I was recently sent a complimentary copy of "Read the Greed" -- a daytrading course by Mike Reed (aka TradeStalker), a professional daytrader (i.e. trades for a living) with 30+ years of experience, going way back to 1982. Here’s a review of the course as well as some other offerings from Mike. Click here to visit Mike's web site
Read the Greed (Tradestalker) Course
$857. Click here
for reviews from other customers. Click here
for a discussion thread on Read the Greed
on another forum.
What You Get:
1. An ebook that explains Mike’s approach to trading, how he finds support/resistance, and the custom setup patterns he’s identified that he’s been using for the past two decades. The ebook is 86 pages in length. Like many traders, Mike looks for a confluence of factors. His book is dedicated towards showing traders what he looks for and how he puts it all together. Specifically, Mike’s method is designed to help traders read the human emotions in the chart -- to “read the greed.” Mike attributes his long-lasting success to the notion that human emotions don’t change, and thus methodologies that can successfully read human emotions will be effective in trading over the long haul.
2. 8 compact discs that illustrate all the concepts Mike talks about in the ebook, based on real trades -- both winners and losers. The compact discs are basically a collection of online videos, with charts analyzed by Mike and his audio commentary.
3. A CD where Mike interacts with his students in an online webinar, answering questions and illustrating his trading day. This provides an opportunity to see him work in action.
4. Access to monthly webinars where Mike will share trading setups from the past month, and where you can ask him questions as well. Here is what he has to say on his philosophy towards customer service:
My Personal Opinion:
Whether you make a purchase or not, we are ALWAYS here to help you. Mike spends a couple of hours each evening answering emails with questions from traders who have reached out to him for guidance, direction, or just encouragement. We don't have to do this...we WANT to! Mike gets a lot of satisfaction from helping other traders to be successful. You need help? We'll be here for you! In addition, we are planning monthly webinars only for those who have attended camp and/or purchased the "LIVE" course. Each webinar will focus on one of Mike's set-ups. This will be a great time of learning, as well as fellowship with other traders.
I believe Mike is a successful trader, and exhibits many attributes of successful traders, such as:
1. Contrarianism -- comfortable and happy to go against the crowd and to think on his own
2. Willingness to accept losses
3. Insists upon keeping the size of losses minimal
4. A genuine passion for trading that goes beyond making money
So I do believe Mike is a good role model for traders, and that the setups he shares and his wisdom are sound advice.
However, the course is not a holy grail type offering, and will require significant effort to put into practice. The ebook, while short, should be read multiple times, and I think analyzing the content on the CDs should be done multiple times as well. Personally, I would not recommend this course unless an individual is willing to spend a significant amount of time studying the material.
In sum, I think those who may benefit the most from this could should be:
1. Dedicated to learning daytrading, and willing to put in a significant amount of effort beyond the price
2. Interested in trading the e-mini S&P contract
3. Already be familiar with support, resistance, and the mechanics of trading. If you are not familiar with these elements, you should spend some time in the beginner section of our university
first before taking a course like this one.
Just the eBook
While Mike stands by his price as being not cheap but very reasonable and a good trade, the course may be too expensive for many nonetheless. If you don’t want to purchase the full course but want to get an idea of Mike’s knowledge, the ebook may be worth your while.
The ebook goes through the setups and explains Mike’s methodology for “reading the greed” in a chart, but does not contain the video examples included in the course. But, the book does come with a two week free trial to Mike’s monthly subscription service, in which he shares his daily support/resistance levels as well as operating a chatroom for his subscribers. This may be a way to sample if Mike's methodology is for you, and to see if his support/resistance levels can help you increase your profits, and thus serve as an astute investment.
The ebook is priced at $127.
Mike’s chatroom service starts at $225 for three months, with discounts for purchasing a longer-term subscription. Subscriptions can be cancelled at any time, with the remaining balance returned to the trader.
Click here to visit Mike’s web site
to learn more about his offerings or to make a purchase. If you decide to make a purchase, please mention InformedTrades as a referral.
For more of Mike's free articles on InformedTrades, click here for a collection of his daytrading tips