|
PureBytes Links
Trading Reference Links
|
If you are someone who has yet to hear of anyone making money with Ken
Roberts' methods, you must listen no longer. The first trading book I ever
bought, back in 1977 was Larry Williams' "How I Made $1,000,000 last Year
Trading Commodities". The second, some years later was Ken Roberts, book.
It was not as sophisticated as Williams but I still made $14,000 in one year
starting with a $5,000 account.
I have been a full time trader for six years now and make a very good living
at it. I feel that I owe a great deal to some of the simple techniques that
Roberts touts, they are not glamorous, but they are rigorous.
Many of the people that have been getting labeled as shameless hucksters are
actually people that have some useful information to sell. During my twenty
plus years of trading I have purchased over sixty trading books and courses
and have found that every one of them had at least one bit of information
that was useful, making it well worth the purchase price. Also I have never
bought anything that did not come with a money-back guarantee. If you don't
like a book send it back for a refund, even if you buy the book at a retail
outlet, the store will gladly refund your money. I have little sympathy for
people who complain about book/course vendors, when the purchaser can read
the book and then return it for a full refund. ( who is getting scammed in
that situation? )
Lastly the argument that " if a trading system/method is so good the vendor
should be trading it instead of selling it", smacks of naivete. There is
much more to trading than just having a reliable method or system.
Successful speculation also requires the correct personality.
If you do not believe this is true, consider the fact that Richard Dennis
( a trader who turned $1,400.oo into several hundred million ) fully
disclosed his trading methodology to 20 students AND staked them all with
$100,000.oo apiece, only to find that a hand full were able to become
successful traders. This in spite of the fact that they all had the same
information, from the same person, with regards to a trading method. Some
people do not have the disposition to be successful speculators. This does
not mean that they are not capable of performing market research and
developing viable trading methodologies. It was only a few years ago that
Paul Tudor Jones (another trading legend ) was paying Tom DeMark ( a book/
software vendor as well as researcher ) hundreds of thousands of dollars to
develop trading ideas. If DeMark was so good why wasn't he trading his own
ideas instead of selling them to Jones? Simple...he admits that he does not
have the disposition to be a good trader. Yet Paul Jones obviously felt
DeMark's ideas were well worth paying for. This is an example of an
extremely successful speculator paying for guru advise.
It is true that only a small percentage of traders make money on a
consistent basis. I am a member of that small percentage so I know what I'm
talking about when I say, that if you find the purchase price of a few
hundred dollars for a book or a few thousand for a course to be too much for
even the one bit of information that you might glean from it, you should
probably consider pursuing some endeavor other than speculation.
Information is the most valuable commodity you will ever pay for in this
business. Remember also that what one person might regard as fluff, is
another person's nugget. We are not all at the same place on the learning
curve. While I might not have much regard for the information sold by Wade
Cook today, twenty years ago I would have found it informative.
My hat is off to the scores of vendors/authors that I have purchased
information from over the years, I appreciate your contributions, both
great and small, that have helped me become a success in this most
unforgiving, yet rewarding of occupations.
All the Best !
Bill Shumake
PS I just ordered Robert Krausz's "A W.D. Gann Treasure
Discovered". Maybe there will be at least one nugget that I do
not know about, that will give me a bit more of an edge.
-----Original Message-----
From: JDFO <jdfo@xxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Friday, February 27, 1998 9:25 PM
Subject: Re: Forbes / William Green and Ken Roberts
>
>-----Original Message-----
>From: Bbbazusa <Bbbazusa@xxxxxxx>
>To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
>Date: Friday, February 27, 1998 7:58 PM
>Subject: GEN: Forbes / William Green and Ken Roberts
>
>
>>I met William Green in North Carolina at a Van Tharp seminar in spring of
>>1997.
>>
>>He is English, works for Forbes and knows nothing about Commodities.
>>I suggested he do an article on Ken Roberts, that he actually visit the
>guy,
>>meet some of the people who trade his method and write an article. I
>>SPECIFICALLY TOLD HIM TO ASK KEN WHY HE IS HATED BY SO MANY?
>>
>>At that seminar I met a full time trader who on position trades uses the
>>channel breakout method he learned from Ken Roberts. Not that any of these
>>techniques are original. He felt it was a good technique.
>>
>>Ken Roberts has said two things, and I have actually met the guy, that I
>have
>>never forgotten.
>>
>>1. Most of the people who write articles for Money Magazine have never
>owned
>>a mutual fund account.
>>
>>2. "They don't know (ie. the experts) what you think they know."
>>
>>My suspicion is that Ken has been trashed again by someone who has not
>really
>>done his homework - yet again.
>>
>>Edgar
>
>Hey Edgar
> >Give me a break. This guy is probably the biggest promoter of all of
>these scam artists. And the person who authors the article does not need to
>own a mutal fund. That is a ridiculous statement (You don't need to cheat
on
>your wife to know what Bill Clinton is doing). All the author knows is
>that this guy's methods are pure hype.
> But, good for Ken; he's making more money than I am. But that still
>does not make him legit.
> I would not waste my dollars on his systems, but I have yet to hear
one
>person say that Roberts
>courses, books, etc are of any value at all. Not one person!!!
> I have never taken his course. This is my opinion based solely on what
>I have heard over the years about him.
>jdfo@xxxxxxxxx
>
>
|