In the real world of money management, people talk about what will make them money tomorrow. Here, on the fucking internet, bloggers yap about the injustices being committed and other things that have nothing to do with making money. Do you get my drift?
The internet is one big intellectual sinkhole, where clever men dressed in burlap suits talk amongst themselves and meet at Tea Parties, putting forth dreams of upheaval spearheaded by 1860’s style “civil war.”
While some bloggers are worthy of a read, namely everyone here on iBC as well as one or two others, for the most part it is devoid of money making ideas and will eventually be eliminated through attrition. To read some of these bloggers gloat about economic hardship and practically circle jerk with the morons in their comments section, over the prospects of a “double dip” recession, is appalling and downright despicable. Nonetheless, I could care less: I am just making a point.
The point is: if you are a mathematician, tell me how to build a catapult. If you are a politician, talk about gay rights. If you don’t know how to bank coin, quit talking about stocks; don’t even mention a fucking ticker symbol, else I will have your legs removed from your torso and “chuck” you into the Coney Island amusement park, where savage clowns and freak show people will pick you apart, reducing your physical frame into a meatless carcass.
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Absolute drivel. You call this blogging?
^you call that comment a ball busteur[sic]?
The next time you see the circus freaks referenced here, they will not be in your dreams…
I like catapults. I could watch them all day.
“If you don’t know how to bank coin, quit talking about stocks…” And how do you confirm the blogger knows how to bank coin? There is no confirmation on the internet, just a bunch of snake oil salesman claiming they are up double-digits, and then trying to sell you some system…if they were as good as they claim they are, they wouldn’t need to sell any system. And tracking ideas and stock picks is not the same as tracking real money based on that bloggers net worth (i.e. a $5MM account might mean nothing to me, or it might be my entire net worth, no one knows). Anyone can throw out stock picks and live through drawdowns and bad trades when they are paper trading. But that’s the current state of internet blogging, so take everyone’s claims with a grain of salt.
You confirm the blogger knows how to bank coin by looking at every trade they have made for the last several years. As for the paid service (PPT), even if the system was complete bullshit, you are buying access to a community of other traders who post their own trades. I’m sure after a while, you figure out who knows WTF they are doing – thus multiplying the number of “good traders” whose trades you are buying near real-time access to. I’m sure you would identify the not-so-great traders as well.
I bet Fly has had few refunds. Wouldn’t you cancel a $300+/year subscription if it was bullshit? Wouldn’t angry or dissatisfied people post in the public forum about either a) getting fucked/ripped off, or b) not liking the service in general?
This isn’t about how much money is being managed, or if it’s even real money. It’s about a consistent record of winning that is compelling enough for a shitload of people to pay for more valuable information. Let people make their own decisions mervyn. Go soak your teeth.
I got off to rocky start in my PPT membership, mainly due to my own stupidity and purchasing the membership just a few days before the October downturn.
Since then, I have learned a lot from watching the really good traders and have banked coin. Enough to make up for my stupid losses and to cover the cost of the membership for several more years. My stupid losses >>> cost of membership.
This most recent selloff has not bothered me one bit. Although I have had a slight drawdown in my accounts I’m riding this one out much better than previous times. PPT has allowed me to pick much stronger stocks which hold up much better in times like this. No system will completely eliminate losses, but something that minimizes them is worth it in my opinion. PPT has fit that bill nicely for me.
I will be re-newing my membership when the time comes, fo sho.
OldA-
I don’t think it is necessary to ask a poster or blogger to reveal personal account size or provide trade confirmations. No one should risk their privacy because someone on the Internet thinks they need to prove themselves.
If someone posts a trade what happens next speaks for itself.
Sure someone could place a real trade, wait to see if it is good, then post it. Or maybe not even make a real trade, but post as a wannabe. Who cares, as long as the calls are good?
If someone makes enough calls on one blog, eventually their stock picking ability is known.
A poster just has to have the balls to post, and face what happens yet.
I disagree. Personally, I could care less about having proof about someone’s success. All I am interested in is the accuracy of his picks, which can be easily monitored and judged by just reading–you stupid dipshit.
Sure, and I’m up double-digits even though every stock I own is down double digits and I’m 85% invested…sure…tell me another fairy tale.
Here is a truly auditable and easy way for any blogger to claim their bragging rights. Join websites like covestor.com. These websites track the actual orders you place through your brokerage. You have a choice to make your covestor track record public or private to who you want to share with. These sites don’t declare the actual money transacted or any personal information…just the shares you bought/sold and at what price. Covestor ranks the investors and there you go.
Any blessed blogger son of a mother, if you are truly worth the salt you say you are, this is your chance to prove your shit!
Of course Le Fly is excluded from this kind of hellish examination primarily because he allows me to write crap like above and secondarily, his erudite writings have kept me engaged with periodic bombs of wisdom.
(ps if you trade in options, then tough luck. Those websites don’t track options trade. But if you do trade in options, no one should be following you in the first place as you belong to the psycho kind who put guns in their mouth and play Roulette)
(ps 2 – I am the psycho kind)
2 years ago, Covestor told me that options tracking is coming “soon.”
