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Discussion in 'Other Off Topic Forum' started by enzoz, Feb 29, 2004.
Has anybody ever used this book? Is it helpful?
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This book looks a little suspect to me. You may want to check out the following post I made last month: http://ferrarichat.com/forum/showthread.php?t=7685&highlight=technical+analysis
It follows along with what you are asking in a general way. Also, a cool trading forum online that I recently discovered is : www.moneytec.com
Good luck, and PLEASE let me know if you come across anything interesting!
By the way, does anyone know of any other top notch online forums that have to do with trading?
I only know of www.daytraders.org
Thanks... what do u mean by looks suspect?
Here is a quote from the website you linked:
From "I have absolutely no idea about how the stock market works!", to "Thank you for the best opportunity I have found in over 15 years of searching!"... That's the reaction of one self-made trader, who took just 8 days to learn and master the complete Champion Trader formula.
This book's authors are trying to fool people into believing that there is a surefire way to make money consistently in the stock market by using a certain formula. If this were the case I can guarantee that the authors would not waste the time to write about their formula in a book to sell to the masses. By nature, divulging such a successful formula to the public would most certainly spell an end to its exploitability.
From my limited research I have found a general outline to becoming a good trader. The first step is to take some time to build a foundation based on the basics. Once you have become familiar with the general aspects of trading you can spend time observing different trading styles and philosophies. Eventually you will be able to find out your relative strenghts and weaknesses as a trader. The important thing to do is to learn these things before the market slaps you down. It is impossible to avoid mistakes when investing, so the name of the game is to minimize the chances of those mistakes.
Here are some quick questions:
What are your interests in trading?
Do you want to trade as a hobby? For all of your income? For supplemental income?
How much time can you dedicate to trading?
What do you hope to get out of trading? ($$$)
Is your personality suited to this kind of endeavor?
What intervals of time do you want to trade? Minutes? Hours? Days? Months?
So to answer you original question? This book is suspect for many reasons. This reminds me of the movie "Office Space". The book looks like it has too much "flare."
Your money would be better spent on books that offer more valuable information and realistic insight. Chasing after a magic formula is like trying to find the pot of gold at the end of the rainbow.
From what I have gathered there are some great books out there to get one started on the right track.
The most sobering stats are these:
90% of traders lose money annually on average
40% of beginner traders lose 100% of their capital within 4 months
Daunting ain't it?
I know that there are some much more experieced people tha me on this site, some of whom were nice enough to help me out on my post last month. Hopefully some more words of wisdom can come from them(To those guys, the past 2 weeks I read The Disciplined Trader, Alchemy of Finance, and Reminisces of a Stock Operator...great reads!)
So what are your thoughts? PM or post here, whichever you prefer...
I hope that made sense, I am exhausted and need some zzzzzz's !
I just saw this: "The price of the Champion Trader Manual is $169.75"
LOL, that must charge that much in order to cover the cost of crack they are smoking