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Old October 7, 2006, 01:05 AM
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Default Funny you should mention trading in this forum....

because i was thinking of doing the same thing. I guess because it seems everyone here has found their "niche", that I wanted to see if there were any other traders in this forum other than me. I am relatively new to trading. I've only been actively doing this for about 3 months. I've been watching on the sidelines for about 9 months, and off and on for about a year and a half.
My first exposure to trading was a guy I found giving private lessons on eBay of all places. I thought why not? So I paid his $88 fee (normally $200 if you don't go through his eBay auction). And as promised, I was sent chart setups he uses for his daytrading in an email. I thought it was good, but I still didn't understand his strategy fully. The next step was to take his private lessons. It cost back then, about a year ago, $1,200 to take it. But, the only catch was I had to fly out to California to meet with him to take it. That was another $550 round trip expense I had to shell out. I flew out to take his lesson, and it all seemed pretty straightforward and understandable. The biggest thing I got out of this private lesson, was how to set my charts up exactly the way he did. That way I would be seeing exactly what he was seeing at any given time in the day. It seemed good and all until the next day came and it was time to trade. I was basically left to my own devices. Even though I had the same chart setups and thought I knew his system better, I found myself still very lost. I stayed with him for a couple of months but never made any money with him. I also did not like the fact of paying $100 for something I didn't feel I was getting from him. That is what he charged to be in his "club". Anyways, desperate and not knowing what to do, I found another trader who actually found me because I signed up on some trader website. I took his free trial offer to be in his chatroom for a couple of weeks. I liked what I saw in that room because there was actually trading going on. I was glad to pay the $50 monthly fee to be in the room with all these "good" traders. I guess I'm a slow learner, because I stayed in that room for another 6 months without making a dime. I even payed the $750 training class he gave. A total of 16 of us took his course. We all had visions of $$$$ coming in on a daily basis because this guy knew his stuff. We were taught his method and all worked on it for a while before we felt comfortable actually using real money with it. I never got the hang of it. You had to watch this and that and if this did that then you had to do me, it was all confusing and nerve racking. I will say, this trader, did know his stuff about the market. I will give him that. And yes he was consistently making money on a daily basis. But the most important part of this whole thing was I wasn't making any money. That's why we trade to make money right? Well I got bored waiting to make money so I wondered into some other trading chat rooms to see what was going on there in their neck of the woods. After going into a couple, I found one where there were actually trading. They were not waiting around for one guy to say buy this stock only to get into it too late and it go down on you once you bought it. But they were actually daytrading! I thought to myself..."this is too good to be true." So anyways, I stayed there for about a week just reading everyone's post and trades along with listening to their comments and strategies. I thought this was great, but I encountered another problem, all of them each had their own unique trading style. I could not follow any one trader expecting to learn from him when it was not that type of environment. It was fast pace and I was new in the room, so I never asked questions. I thought there had to be a way to learn from these guys. Apparently someone upstairs was listening to my prayers because then out of the blue appears this one trader who I will call "Bob" comes into the room one day and starts trading like a maniac. When I say that, I mean it. He must have traded at least 30 times in about a 3 hour time frame and walked away that day with I think $3,000 dollars. I thought..."ok, he was lucky today, good for him." Well, luck did not have that much to do with Bob. He knew what he was doing. But I didn't. But I was very eager to learn. He continued his trading prowess in the room for about a week longer before I ever gathered up enough courage to send him a private message and ask him how was he doing it. He had given a mini class on his trading style in the chatroom of about 60 traders one night, but I missed it. So I finally send him a private message and he responded very quickly and was very helpful answering my questions. That went on for about a week longer until I finally was given a private lesson with him one trading morning. He was great. I learned alot from him. We traded together in a private chatroom. I made some money that day! Sufficeth to say that I made more that morning trading than I have made in about 9 months trading off and on. He has since gone on to become my private mentor along with 7 other traders. We have our own private room and trade on a daily basis together. Bob wants to keep it small for right now. That way we have the opportunity to really learn his system well without outside distractions. So far we have been doing this now for about a month and a half. It is awesome. Just to give you an example of how good he is, he made $15,200 today. That is awesome! His best day was about 3 weeks ago on a Thursday, he cleaned house with GOOG calls and stocks he played that day to the tune of $18,400. I share this with you all for the simple reason to prove a point that was mentioned in another post. 1)You need a mentor to help you out. To take you by the hand and walk you through things. Without their help, you might as well hand over all your investing money to a perfect stranger and say goodbye to it. That is the truth. I thought I could read books and do it by myself. Boy was I dead wrong. Doing it myself cost me about $6,000. That was money I lost on my own. I didn't have help doing that. I take full responsibility. But along the way, I did learn the importance of a mentor.
Reading books helps but only to a certain extent. Nothing works better than having someone guide you through the process. You could say that the money I have lost in the market and the money spent on being trained to become a trader is part of the overall experience of being a trader. And I am behind that statement 100%. It is the price we have to pay before we hit it big. In my case, it was being in the right place at the right time. And having the guts, courage, to take action and ask a simple question. That was all.
Since Bob does not sell anything or offer classes, I cannot give you any information other than what I have shared with you about my personal experience with daytrading. My plans are in the not so distant future, to be able to train others to do what I have learned to do. I will say this though, his system involves only have 2 indicators on your charts..(no volume, MACD, RSI) none of that. His method was so simple, it confused me due to its' simplicity. You know, something being so simple it was hard. I actually made it harder than it really is at first. I had an excellent day today trading ACOR. I made over $3,400 trading just that stock. ( I don't say this to brag. I do so so that you can know it's possible) For those traders out there, look up that symbol on your charts and tell me what you see. It was a great stock for this whole week actually to daytrade.
A book I can recommend highly is Alexander Elder...Trading for a Living. It is an excellent book. It really helps out with the psychological aspect of trading. And like a few have mentioned in this post, trading is 90% mental.(very true).
A few other side notes about Bob,before I quit writing. He will trade almost any stock. He loves playing GOOG and CME calls and puts. He does play options alot. But trades regular stocks just as well. He has his criteria for stocks that he puts into his screener. He's been trading for about 10 years now, but only been doing what he is doing now for about 3 years. He trades the whole trading day. He'll get something to eat quickly and off he goes again to trade. He is not selling any service or course or anything of the sort. He is just an all around great guy for helping us out the way he has.
Out of the 7 traders that were in the room today, all of us made money....the lowest amount being $435 and the most being what he made. If you all should have any questions whatsoever, you can post it here or email me at [email protected] . I will be glad to help in any way possible. Take care and I'm sorry for this post being so long.

Your trading buddy,

(His grand total for the week was about $60,000. Yes you read that right, $60k)
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