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Lynne Erickson wrote:
>
> I am thinking about trading and looking for info to get started. Two questions for any kind hearted enough to answer:
> 1) Has anyone heard about this Ken Roberts' World's Most Powerful Money Manual & Course, and is it any good?
> 2) What source of information would you recommend for someone wanting to start trading?
> Lynne
Lynne,
Ken charges 299 for the initial course, but then quickly expands this
to much higher prices for any really relevant information. Figure his
price tag to wind up being more like $1500-$3,000 dollars.
A client of mine, who originally started with Ken Roberts, lost quite
a bit of money atempting to trade the patterns.
Ken's assertions that his techniques can be traded with a $5000 account
are absurd.
He admits that at the best of times, the trades will be successfull
about 35-40% of the time, with your losers averaging $1500 or more.
I calculated this out once for the above client, and I believe we
determined that your odds of blowing up were almost 50%.
Pick up any trading book on risk management,
find the formula under RISK OF RUIN, and calculate the possibility of
blowing out your account. It's truly scary. :)
>From a technical point of view, Ken's system, which uses very basic
market patterns is overly simplistic. No research or statistical
studies have been performed by Mr. Roberts, in order to ascertain
the validity of the systems. As a matter of fact, Kens use of 1-2-3
tops and bottoms, and channel breakouts is, statistically, down-right
bad. :)
What you are seeing is a quick-buck artist, best to be avoided.
Better to take $1,000 dollars, call up Trader's Press, and order a
medley of books which deal with the type of trading you would like to
do. :) Your education will be more diversified, and a heck of a lot
cheaper!!
Walt Downs
CIS Trading
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