This is a mobile optimized page that loads fast, if you want to load the real page, click this text.

$5000 to $50000 in two years - let the odyssey begin

Jump to new
Crazy Shark said:
Isn't the whole reason why SITM are "educators" is because they cannot hack it in the real world!
Click to expand...

That's possibly true in the case of SITM. However I don't think we can make a blanket statement that all educators are doing it because they can't trade themselves.

Darvas became an educator of sorts when he was talked into writing a book about his method after news of his astounding trading success leaked out.
It would be ludicrous to suggest he couldn't trade.....he made his trading statements available for scrutiny by a team of experts.

Nick Radge is an educator, but also a successful trader himself.

My observation is that the shonky educators all have a few things in common with each other. First, they charge an outlandish price of many thousands of dollars. Second, they come on strong with grandiose claims about their own trading prowess, and the prowess you'll supposedly develop yourself once you've completed their course.

The genuine educators who are competent traders themselves don't need to make outlandish claims or fleece people by charging excessively.

Bunyip
 
PAYING 4000 DOLLARS FOR A COURSE IS NUTS.... I RECKON MONEY COULD HAVE BEEN BETTER SPENT ON A STOCK BROKER'S PROFESSIONAL OPINION... OR EVEN BETTER READ MANY OF THE FORUMS AND ABSORB THE EXPERIENCE, EXPERTICE AND SUGGESTIONS NOT ONE BUT MANY INVESTORS SHARE.
 

I agree. Except for the STOCKBROKERS part.
 

So, Damok........Keep us in suspense no longer!
Will you return the SITM materials tomorrow and get a refund?
Or will you keep them and the accompanying $4,000 hole in your bank account?

Bunyip
 
nioka said:
Todays news that the current account deficit is nudging $500billion must surely bring THE DAY closer?
Click to expand...
Every day that passes brings it a day closer...

GP
 
well, my decision is.......

I'm going to get a refund. I have taken all your good advise and am going to go the more sensible and economical solution.

But to make sure I keep down this path of eternal wealth, or at least learning... I'm also taking some of your recommendations.

I am evaluating three pieces of software:
AmiBroker
Incredible Charts
Pro Charts Egoli

I have downloaded a bunch of Ebooks on technical analysis, and have ordered copies of both Nick Radge's 'Adaptive Analysis' and Frank Watkins 'Darvis Box Trading'.

I will obviously be coming back here often to get further advise. I've discovered in the last few days just how much is available online, and how much I really have to learn!!

So thanks everyone for your advise. If anyone has any other suggestions - please let me know!!

Warmest thanks,
damok
 

Damok,

I see you have decided to dispense with the investment of a system and software.
It`s "advice". Professionals "advise" which we cannot do.

Good luck with it.
Snake
 

Damok

I believe you've made a wise decision.
I suggest you also get a free trial of Frank Watkins 'Pro Trader' software. And I've heard good reports about 'Bull Charts', which is also available for a free trial.
My further suggestion is to avoid putting too much study into Technical Analysis. There's an enormous amount of information available with regard to TA, just as there's an enormous number of TA tools and indicators.
Much of the information and many of the indicators and tools are irrelevant....all they do is clutter a traders mind and make it difficult for him to reach rational trading decisions. The average beginner works on the premise of "the more information I have, the better".
But believe me, with TA it's very much a case of "the simpler your system, the better you'll trade".
The simplicity of the Darvas method is one of the reasons why it's such an effective and robust trading system.
Understand one thing about trading......THE MOST YOU CAN ACHIEVE IS TO TAKE BITES OUT OF TRENDING MOVES.
You can do this by using simple methods such as buying dips during uptrends, and shorting rallies during downtrends.
Or you can attempt to use complex methods.....Astro, Gann, Elliott Wave etc.
If there's a simple way to do something, and there's a complex way, I'll take the simple way every time. In trading, it doesn't get any simpler than just finding a good trend, then hitching a ride on the damn thing. A simple system like Darvas will enable you to do this consistently. And if you do this consistently, and make sure you strictly limit your losses, you can trade very profitably.

Enjoy the journey. All the best.

Bunyip
 
40% of WHAT ???
Total Capital ?, Turnover Over ? or Trading Cap @ Risk ?

Trader Pro what do you mean by only $100 per $5000 ?
Should that not be stated as "the Stop-Loss should be set a Max $100/ 2% Rule and not the max amount invested ?

Damok:
I will probably get howled down for this --- but get out of fairyland , Trading takes years of continuing learning and ever changing tacticts to the constantally changing markets --- first read and understand Guppy's ShareTrading , this will put you on a solid foundation of HOW and WHY T/A trading works .

