance you traded the strategy incorrectly.

Amit
What I am saying is Richards "methods" do not work any better than just good common sense trading.
Maybe you should try using some?
Richard is a smart salesman who takes advantage of unsuspecting people.
He is not the first who has done this.
It is easier to fool someone out of their money than to successfully trade the markets.
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Old Nov 7, 2009, 10:06pm   #759
Joined Nov 2009
Quote:
Originally Posted by Paul71 View Post
ODT, the accountants that i have used in the past have offices, they have other people working in thier offices like bookkeepers, PAs, secretaries etc. They have normally been through rigorous examination processes, and are overlooked by governing bodies. They are professionals. How the hell can you and i, or anyone else for that matter, talk seriously about 'trading coaches'? You go ahead if you want to, you take the subject seriously, that is entirely your decision. Personally i think it's a joke, that's all i have to say on the matter. Thankyou.
I agree with you I think Mr. Charts is a joke also.
He is the type of person who hijacks the ideas of others and claims they are his.
Then he has the ego to sell it to the world.
This is a good money making strategy much better than trading.
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Old Nov 7, 2009, 10:11pm   #760
Joined Nov 2009
Quote:
Originally Posted by samuelhogg View Post
I find to many people waste to much energy questioning and putting down other people.

Even if a method is poor or applied incorrectly you would not of 'lost a lot of money' with good money management skills.

Mr Charts does not have to prove anything by posting live accounts statements, if you don't believe him why trade his methods. Everyone has a choice, you don't have to read his posts and you don't have to buy any of his products. Just move on.

I for one will be staying!
I am just pointing out that Mr. Charts is not very honest.
Which is very sad that he has to lower himself to that level.
His motives must be questioned.
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Old Nov 7, 2009, 10:14pm   #761
 
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Joined Jun 2003
Quote:
Originally Posted by Allen Shelton View Post
Mr. Charts does uses this thread as a lure for sales prospects.
It appears that he prefers to sell his course rather than trade.
Some inexperienced traders may learn something from Richards course but they would have paid dearly.
So not true. Trading for a living can be a lonely existance and I believe he gets utmost pleasure from helping people, even coming on these boards and providing FREE information. Of course he charges for his time as it's lost income from trading. I know he makes more money from trading than teaching!
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Old Nov 7, 2009, 10:25pm   #762
 
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Joined Jun 2003
Quote:
Originally Posted by Allen Shelton View Post
I am just pointing out that Mr. Charts is not very honest.
Which is very sad that he has to lower himself to that level.
His motives must be questioned.
Eh! Please explain why he is not honest. Coming on here to lure potential customers? He has better things to do with his time and it was people like you that drove away one of T2W's long standing true professionals before. Without Richard and people like Naz, T2W would be a sadder place. So please stop polluting this thread.
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Old Nov 7, 2009, 10:54pm   #763
 
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Joined Nov 2008
Quote:
Originally Posted by Allen Shelton View Post
I am just pointing out that Mr. Charts is not very honest.
Which is very sad that he has to lower himself to that level.
His motives must be questioned.
You disgust me.

You attack an honest man who is GIVING his knowledge here for free! You have done nothing but wine since you got here. CONTRIBUTE something and I may listen.

I have never taken a course with Richard, but I have learned a lot from him. He is always willing to help and never plugs his courses. What is wrong with wanting to help people? He charges a fair price. You may be able to find the information on the internet, but that's not the point. He has put a package together that will HELP you learn to trade.

People like you drive good traders from these boards. Small minded ignorant people should be banned. They add nothing of value; instead, they feed on causing unnecessary upset.

Believe what you want, but don't come on here attacking and threatening peoples good reputation.
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Money frees you from doing things you dislike. Since I dislike doing nearly everything, money is handy.
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Save a little money each month and at the end of the year you'll be surprised at how little you have.
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Old Nov 7, 2009, 10:55pm   #764
Joined Nov 2009
Quote:
Originally Posted by PitBull View Post
Eh! Please explain why he is not honest. Coming on here to lure potential customers? He has better things to do with his time and it was people like you that drove away one of T2W's long standing true professionals before. Without Richard and people like Naz, T2W would be a sadder place. So please stop polluting this thread.
He is not honest about his true intentions.
Maybe Mr. Charts should sell a course on selling.
And why is he "Mr. Charts" when he also uses Level II and T&S?
No one is driving anyone away.
I am not polluting this thread that has already been done.
I question a persons motives by their actions.
Not by just what they say but also by what they do.
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Old Nov 7, 2009, 11:04pm   #765
Joined Nov 2009
Quote:
Originally Posted by Paddington_Bear View Post
You disgust me.

You attack an honest man who is GIVING his knowledge here for free! You have done nothing but wine since you got here. CONTRIBUTE something and I may listen.

I have never taken a course with Richard, but I have learned a lot from him. He is always willing to help and never plugs his courses. What is wrong with wanting to help people? He charges a fair price. You may be able to find the information on the internet, but that's not the point. He has put a package together that will HELP you learn to trade.

People like you drive good traders from these boards. Small minded ignorant people should be banned. They add nothing of value; instead, they feed on causing unnecessary upset.

Believe what you want, but don't come on here attacking and threatening peoples good reputation.
I may disgust you but that's because you are a lap dog. I mean a lap bear.
I must be small minded because I am dealing with people like you.
Richards course is his idea of trading that he borrows from real traders.
I could post things of value but I am not selling anything.
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