I occasionaly view these chatboards from time to time and have noticed recently lots of venom re\; harvey walsh. He may or not be a scammer but I have made a pile by internalising what he outlines in his course. I have no association with him whatsoever and in fact he hasn't responded to my emails to him regarding his order routing on IB or his "fast fills" but even if he is a scammer, he has unintentially provided a worthwhile contribution to trading eduacation. Those that have read the couse in 30 mins.....re-read it and re-read it............there is a sublime message within ( intentionally or unintentally by walsh ). Not all stocks breakout of 30 or 60 min highs and go onto make stunning new ones.............but his approach stimulates you to investigate this and learn time and sales, read it and understand it. I traded his approach and lost money, but after looking at my trades over many months I was able to modify it slightly and trade with more success. As Walsh says it's boring trading, and it is. I have spent many many thousnads of hours watching time and sales at breakouts...............and finally i get it. I can see what is happening. I average $500 a day on 1k share trades..............but it always hasn't been like this. I struggled, lost, lost more, got mad, frustrated, got angry, tried other strategies, lost, lost more etc until I decided to focus on one strategy and ride it out. I can now look at T&s and feel what is going to happen....................if I hadn't bought harvey's/henry's course I would never have focussed on this
Never underestimate the power of the masses.
Anyone can create a story, book, painting, movie, song, course etc. that will have a base of supporters or even fans. The main goal is to let as much people as possible to come into contact with the object. The larger the group, the more supporters and fans it's likely going to have. If Harvey Walsh reaches a million other geezers and 0,1% is believing his crap, he gets to sell a 1,000 courses.. that's $147,000 a year. If he could make such a figure while trading, lets assume a 15% annual result, he needs $980,000 for capital. Taking a 50% leverage, his initial grubstake is $490,000. Now, 15% is rather low, especially for a day trader Mr. Walsh is pretending to be. But day trading is one if not the most hardest thing to do in the market. That aside, if he's able to make a 50% profit, he would need just $294,000 (incl. 50% leverage). My question then is why would Walsh do the hassle of his showing-off videos on Youtube. Trying to make us believe he's trading in a hotel lobby (right after he was found out. What a coincidence!) with his nonexistent buddies. Putting a course and website together etc. You'll probably would answer that making an extra buck here and there is sweet, and that's why Walsh is doing it..... but lets look at another calculation.
If Walsh's system is returning 50% a year, he will have about 2,2 million dollars after 5 years.. starting with just $294,000 (leveraged) Don't forget that after 4 years, he's making about $744,000 in the fifth year..... he would need to sell more the 5,100 courses a year to do that! Ask yourself, would you try to make a 60% profit or even more, doing your core business, that is day trading... or writing some flimsy course, selling your "secrets and manner of trading" to the general public? Now calculate his return after 10 years and you'll see that selling a course is peanuts and totally not worth the effort....... unless you basically suck at trading and don't know sh*t about it, because you're a
PRETENDER! ...and pretenders usually hide their identity, exactly like Walsh is doing. Coincidence or simple proof he's a swindler?
We humans are born to survive. We will do anything to beat the odds against us. This is why we are the mammals, ruling this rock. You say the course brought you that long sought after success, but maybe you would have done just as well or even better watching the Teletubbies! ...but more likely, you would have done just as well or better reading this forum, since most Walsh is teaching is freely available here. Just ask the questions and there's about 100,000 peers and teachers willing to answer!
Most people are too proud to see what they can't do, while being too humble to see what they can do!
ps: Here's why I drive a Merc, Ferrari and Bentley and have multiple million quid mansions up the southern France coast and Spain. This is my contribution to the trading community! Greed, for a lack of a better word, is good.. but Teletubbies is the best!
YouTube - teletubbies intro