Then go through the the forums to select the recomended reading (only a handfull of books worth their salt) --- settel on the style of trading to commence with ----- then open a account with IG Markets --- keep the trades to a low $ level so as to build up on hand expericence of the markets ( NO PAPER TRADING ) --- REINFORCE ESSENTIAL TRADING HABITS --
Then after around 12 months of constant practice, you can set claim to having started your appenticeship .

In the final round up though you will find most traders go full circle , dump all the frills and just settel on a few KISS methods that have naturally evolved
and revelled themselves during the learning process.

Programmed Software is only a tool to find the trades --- managing a trade becomes more a matter of instinct around the "price action" --- takes time , but the earlier you start well the quicker you get there

Cheers
 
Damok,

If you want to learn TA then get Nicks Book and join The Chartist.

You'll probably learn more there in 1 month for $55 than you will for $4000 @ SITM....lol

My opinion only BTW.

Bent.
 
ladies and gentlemen, I am now $4000 richer (or something like that)

thanks for your advice.
 
damok said:
ladies and gentlemen, I am now $4000 richer (or something like that)

thanks for your advice.
Click to expand...

Well done damok, I think you have made a good decision.

Don't forget to check out the bookshop here at ASF (Of which I have no financial interest)

Cheers

PS agree with BentRod
 
damok said:
ladies and gentlemen, I am now $4000 richer (or something like that)

thanks for your advice.
Click to expand...

Damok

What was the reaction from SITM when you told them you were bailing out?
Did they try to change your mind?

Bunyip
 
bunyip said:
Damok

What was the reaction from SITM when you told them you were bailing out?
Did they try to change your mind?

Bunyip
Click to expand...

Well duh! : I'd know, I used to sell Kirby vacuum cleaners.
 
This has been an interesting thread! Damok - you made a good decision...

bunyip said:
What new traders should understand is...
1. You don't need to forecast markets to be able to trade profitably.
2. You don't need to spend thousands of dollars, or even hundreds, to get yourself a profitable trading system.
Click to expand...

I totally agree...

Yeah I did say: "if it were a scam, then they would have been eliminated a long time ago..."

What I meant was that they weren't some illegal scam like pyramid selling.

There was this business from US that came to Australia trying to sell their web hosting products (StoresOnline) ... They totally overpriced their products and services and sold these to people under false promises. FairTrading and ACCC got onto their coattails and had them refund the people who bought into their dream. Now that's a scam...

The point is... with that case, the internet hosting prices can be benchmarked to the market prices - they charged something like $3000 for a website+ hosting at $30 per month etc... when you can have it done up for less than that starting at $10...

With trading education there is no benchmark to match it with.

Of course, if SITM makes and false or misleading claims in their presentation -that too will classify them as scamming their way to make a buck...
 
I agree about the comment of stockbrokers, i asked some advice of a relative's stockbroker on these particular stocks CBH, JML, CTO, MTN, SMM. a day later he came back and his response was that "these stocks are all highly speculative uranium explorers and i wouldnt invest in them".

obviously he didnt even look at what each company does/strategy/fundamentals anything!!

to start CBH are currently producing, JML will be producing zinc, CTO will begin pouring gold, MTN and SMM are sitting on large u deposits.

If i took this particular brokers advice i would have missed out on a run from all these stocks. i say do your own research and not trust the opinions of people who dont understand your trading plan.

my plan is to find undervalued stocks and invest for the long term, which i think ive done.

anyone else had a bad experience with stockbroker??
 
Damok,


Please have a good look at a range of threads for a broader discussion about technical analysis approaches than are listed here which are quite narrow. Why not try reading the following threads (I have certainly ventured a host of ideas on these threads that I don’t want to duplicate here):

• “Books on Technical Analysis”,
• “Good TA books: Any suggestions?”,
• “Testing a mechanical plan”,
• “Is T/A based on hope?”

Also, if you're interested in software with a Gann swing chart capability, have a look at Gannalyst (not sure if will do Mac though):

http://www.gannalyst.com/


Regards


Magdoran
 
You must log in or register to reply here.

Similar threads

R
My strategy/plan going forward
Replies
13
Views
1K
RbNEO
R
T
Trender's Price and Volume trading
2
Replies
22
Views
2K
trender
T
Help for (Humble) New traders: Best stocks to invest $1000
2
Replies
30
Views
3K
trender
T
Charting Platform Advice
Replies
5
Views
2K
DaveTrade
Posting on Weekends Friday Evening to Monday Morning
Replies
2
Views
425
Dona Ferentes
Menu
Log in
Register
Cookies are required to use this site. You must accept them to continue using the site. Learn more...