Rossini
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edit- didnt see other postings
edit- didnt see other postings
Rossini
Established member
- Messages
- 916
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- 132
Close all open trades, take a break for a month, know when to quit. When you feel stable minded again start tradng using the minimum sizes, to gain experience.
Luckly I did not make the mistake you have made, I kept to the minimum for as long as I could justify it.
B
Black Swan
Find something else to do other than losing a fortune. Accept you are quite simply no good at it. Hope this helps.
stillgrinding
Newbie
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I disagree. During the "tech rally" 1999-2000. I made ALOT of money only to lose all but 30k due to lack of knowledge and greed. I got educated and proceeded to lose half of that. Today, I'm slowly and steadily grinding away and will continue to do so. Now that I have the proper discipline I will make all my lost profits back and more. I have no doubt. I'm gonna be 42 years old soon. I made my first stock trade with my dad when I was twelve. Made alot, lost alot. I finally feel like I have a handle on the mental part of trading.
My advice, read "Trading in the Zone" about three times. When you screw up again, read it again.
Google "norman hallett" He has a disciplined trader meditation CD/DVD that has helped me alot.
Don't give up, learn from your mistakes.
B
Black Swan
Am I reading this right; that it's taken you ten years to 'learn' something that you still make no money at?...er...OK...
stillgrinding
Newbie
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I still work, But only three days/per week. I still enjoy my job.My nest egg is growing.
You seem pretty confident he is going to refund your money. I think the problem with a lot of these things is that a lot of these small internet businesses get a hold of your credit card with the 'free trial' promise and then start racking up the charges and don't cancel when you ask them to, so that would be my worry. If they are legit, they should give you a real free trial sans credit card, and then if it is so great, you won't be able to help but sign up. Of course, I could be wrong...
David:smart:
Mannt Backus - First Hour Trading
I've been watching Manny trade for a couple of weeks and received an offer to buy his system for about $2,700. He charges $297 per month to trade with him and it appears to be legit. Has anyone purchased his system? I'm wondering how much "back room" effort one needs to go therugh to make his system work? Any other thoughts are appreciated.
I've been watching Manny trade for a couple of weeks and received an offer to buy his system for about $2,700. He charges $297 per month to trade with him and it appears to be legit. Has anyone purchased his system? I'm wondering how much "back room" effort one needs to go therugh to make his system work? Any other thoughts are appreciated.
I tried First Hour Trading (FHT) for a couple of months and didn't do too well. A big part of my losses were not being familiar with the Interactive Broker software I was using and I made mistakes. His FHT moves so fast it is hard to keep up with. He can change on a dime, but it takes time to type and transmit what he has done and the conditions are usually different by the time you can react and make a similar trade. I found that his stated "ideal entry price" was almost off by 50 cents+- so you had to guess. I think if I understood support/resistance charts well, i might have been able to follow him better. I suspect he is making money, some on stocks and a lots on memberships.
I'm now trying his portfolio craftier service and I like it better. I will say that when I cancelled FHT, it was promptly discontinued. Also, regarding the purchase of his system the question I finally got an answer to was "how much preparation work is needed before the trading session?" The answer was 2 -3 hours, and that puts me getting up at 4:00 Am or so... not for me.
I'm now trying his portfolio craftier service and I like it better. I will say that when I cancelled FHT, it was promptly discontinued. Also, regarding the purchase of his system the question I finally got an answer to was "how much preparation work is needed before the trading session?" The answer was 2 -3 hours, and that puts me getting up at 4:00 Am or so... not for me.
rap2win
Junior member
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My experience almost precisely. There is no way to match the trades he claims to make. I have a good real-time data feed, and a glance at the screen immediately after some of his chat-room trade alerts showed a substantially different price.
I also found some info that indicates Mr Backus has a less than stellar track record in business and regulatory compliance.
So I cancelled well before the end of the "free" trial, which in fact turns out to not be free, because he builds a little profit into the mailed membership package you have to pay for -- but you don't really need, because all that info is on his website already.
All very amateurish, from the promotional materials to the customer service and the cyber high-fiveing in the chat room after the session.
