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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: KM who wrote (3766)	9/11/1999 10:51:00 AM
From: Rick Faurot	Respond to of 18137

I'd break internet "gurus" into three categories: One group are those that sell a combination of picks and trading advice for a monthly fee. These include people like Jenna, Ken Wolff,Pristine, etc. Second are those who share information and ideas for no charge in exchange for the stimulation and interest they get from sharing. Here I'd include Iqbal Latif, IntelligentSpeculator, Lastshadow, and many on this thread and others on SI. Third are those that actively manipulate a group of followers (often known as "sheep") for the specific purpose of supporting their own trades. Of the three groups the only one I object to is the third. I have watched these people operate on SI, on private sites and on IRC chat rooms. These "gurus" (as a lifelong student of eastern religions, I find this term particularly obnoxious in this context)go long or short in specific trades and then announce to their followers that this trade is a "must." Whether the trade was a bona fide choice based on TA, fundamentals, news or whatever, the "guru" relies on his "sheep" to fuel the trade in his direction, often for multiple points. This frontrunning on trades in stocks that sometimes would have no action at all but for the "guru's" pick are particularly harmful as half the sheep always get clipped by getting in too late. This problem is especially pronounced on IRC where trades are called in real time for momo players. I cannot count the number of times I have seen helpless newbies left holding the bag on some worthless stock after the "guru" and his insider group have cleared out. I think both of the first two types of groups provide a worthwhile service. Legitimate pay services provide information on prospective trades that often leads to profitable trades for subscribers. You yourself, KM, have posted on how you made money trading Pristine's calls. It appears to me that Jenna is making lots of money for her subscribers and it is hard to see why so many would stay with her if they weren't. To me these groups are like sophisticated screening tools. You pay, you get. I certainly agree that the best picks are those that a trader finds for himself or herself. best regards, Rick Faurot

To: KM who wrote (3766)	9/11/1999 11:33:00 AM
From: Dave O.	Respond to of 18137

< If they are advising people who know nothing of TA, tape reading, etc. and have no market experience to take positions sell if they tick one eighth against them > But at the same time there are lots of ways to trade. Personally I think those trading for teenies and eighths have a lower probability of success than the way I trade. Obviously, their fixed costs are incredibly high if they are making 20, 40, 50 round trips a day trying to play the short term momentum. I make 1-3 trades a day and can make a living doing so. But it doesn't make my way right and their way wrong. I've watched guys try to play the CNBC touts, some with success and others who were "late" to the party and got smoked by their entry/exit. Yet there will people who will continue to try to play these picks. I suspect many will ultimately fail. Dave