October 27, 2007
Trading Guru 101
Here are the simple steps you can take if you want to be appear to be a trading guru:
1) Pick the single most directional day the market has seen in the last two months (Oct. 19),
2) Miraculously get on the right side of the market (short, duh),
3) During a 35 point plunge, successfully scalp out a couple of S&P points while risking a couple of S&P points (1:1 risk to reward, yeah!),
4) Write a blog post filled with pretty charts and a cleverly edited chat transcript showcasing your keen real-time insights from throughout the day,
5) Appear to be a brilliant trader (well you are one, aren’t you?),
6) After duping a gullible and uninformed public, secretly return to your soul-crushing day job at the office (this is how you actually pay the bills when you’re not playing guru).
October 27th, 2007 at 3:21 pm
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October 27th, 2007 at 3:28 pm
tom: Thanks. I hope to put the code into place before 2009.
October 27th, 2007 at 3:40 pm
why the rush? ;-)
October 27th, 2007 at 3:48 pm
tom: ThatsWhatSheSaid… just kidding, I’m cobbling it together now. ;-)
October 28th, 2007 at 7:14 am
I love the sarcasm. So many traders out there who blog about making numerous daily trades and still cannot figure out why they’re unable to profit daily or why they have substantial losses.
October 28th, 2007 at 8:09 am
Sarcasm is healthy, post is funny… thou -
there are always exceptions. I for one as nick implies am a “David Dumb Trader” A.K.A. DavidDT, I hold full time day job paying above 6 digits, with small office where I can enjoy trading when not too busy. On Oct 19th, as you said “most directional day” I was dumb and unskilled like all bloggers you are referring to, not to flow with the tape, but make most out of following long ( yes - long ) trades. PKTR, CAVM, BBW, FRPT and was naive enough to load homebuilders and hold it over weekend. And my un-edited chat with my trading buddy is not been posted on my blog, because not to many people who read my blog and TradeGuild blog, may understand the reason why I am not trading full time - and my answer that any hobby you are good at becomes a chore once you have to do it for living may seem a little off. In general I tempt to agree with sarcasm of the post, but there are some exceptions to be made.
October 29th, 2007 at 11:29 am
is this why you asked for the guru newsletters? or did you happen along a blog that did this? not interested in the blog - but i am interested in your request for the guru newsletters
October 29th, 2007 at 11:58 am
chad: I plan to start writing a newsletter and wanted to look at the format of some of the most popular and successful investment newsletters out there.
October 30th, 2007 at 12:33 am
Does this mean the real name of the illustrious Chairman will finally be revealed?
October 30th, 2007 at 2:19 am
Maoxian,
2 questions for you
1) If your starting a newsletter, are you planning on trading again?
2) Do you plan on charging for your newsletter?
October 30th, 2007 at 3:12 am
he Piker said:
October 30th, 2007 at 12:33 am
Does this mean the real name of the illustrious Chairman will finally be revealed?
Illustrious ? Hmmmmmm …
I’d probably choose some other adjectives to describe The Chairman.
October 30th, 2007 at 4:57 am
CM to do another newsletter? Are you going to charge this time or do the donation thing again?
I still have all your old newsletter copies, including your ETF Trend Table reports!
October 30th, 2007 at 10:09 am
@The Piker: No.
@KC: I haven’t day traded forever and probably won’t start again soon, though never say never. Yes, the newsletter will cost money (probably more than anyone will be willing to pay).
@Todd: Like what? Magnificent? Brilliant? ;-)
November 1st, 2007 at 7:04 am
Ditto for the illustrious Chairman. If he thinks the others are not up to snuff, we’ll see how he does with his newsletter.