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Hi Scheier,
Mark is well known for his brash approach. And he, like
everyone else, has his own agenda.
Not everyone can be interested in every message on this group.
It's easy to delete the uninteresting ones... And after a
while you learn what to expect, you know what the email
will contain, once you see the name of the author.
Although we can't all agree on everything Mark has to say,
he does everyone a service by hi lighting major traps that
traders fall into. He encourages a healthy skepticism, and
shines light on important issues.
Vendors of mechanical trading systems, newsletters, and
trade recommendations are aggressive. Too aggressive, and
often outright dishonest. Hypothetical and backtested results
are abused to lead people into losing money unwittingly.
Traders have enough stacked against us already, without
the scam artists targeting us.
Mark provides an important voice for novice traders. Long-time
members of these lists have learned to take his words with a
grain of salt. If it seems he protests too much, try to
overlook his passion, there are sometimes gems of knowledge
hidden in the noise.
Now onto other important stuff...
Hey, the NASDAQ (QQQ) is at major Fib resistance between 90.50
and 93.00 today. Lets see if it's enough to turn the market
back in the direction of the weekly down-trend, or if it will
merely stall the market temporarily and continue in the
direction of the daily up-trend.. Until this resistance is
dealt with, it's a good time to take short-term profits
on the long side.. It's easy to re-enter the market once
the odds are better..
If anyone is interested, I can post some charts and explanation
of how the Nasdaq has behaved beautifully on the 60-minute chart..
Intraday 5-minute scalpers could have done extremely well if
they studied the 60-minute and daily charts recently.. Predictable
entry and profit objectives have been right on!
QQQ is really responding to Fibonacci levels very nicely. The
difficulty is that the daily trend is changing, and it contradicts
the stronger higher time-frame trends right now..
-Neal.
>At 09:27 AM 5/16/00 -0400, scheier wrote:
>Interesting post, but irrelevant. This is not a forum for self promotion.
Black
>boxes are rarely discussed and it's certainly not a place where anyone
would expect
>to solicit business. This is a forum for the testing and exchange of
ideas and
>techniques. It's also a forum to bear witness to others who are making
the art
>of trading work. That's both inspiring and challenging. So I'm
wondering what
>was the point of this post. What are you trying to sell? Me thinks he
doth
>protest too much....
>
>Scheier
>
>Mark Brown wrote:
>
>> Hello metastock
>>
>> what the cftc has done lately is crack down on people who make claims
>> of winning trades without making it clear what the risk is. the cftc
>> investigated and found that most ALL people who were trying to get
>> clients and or bragging about all the winning trades they were making
>> in FACT did no even have a trading account of their own.
>>
>> this is the way they manipulate to play on your greed that your
>> missing out ect. claims of a high percentage of winning trades was
>> one of the tip off's of a possible scammer. when in doubt - ask for a
>> disclosure document and an independently audited track record. also
>> ask when was the last time the advisor was audited by the nfa. i
>> would also suggest that you check the basic listings at the nfa web
>> site.
>>
>> be advised that anyone who is a nfa member and cta is prohibited from
>> giving trading advise without fist having that person read and
>> acknowledge a risk disclosure statement.
>>
>> For more detailed information about the risk associated with trading
>> futures please contact the CFTC or the NFA or visit their web site
>> -information listed below.
>>
>> Commodity Futures Trading Commission
>> Three LaFayette Centre
>> 1155 21st Street, N.W.
>> Washington, D.C. 20581
>> www.cftc.gov
>>
>> National Futures Association
>> 200 W. Madison Street
>> Suite 1600
>> Chicago, Illinois 60606-3447
>> 1.800.621.3570.
>> www.nfa.futures.org
>>
>> Beware of Websites Selling Commodity Trading Systems that Guarantee High
>> Profits with Minimal Risks
>> http://www.cftc.gov/enf/00orders/posting4-tradingsystem.htm
>>
>> >From the CFTC website also see the public advisory:
>>
>> The following respondents and their websites were the subjects of the CFTC
>> orders:
>>
>> Firm or Individual (click to view Order): Website Address:
>> Oasis Publishing Corp. and Gordon J. White
>> http://www.pr-success.com/; http://www.risktaker.com/
>> Mohammed Najib Taybi
>> http://www.yenman.com/
>> John B. Reily
>> http://www.bonds2000.com/
>> Paul B. Judd and Paul Judd International Corp.
>> www.pauljudd.com/
>> Michael P. Calo d/b/a First Financial Trading
>> http://www.pr-success.com/
>> Christopher F. Salter d/b/a Christopher Fernwick
>> www.learntoprofit/futures/index.htm
>> RS of Houston
>> http://www.rsofhouston.com/
>> Eron Demian Read d/b/a New Age Trading Techniques
>> Global Futures Exchange & Trading Company
>> http://www.natt.net/
>> Trendy Systems, LLC; Allan P. Harris; Joseph Prewitt
>> http://www.trendysystems.com/
>> Ellery Coleman d/b/a Granite Investments
>> www.choicedaytrades.com
>>
>> The ten orders require the promoters to cease and desist from violating the
>> provisions of the Commodity Exchange Act (CEA) and the CFTC's
regulations which
>> the Commission found they violated; to undertake, among other things, to
make
>> no unsubstantiated profit or risk claims; and to pay $10,000 civil monetary
>> penalties, unless respondents have demonstrated to the Commission that
they do
>> not have the financial ability to pay such a penalty.
>>
>> --
>>
>> -Thanks, Mark
>>
>> ps it seems most crooks in this business always talk about their
>> winners all the while conveniently NOT talking about their losers.
>
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