Soon my ass. Seriously, how hard could it be to add this code/feature?!
“if you do trade in options, no one should be following you in the first place as you belong to the psycho kind who put guns in their mouth and play Roulette” WTF does that mean? Options are generally a far more effective way to trade anything. Done correctly you get leverage and much greater risk management that simply playing with stocks…
Am talking about the naked put/call variety, psycho dipshit
I am not a frequent blogger here. But I have followed these guys here at iBC for a while now. I started investing in earnest after I joined the PPT in the first week of December 2009. I followed many recommendations here and increased my portfolio by 7.5%. Not a bad one month return. The DOW was about flat (up 80 points) during that same time. The first week of January, I was up another 6.5%. Fly was up about 15%. He called for a correction and I went to 70% cash mainly because I am a swing trader. Fly went 15% cash. I am still up 3% and the DOW is down 2% Why would you think that these guys lie about their returns?. These guys try to educate and I have been the beneficiary. Without the guidance of the investors inside the PPT, I would not be up over 10% in almost 2 months. These gains are modest compared to some inside the PPT. You are right that anyone can claim anything but if you have been following this blog, you might have been a beneficiary too.
Again, covestor is lame. I don’t trust those fuckers and would never use them, ever. I guess I just don’t care that much.
Fly, care to share your YTD % gain?
Helicopter Ben is gonna clown rape the bears tomorrow. Surprise extension of QE coming, and the stock market is going to melt-up.
What the fuck is QE, you crypto-bullshitter?
If you don’t know, you need to go to a “training wheels blog” like Slope of Dopes.
_________
Not this again……Fly is The BlogFather…get it.
He gets his game on blogging. And us
The Internet Leech is the lucky recipient.
IBC is real Fuckers….get used to it
Fly, who the fuck is the faggot with the L.A. Gear blinking shoes breakdancing all over the Peanut Gallery. Their Polish gibberish is intolerable. Release their email to the masses or ban them. Bury them.
The point is: if you are a mathematician, tell me how to build a catapult. If you are a politician, talk about gay rights. If you don’t know how to bank coin, quit talking about stocks; don’t even mention a fucking ticker symbol, else I will have your legs removed from your torso and “chuck” you into the Coney Island amusement park, where savage clowns and freak show people will pick you apart, reducing your physical frame into a meatless carcass.
Probably my favourite run on sentence of this century.
Even more remarkable is that he produces about one a week. I love this place.
Here is the simple truth. A long time ago guys like Bloomberg found out the real money is not in trading, but providing services to traders. Bloomberg was a trader in the 70s, but then took the bonus money and put it into making the terminals providing services for traders.
The blogs that you are talking about usually have a subscription arm or another way to provide services to traders. I will mention a few only by the first letter of the blog’s name because I do not want to promote those blogs on here.
S. blog- The blog is super bearish and the blog operator collects a crowd of people by being super bearish. There is a concept called “confirmation bias”. There are a crowd of super negative people out there, somewhat like Jim Jones followers, who want someone to confirm their worst fears. This blog operator has spun off several other subscription blogs. One spunoff blog even had sponsorship logos of the company that he works for. At the end of the year, the operator of that blog was wondering where everyone went from the start of the year. They blew up their accounts and so now there is a new crowd. At some point, the folks understand that the blog doesnt work, but not until after paying 3-6 months of subscriptions and blowing their account on the bad calls.
X. blog- Another super bearish blog that is really testing the NFA. This particular blog uses a so-called propietary model making trade recommendations on the ES. You cannot make trade recommendations, discuss trades or trading results, and cannot answer specific questions about particular trades that anyone has taken or contemplates taking without being a CTA. Its an obvious scam as you see the blogger take 18 point swings on the ES without a margin call. As well, the blogger risks getting banned from trading the ES if the NFA catches on to what they are doing. Recently, their site went to full moderation when a lot of guys lost their shirts from the so called X system in their subscription area.
I could go on, but I am finding most of these subscription blogs are just scams. This site, ibankcoin, offers a balanced viewpoint from a community so you get to hear different viewpoints. The opinions on this site do not use so called X systems or take into account homeless people on the sidewalk. Here they use logic and trades are discussed with the object of helping each other out and not just to collect the subscription fee and then tank the account.
This is the only site that I would subscribe to at this point.
This was a great article which highlighted one particular blog that destroyed a person’s wealth and hindered trading ability. A good read.
http://www.channellines.com/2009/03/trader-tamas.html
It is apparent you know little about ……. margin calls maybe for better or worse. But a trader can hold ES 30 points against him without margin call if he is all in on ES. You dont receive margin call until >30 points wrong
Totally agree
Look at Zero Hedge or Karl – all they do is produce fear and reinforce the common early trader bias that your money losing ways are not your fault.
Listening to SOH would at have best caused you to miss out of the 2009 rally, at worst lost you serious money on ‘can’t lose short setups’.
Other than here, Twitter is the only real source of useful info from real traders.
I enjoy reading zerohedge & Karl on occasion. They make some valid points, but the info is not necessarily tradable and the assumptions &or timing may be wrong.