Bottom line: Stick with Cramer, or -- if you have this amount of money to spend on upgrading your earning power -- sign up for some education or trading signals with a reputable, proven service.
rap2win
Junior member
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In my experience, no. Refer to previous messages in this thread for other opinions.
Hi, I thought I would toss in my 2 cents with some observations of someone who has only followed him (Manny) for a couple of weeks now. I just started using real money the last 3 days with a small # of shares(I know, not enough time for a decent evaluation):
First day - still getting used to Interactive Broker's platform and couldn't take the trade.
Second day - slippage did me in and lost $17
Third day - Got wiser and set my hotkey to limit +0.25% so I would either get in close to Manny's price or I wouldn't take the trade. Seemed to work (mainly because the price came back to the original entry, a minute later, and I was able to get a good fill. Made $25 shorting 50 shares of Costco in about 20 minutes, which works out to the 1% that he promises. Of course this is only one day so too early to tell long term results.
Negatives: His "chat" room is run by a moderator that only allows positive thoughts. If you try and post that you lost money, it will never see the light of day. And there is no way for one person, using the system, to talk to anyone else using the system since e-mails are not allowed in the chat room.
All results are based on him getting in and out at the perfect time with no slippage so one has to take the promised results with that caveat. I figure if I can make .5% every day, on the average, I'll be just fine.
Positive: He does seem to have a good feel for where the market will open, where it will go before reversing. Better than I do, anyway.
The biggest problem I see is slippage, you will (almost) never get in at the exact price he does but, you also don't have to take the trade. The key is getting in with a limit order plus a % (such as 0.25) with a hotkey; if you can't take the trade within 1 second of his "doorbell signal" using a hotkey and limit order, you shouldn't get in at all. If you try and chase his recommendation, you will lose. Forget the trade or wait for the price to come back for a good fill.
As far as him not registering in Pennsylvania, that doesn't bother me.
And I don't see why anyone would have to "get up 2 or 3 hours" before trading; that's what you are paying him for.
All you have to do is get your platform up, get the stock ready on the platform with the ability to enter a trade without a confirmation pop up window, get your 1 minute charts going and your finger on the button. If you have high blood pressure, this stuff is not for you.
I'll let you people know how I'm doing (if anyone is interested). This is way too expensive to stay with if it doesn't generate money fast.
Bob
First day - still getting used to Interactive Broker's platform and couldn't take the trade.
Second day - slippage did me in and lost $17
Third day - Got wiser and set my hotkey to limit +0.25% so I would either get in close to Manny's price or I wouldn't take the trade. Seemed to work (mainly because the price came back to the original entry, a minute later, and I was able to get a good fill. Made $25 shorting 50 shares of Costco in about 20 minutes, which works out to the 1% that he promises. Of course this is only one day so too early to tell long term results.
Negatives: His "chat" room is run by a moderator that only allows positive thoughts. If you try and post that you lost money, it will never see the light of day. And there is no way for one person, using the system, to talk to anyone else using the system since e-mails are not allowed in the chat room.
All results are based on him getting in and out at the perfect time with no slippage so one has to take the promised results with that caveat. I figure if I can make .5% every day, on the average, I'll be just fine.
Positive: He does seem to have a good feel for where the market will open, where it will go before reversing. Better than I do, anyway.
The biggest problem I see is slippage, you will (almost) never get in at the exact price he does but, you also don't have to take the trade. The key is getting in with a limit order plus a % (such as 0.25) with a hotkey; if you can't take the trade within 1 second of his "doorbell signal" using a hotkey and limit order, you shouldn't get in at all. If you try and chase his recommendation, you will lose. Forget the trade or wait for the price to come back for a good fill.
As far as him not registering in Pennsylvania, that doesn't bother me.
And I don't see why anyone would have to "get up 2 or 3 hours" before trading; that's what you are paying him for.
All you have to do is get your platform up, get the stock ready on the platform with the ability to enter a trade without a confirmation pop up window, get your 1 minute charts going and your finger on the button. If you have high blood pressure, this stuff is not for you.
