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Old 08-29-2009, 12:51 PM   #1 (permalink)
 
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Sam Seiden knocks IT - sort of...


Sam Seiden at Online Trading Acedemy has put out an article basically saying that social website members "either looking for trading and investing advice and information OR, they may be in search of education" feed the smart money with fodder.

I agree and disagree. If it were possible to get an education as he did - on the floor of the CME, of course it would be much better. Or if one could get access to a first rate mentor - bingo again. But where are the ones who have been getting ripped off by expensive, yet worthless, scams to go to get a positive start at trading?

Here is what he says a novice should do:

"Pay attention to what is happening in front of your eyes on your trading screens and charts every day, week, month, year... and you will quickly own an edge that most people never come close to."

I think IT stresses just that.

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Old 08-29-2009, 01:44 PM   #2 (permalink)
 
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Hi,

I enjoyed the article, thanks for sharing it. It may be a little self-serving. The author's implied message -- Don't read trading books or use online instruction, go to this trading academy and learn real world trading. I do think one of his messages is similiar to Warren Buffets oft quoted message. Buy when everyone is shouting gloom and doom and sell when everyone is Euphoric. That is appropriate for our current economy. Those who paniced and went to cash when the market crashed, transferred their wealth to those who bought and will benefit from the recovery. gb
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Old 08-29-2009, 03:31 PM   #3 (permalink)
 
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Hi Guys ,

I think for the most part, he's right on the money.

"Pay attention to what is happening in front of your eyes on your trading screens and charts every day, week, month, year... and you will quickly own an edge that most people never come close to." This statement is one of the truest statements I've ever heard. Most people will not do or have the means to do the required work to become a successful trader. It's more than any book, trading web-site, or videos can offer. It's paying close attention to the markets on a daily basis and conducting trades. PERIOD!

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Old 08-30-2009, 08:05 PM   #4 (permalink)
 
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Hi there,

Quote:
"Pay attention to what is happening in front of your eyes on your trading screens and charts every day, week, month, year... and you will quickly own an edge that most people never come close to."
Yes spending consistent time with the markets and doing live trades is the only way you will get experience that no book can ever offer. Totally agree there. When you spend time watching charts unfold live you do get a feel that you do not get from studying the chart after market hours.
However reading books, acquiring market knowledge and understanding things like what Shoot talks about in his Pro course is of equal importance and I believe you need both to be successful.

If someone is really serious about trading they will eventually find the time to do both. As everything else in life it all depends on how much you want something and what you are willing to do to get it.

Take care
JBN
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Old 08-31-2009, 05:30 PM   #5 (permalink)
 
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i think the problem is most people reach for quick , easy money .

that does not exist , legally -imo.

trading is hard work , most people wont work that hard , or work hard enough to learn, or use stops , or take their time ............ ect.

i have learned all i know on the web, and reading books , i made over 5000$ last year trading with 20,000$

luck ? , yep a little..

it boils down to "how bad do you want it". for mre failure has never been an option , but im allowing 8 years to learn the markets before going full time.
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Old 08-31-2009, 09:20 PM   #6 (permalink)
 
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Quote:
Originally Posted by jackbenimble View Post
Hi there,


Yes spending consistent time with the markets and doing live trades is the only way you will get experience that no book can ever offer. Totally agree there. When you spend time watching charts unfold live you do get a feel that you do not get from studying the chart after market hours.
However reading books, acquiring market knowledge and understanding things like what Shoot talks about in his Pro course is of equal importance and I believe you need both to be successful.

If someone is really serious about trading they will eventually find the time to do both. As everything else in life it all depends on how much you want something and what you are willing to do to get it.

Take care
JBN
I agree, If you don't benefit from the experience of others you are doomed to repeat their mistakes. Jessie Livermore spent 40 years watching the markets, his insights are very valuable. gb
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