I’ve learned quite a bit here. The PPT indirectly measures sentiment wrt specific issues, which at times is totally disconnected to the fundamentals – quite an accomplisment. It was not so clear to me pre-IBC.
In addition to all the financial info, Fly is an excellent example to follow. He claims that his IQ is his edge – only partially true. imho, his real edge is his focus, consistency, hard work, planning, etc. How many years has he been here mostly 7 days a week averaging 3+ pdg posts per day. He does his own in-depth research. As Jim Rogers says, if you simply read a company’s annual report, you will know more than the majority of the so-called “investors.” Fly goes far beyond that, and it shows.
Wrt benefits, in addition to benefits to the internet leach, the Fly also benefits. If not, he would not continue. It’s sometimes good to read crazy extreme shit & whacky ideas for perspective & new approaches, etc.
Carry on.
Lately, I’m rather amused at the ads for Cramer’s subscription service. “He was up 20% during the volatile year of 2009.” After spending much of 2009 lurking here and in the PPT, I feel bad for the guy. You would’ve been better off in an index fund!
One thing I realized in reading many of these blogs is that there are a lot of guys on them that do not really trade. Instead, they are just looking for people to respond to them in a semi-intelligent manner or to get attention on themselves. These may be guys in a random office building somewhere performing a random job who are trying to escape away from their real world. They might be family men who just want to get away from their wife&kids.
So really this is their social hour and they bandy about the Elliott Wave saying they are an elitetrader.
There is nothing wrong with visiting a stock blog and tracking stocks as a hobby. There is nothing wrong with paper trading. There is some fun in having a fantasy portfolio and trading the market like guys who play fantasy football. There is also nothing wrong with using a blog to extend your social life although a stock blog would not be the way I extend my social life. However, there is something wrong by saying that you are actually trading when you are not. Disclosing what you are actually doing is the right way to go rather then pretending.
Hey, WTF happened to my/the latest PG post? We were celebrating Australia Day, ffs!
Fun Fact: FXP closed with the highest score in PPT history. Look for a rally soon.
excerpt from Citigroup on X tonight:
United States Steel Corporation (X)
Downgrade to Hold, Untimely but Earnings Recovery Slower than Expected
What’s New — We are downgrading US Steel to Hold from Buy as we do not see sufficient upside to warrant keeping it at a Buy. We recognize that the stock fell 12% today; however the pace of the earnings recovery and timing to breakeven EPS is slower than we previously anticipated despite a steady improvement in steel production. After rolling our valuation to 2011, we are raising our target to $54, which also translates into ~10x our mid-cycle EPS estimate of $5.44/sh.
Production Restarts — X is currently operating six of seven North American steel facilities. The only idled facility, Lake Erie (~10% of X’s North American Flat- Rolled capacity), is negotiating a labor contract. Idled for maintenance, Gary No. 14 should restart it by the end of 1Q. As in recent history, we expect X to remain disciplined with production.
Prefer Other Steel Names — We remain constructive on steels but prefer steelmaker NUE or CLF for iron ore exposure
Long NUE, a win even while losing.
excerpt from Citi on NUE tonight:
Nucor Corporation (NUE)
4Q09 Follow-Up, Exports May Accelerate Production Recovery, Outlook Still Weak But Select Markets Improving, remains Buy, $57 target.
Export Push – NUE expects to boost exports to 15% of total sales above the 11% achieved in 2009. With 60% production capacity near deepwater ports, the company is well positioned to execute on this strategy, however some of this is likely contingent on a weak USD. Exports could help NUE’s production recover faster than the overall US steel market.
Market Outlook – Demand has improved in the power, wind, bridge construction and auto segments while non-residential construction remains muted. Fabrication continues to be weak, but the company believes that pricing has reached a bottom. In addition, the company’s metal buildings segment has experienced an uptick in orders.
Goldman Sachs tonight on U.S. Steel (X): -downgrading to Neutral from Buy; target cut to $55 from $67
(and AK Steel (AKS) is upgraded to buy from neutral; target is $26)
Chuuurch.
Religion:
Lucy Pinder celebrity profile
32G, preach.
Gives one some hope for the old Empire, doesn’t it, old boy?
Pip! Pip! Cheerio!
_____________
http://ibankcoin.com/henry_fool/2010/01/27/does-aapl-hold-the-fate-of-market-in-its-pod/
I come here for the humor – I don’t want tips or ideas. I spend enough time after the bell doing my DD. Anyone who comes here for free ideas to make their fortunes, is doomed to be one of the 90% of traders who lose money. While I’m not a subscriber of the PPT, I do see why certain traders might want to join – but that is not a free blog and I digress.
When I first started trading 8 years ago I joined a subscription service. This guy who ran it, who I will call Karry Gaultbaum, had (has) no idea how to make money; I lost 10’s and 10’s of thousands of dollars which back then, that was enough to hurt my portfolio.
99% of all subscription based services are tout sheets. 85% of them are run by guys who can’t make money; you don’t see Stevie Cohen running a pay for service blog.
Long story short – there are no short cuts. there are no sure things. Do your own DD, take some responsibility (faggots) and learn how to trade.
The Fly is a gifted writer and money manager. Treuly one of a kind.
Fly is a good blogger.