"X, I am thinking about offering a service for reversion to the mean trades if there is enough interest. I wanted to post about it in comments, but wanted to check with you first to see if it was ok (don't want to be accused of spamming).
The way I envision the service is that I will post my gap list every morning, then I would post the candidates from that gap list that I am watching as the morning progresses. I would post my thoughts on charts as they formed, and let everyone know what I'm watching, what setups look good, red flags, etc.
What it would not be - I don't want to have a service where I call entries and exits, as that takes the trading responsibility away from the person making the trades. Instead, I want to communicate everything I see; they will have my opinion on the charts, and based on that they can form their own opinions and make a decision on what to trade and when.
Advantages - I've tried a lot of services over the years, and they are usually hard to follow. Since I am trading on a 30-minute timeframe, it should be easier to issue updates and thoughts, and the overall tone will be relaxed and easy to follow (meaning there won't be 100 useless, hard to follow updates every hour). Also, I think I will use something like Yahoo Messenger which will allow me to easily broadcast messages; that way they don't have to monitor a room or wade through chatter that is off topic.
Price - I'm not sure. I am not looking to make a lot of money, only to make it worth my effort. I'm already doing the work, it is just the effort of communicating that work to others. I'm initially thinking something like $25/week, but I need to give it more thought.
As I said earlier, this is dependent on whether I can get enough interest. If people are interested, they can send me an email indicating that to rtmtrades at gmail dot com.
Thanks and let me know if I can make the comment.
Michael."
X note - please address all questions on Michael's proposed service to him via email (provided in his message above), not in post comments. I want to keep post comments focused on charts, trades, and blog stuff. Thanks.
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Mentoring: The Key to Developing as a Trader
5 days ago
13 comments:
X,
I use to love your blog and during the years learned a lot from it and from your attitude to the markets and to trading.
It appears that these days the blog turns to be a Bulletin board, and for me its a shame...
It contadicts the blog's spirit, and the ideas you works so hard to communicate to us about the way to succeed in this business.
I hope you reconsider the future path of the blog. In my eyes it is a shame to distroy all the good job you did during the last years!
Just to be clear, I don't know Michael and his trading track reccord, and of course my words are not directed to him or against him.
In any case, X, thanks for the years of education, inspiration and leadership. You will allways have a place in my heart.
I'm not sure what you mean by a "bulletin board" - please elaborate.
There is no "future path of the blog", as I have little desire to blog these days. But, I did have a desire to continue delivering fresh content with minimal effort, thus I decided to highlight some reader trades. How is that a negative thing? If they are solid concepts and strategies, everyone continues to learn.
I don't know how anyone could have possibly read the posts over the past few weeks regarding "reversion to the mean" trades and not learned something...not just from Michael, but the other people who participated. I learned a lot, and I have been trading for a few decades.
X, sorry, I probably trade better than express in English...
I don't refer to the interesting and educating trading ideas that you enable other traders introduse in the blog but to the last post - a direct Ad to a trading signals service...
I know you have no desire to bloging any more, and I respect it. Nevertheless, I think it better leaving this High quality blog as a great Monument to your contribution, rather then artificial CPR it with so diversified trading strategies and business offers...
Thank you for clarifying.
Since this is my blog, I have sole discretion to post what I want (I don't say that in a snarky way, just as a fact). Michael has been a valuable contributor both in comments (for many years) and then in recent posts. Therefore, I didn't have any reservations about posting his idea so he could see if there was interest from readers. I don't really consider it an "ad", because nothing really exists.
As far as just leaving the blog as it is, I've considered that (and have done it in the past). However, I find that I like coming back and posting now and again, and the blog itself still garners decent traffic...with those two factors, I stand behind my decision to post reader trades to keep content fresh.
Thanks for the feedback.
Yeah, X. And keep your political opinions to yourself.
Ron
PS - just kidding. Thinking back to the firestorm from 2008!!!
Ron, I've noted your IP address and given you a lifetime ban. You will never again be given access to the insight that I impart when I steal and re-publish political cartoons.
:)
X,
After so many years of trading, do you still do indepth analysis on the stocks you trade, or can you just look at it / skim the chart and pick out what you're looking for?
I feel like sometimes I am over analyzing the charts and i'm not quite fast enough to go through my list without doing detailed work. Surely I want to speed up my process without giving up accuracy. Any tips on this?
X,
In any case, next time you are in ISRAEL you are invited to a dinner and meeting with your Israely followers...
Thank you for the comment. Just to be clear, I in no way meant for X to make a separate post about my idea. I was simply going to put it in a comment. But I am most appreciative.
I could understand trepidation if it appeared I was trying to fleece readers, but I think this is a proven method that many could benefit from, and I think there is value in looking at my "stream of thoughts" through the trading day and adding that to the information traders use to make their decisions (only because I am consistent, have traded this method for a long time, have trades with this method over 90% of the time, and have a win rate that is relatively high). Further, having a low price point ($25) would make it easy and low risk for someone to evaluate. I would fully expect a good trader to make 20-40X that with the information they would get, and if they didn't they would simply be out $25.
The response has been good, but I have also gotten some warnings about the headaches associated with doing something like this. So I am going to take the next week to see if it makes sense to pursue, with the driving factor in my decision being whether or not it interferes with my personal trading.
Thank you everyone and I will be in touch. I appreciate the emails and thoughts.
If it wasn't for your recommendations I would have never heard of The TAD Principle or learned to meditate, which frankly changed my life. I like this blog because anything you recommend you have faith in, and you don't have all those obtrusive ads and popups like so many others. Keep it up, and I hope you keep posting reader trades and keep the blog going for years to come. Cheers!
I believe that getting posts on this blog from other experienced traders is a blessing. I really can't remember one post on this blog that was not useful for me. If X can help bring to our attention other services that could help us and further enhance our trading, why not. I hope X continues to do just that, there is nothing wrong with it, wether it's Tradethemove or any traders' services,most probably,it can only help us. Keep up the great work.
Cheers,
Elad K.
Defenitely let us know if you plan to visit Israel.
Hey guys, I got all the emails but I haven't had time to respond to every one. However, thank you very much for the interest and for writing me. I will be making a decision over the weekend and will contact everyone interested by mid-next week to let you know if I am going to pursue it. Thank you again!
You've got a wonderful blog!
Thank you for sharing your thoughts!
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