I'll let you people know how I'm doing (if anyone is interested
). This is way too expensive to stay with if it doesn't generate money fast.Bob
Hi Maxima, nice beard!
If you are not being facetious (which I think you are with 249 posts under your belt), I'll explain:
I know, it sounds a little strange; if you are buying and holding for a few days or a few hours, a few cents doesn't matter. But if you are buying during the first hour that the market is open and you are trying to "scalp" 40 or 50 cents on a stock that is fluctuating up and down 20 or 30 cents in a few seconds, it makes a huge difference. Not only do you have to contend with the slippage between placing your order and getting filled, you have to contend with the slippage between Manny pulling the trigger and you pulling the trigger. It's a "double whammy". Not for the "faint-of-heart".
And, remember, Manny is looking at stocks that have just had some news come out and are trading with a big gap from the day before.
Bob P
If you are not being facetious (which I think you are with 249 posts under your belt), I'll explain:
I know, it sounds a little strange; if you are buying and holding for a few days or a few hours, a few cents doesn't matter. But if you are buying during the first hour that the market is open and you are trying to "scalp" 40 or 50 cents on a stock that is fluctuating up and down 20 or 30 cents in a few seconds, it makes a huge difference. Not only do you have to contend with the slippage between placing your order and getting filled, you have to contend with the slippage between Manny pulling the trigger and you pulling the trigger. It's a "double whammy". Not for the "faint-of-heart
".And, remember, Manny is looking at stocks that have just had some news come out and are trading with a big gap from the day before.
Bob P
maxima
Established member
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Sorry I thought equity trading is like sitting in a rocking chair with persian cat on the lap puffing clay pipe wearing stripped socks...
Obviously I was wrong!
Perhaps you guys need a helmet and leather gear with back protective titanium plates!! Would stay clear off the stocks!
It is dangerous !!
Obviously I was wrong!
Perhaps you guys need a helmet and leather gear with back protective titanium plates!! Would stay clear off the stocks!
It is dangerous !!
I would appreciate if you would keep me posted
I would really like you to keep me informed as I am considering it. My email is [email protected]
I would really like you to keep me informed as I am considering it. My email is [email protected]
Hi, I thought I would toss in my 2 cents with some observations of someone who has only followed him (Manny) for a couple of weeks now. I just started using real money the last 3 days with a small # of shares(I know, not enough time for a decent evaluation):
First day - still getting used to Interactive Broker's platform and couldn't take the trade.
Second day - slippage did me in and lost $17
Third day - Got wiser and set my hotkey to limit +0.25% so I would either get in close to Manny's price or I wouldn't take the trade. Seemed to work (mainly because the price came back to the original entry, a minute later, and I was able to get a good fill. Made $25 shorting 50 shares of Costco in about 20 minutes, which works out to the 1% that he promises. Of course this is only one day so too early to tell long term results.
Negatives: His "chat" room is run by a moderator that only allows positive thoughts. If you try and post that you lost money, it will never see the light of day. And there is no way for one person, using the system, to talk to anyone else using the system since e-mails are not allowed in the chat room.
All results are based on him getting in and out at the perfect time with no slippage so one has to take the promised results with that caveat. I figure if I can make .5% every day, on the average, I'll be just fine.
Positive: He does seem to have a good feel for where the market will open, where it will go before reversing. Better than I do, anyway.
The biggest problem I see is slippage, you will (almost) never get in at the exact price he does but, you also don't have to take the trade. The key is getting in with a limit order plus a % (such as 0.25) with a hotkey; if you can't take the trade within 1 second of his "doorbell signal" using a hotkey and limit order, you shouldn't get in at all. If you try and chase his recommendation, you will lose. Forget the trade or wait for the price to come back for a good fill.
As far as him not registering in Pennsylvania, that doesn't bother me.
And I don't see why anyone would have to "get up 2 or 3 hours" before trading; that's what you are paying him for.
All you have to do is get your platform up, get the stock ready on the platform with the ability to enter a trade without a confirmation pop up window, get your 1 minute charts going and your finger on the button. If you have high blood pressure, this stuff is not for you.
I'll let you people know how I'm doing (if anyone is interested
Bob
