YES, IT'S POSSIBLE TO MAKE MONEY DAY TRADING ONLINE BUT SOME 'EXPERTS' DON'T
Today's date of is a good time for day-trading-online to trade both U.S. and International markets. There are good day-trading opportunities for day trading commodities, forex & stocks in London, Tokyo, Shanghai, New York, Chicago and other Major Cities around the world. For International Daytrading traders need to know both local and world-wide times. Click-on window below for major financial city local times...
Article Reprinted from Commodity Traders Club News; Methodology Contest and Mr. Greg Meadors; Experts Not Willing to Trade with Real-Money & Put Their Money Where Their Mouth Is...
There is need to address some of Greg Meadors' comments printed in CTCN in reference to Trading Methodology Showdown. True, I conceived the idea for this 3-yr long trading contest, but with a stipulation that it be with real money and with participants all trading at the same firm. I even had a company lined up to handle this task and at reasonable commission rates of under $25. But alas, none of the so-called experts contacted were willing to trade with real money citing the fact that $50,000 was above their means. That alone should tell you something about these legends in their own minds. Making predictions via hot lines and newsletters are one thing, but never ask these guys to put their money where their mouth is. As a result, this contest then dissolved into a meaningless paper trading match at a simulated trading firm with the competitors trading like a bunch of crash test dummies.
The reason I resigned after 3 consecutive winning months, and I suppose the reason some other bona fide trading experts refused to participate in the first place, is that it is impossible to simultaneously trade a real money account at one firm and an imaginary account at another. Day trading the S&P often requires split second trading decisions, and getting your order in to one firm even a minute or two late can result in an opportunity loss of $500 or more. Apparently this dilemma on which firm to call first wasn't a problem for Greg Meadors and most of the others who entered the Showdown competition, since they were not real money traders to begin with.
I'm reminded of Russell Sands and his observations on trading contests. Russell says that in a trading contest environment, the proper gaming strategy is to maximize your short-term results by going for broke, risking all to build an insurmountable lead over your opponents. But this type of strategy, Mr. Sands says is not prudent or proper for those of us whose goal is to grind out a long run living out of the market.
As Mr. Sands relates, there are sometimes talented traders who win trading contests, but on the other hand says Russell, not everybody who does win these contests is a talented or prudent trader. And remember, Mr. Sands is speaking only of real money trading contests. The all important psychological aspects of trading aren't even a factor where no real money is on the line, such as the Methodology Showdown.
Greg Meadors really jumps on Alexander Elder's case for marketing a book about trading for a living. Mr. Meadors implies this is a bit hypocritical since...
Dr. Elder doesn't trade for a living, but supports himself by trading his books for dollars. That's pretty strong stuff from someone like Greg Meadors who himself has never traded for a living, yet sells a home study course on the very same topic.
Still, as annoying as Greg can sometimes be when boasting about his paper trading triumphs, it may surprise many to know I actually respect the guy. In phone conversations I've had with him, I have found him refreshingly honest about his lack of real money trading credentials. This is a change of pace from most prominent vendors I have encountered who have fabricated their trading experiences in order to sell their products. I have always suspected that Greg Meadors, just might be that one in a million vendor that actually does possess some true trading talent. Supposedly, many of his hot line recommendations have been accurate over the past several years.
As a result of Greg's imaginary trading performance in the Showdown, he has been funded with some real money to trade the S&P. I for one will be rooting for him to succeed in real-time real-world trading. If he can grind-out a 30% to 35% return year after year with real-money, then he will be performing at a rate above 90% of other CTA's (Commodity Trading Advisors) & money-managers. Article written by Gary Smith
Recommended Trader Resources
Webtrading®2001 | Privacy-Policy
All Rights Reserved