Monday, October 6, 2008

Gary F. Williams Wall Street Basics Seminar

Hello. My name is Gregg and I am starting this blog out of necessity. You see I have been studying the Wall Street Basics seminar by Gary Williams for the past 6 months all by myself for the most part. I never attended the class but did get the CD's. I have searched and searched for additional help and/or a support group to help with my trading endeavour but to no avail. I did find Gary's website (achieverschoicequest.com) but help from that website costs out the ying-yang.

I thought it might be advantageous to start a blog where people who are trying to accomplish the SAME thing with the SAME system could interact with one another to offer tips, tidbits, experiences, trading successes, trading failures, encouragement and in short a better understanding of this method.

Let me make this perfectly clear. This blog is not for me to make money from but a tool that will provide us information that we all can use to make money with. This is not a site where people will be allowed to "pump and dump" stocks. No one will be allowed to come here and market other idea's, methods, or systems. This site is about helping one another to develop into the traders that the WSB course teaches us to be.

This blog is not connected with Gary's enterprise in any way nor is it a entrepreneurial endeavour. It is a support group. It is group of people getting together and having conversations about a common topic in cyberspace.

538 comments:

1 – 200 of 538   Newer›   Newest»
angelo said...

Hello Gregg, I run in to the same problems you did. The bigest problem I have is how to set the quote charts. For starters I can't find the charts Gary is talking about , and the ones I did I can't configure them the way he is talking about. Can you help me ?
Thanks

Matthew said...

The acheivers choice quest is Gary's website. He is now streaming all classes via the site rather then teaching them live.

You can order Gary's QChart setup disk if you are having problems setting them up yourself.

Also there is a sweet tool for QCharts, or whatever stock program you are using. It offers tools for earnings research, historical price research, and a ton of other stuff. Its http://qchartsplugins.com

They also have another site which lets you view the current and historical top 20 gainers and losers as well as an option mark tool which gives you some insight on to where the market maker wants the stock price at on expiration friday. that site is http://hotstockmovers.com

I hope you have kept up with the training, its hard, but its well worth it. Just stay consistant and eventually you will get better.

Tai said...

Hello,

I was considering the achievers choice quest course and have not found much informaiton regarding its efficacy, does it works, do peopole like it, could you let me know your thoughts, I hate to spend 900 dollars and feel that it was not worth it.

Thanks for all of your help folks!

Brent said...

Can anyone give feedback on the courses since Gary has started in with the pre-recorded classes? Is there any interaction with Gary at all? QnA time, feedback, critique, etc.?? Or are you just on your own with the recordings?

Thanks!!

colemanch said...

I've taken all the GW classes in the online video versions with the exception of Oct - Dec RTP (long story! -- would love to see anyone's notes if they have them!). I also have the CD's. I'd bet I'm about as familiar with the information as anyone. I have hundreds of pages of notes on 1-5 (both the recent video version and the older CD version), Advance, RTP, and DE (both '06 and '07 versions).

Honestly, the more I look at my notes and study the information, it becomes clear that most of the information could've been covered in about two thirds the time. Also, it is presented in a non-linear manner that makes it difficult for true beginners to learn. Better said, there is very little in the way of overview or philosophy in some areas -- no view from 10,000 feet if you know what I mean. In a way that's a benefit as you have to discover the overall vision yourself, but I doubt it was intentionally done that way. For instance, the triple screen trading method described in 1-5 could've had a better overview description. Fortunately, that's not something that is unique to GW's technique, and better background information can be easily had online.

There is quite a bit of really solid information overall, and some completely worthless and almost embarrassingly naive information (e.g. "the year that ends in" nonsense). I'd say something like 70% really good stuff and 30% irrelevant stuff.

Since I seem to have started off with some negative feedback, I'll continue in that vein for the moment. It is clear that GW either exaggerates or isn't really calculating some of his claims exactly right. For instance, in DE he suggests that it is possible to have 98-99% of your trades eventually work in your favor and the others break even or be just a small loss. Anyone who trades options knows you frequently see spreads of 10%+, so even if a stock trades flat and you get out you lose 10% quite often.

Some of the comments he makes about seasonally targeting certain stocks/sectors sound very naive. For instance, to imply that a retailer is better to trade around the holiday season than in the summertime solely based on the fact that they make more money going into Christmas is indicative of a complete absence of understanding of business seasonalization and quarterly earnings expectations. Perhaps a better explanation is there is more volatility and focus on retailers going into the holidays and is therefore more "tradable."

A disturbing realization is when you find out that many 1-5 techniques are there simply to teach you the folly of short chart trading, etc. I suppose GW does say "don't expect to make any money in the first year of real money trading" but most people would still like to... Haha! RTP is much better at setting up realistic trading methods (i.e. bigger chart focus).

For the life of me I still can't understand why in 1-5 W&O you sell out of the money calls, yet in RTP W&O discussions GW indicates he "always" sells in the money. I know which method I think makes the most sense (if you choose to sell the calls at all!).

(continued)...

colemanch said...

(continued...)

Also, I'd feel better about the validity of GW's intentions if I knew the money he was earning from this program was going to support a charitable cause directly. Even a very conservative calculation shows the incredible amount of income his seminar business produces. I'd "buy" his trading prowess much easier if I knew he was doing so well he could afford giving away the seminar money (which he may very well may be; I just don't know that for sure). The same goes for "retired" students (of which I'm one). Having learned online, I'm not familiar with any other GW students, so without knowing them it's hard to determine just how effective others are with the techniques.

There's lots of other stuff that poses questions for me. However, ALL IN ALL I THINK THE COURSES ARE FANTASTIC. If I had to narrow down the many benefits I'd have to say the money management plan and the basic "purpose" of trading on a day to day basis are what makes the GW instruction so valuable. Not that there's anything new about such things, but it is unique that rather than make a bunch of get rich quick promises GW basically minimizes your expectations. He is constantly making the risks plain to see, and his comments about "I guarantee you'll fail if you try to make this a solution to your short term financial needs" is right on the money.

He is also very up front about the time commitment and the "three to five years" before you achieve some level of retirement choice (and even then it's only if you are trading wisely and consistently). His expectation that 80% of people will quit while only 3% will really excel are likely very fair statements. It would seem if the guy was a crook, he'd sugar coat things a bit more, wouldn't it? Add to that the absolutely full classes he's had for years (and at very high prices for the RTP and DE classes) and you'd have to assume some people think it's well worth it -- especially since they all had to take 1-5, Advanced, and RTP just to be able to pay for the DE class!

I've spent a lot of time trying to disprove GW's techniques only to find out that they aren't really "techniques" after all. They're just a lot of good solid trading information that have been cherry picked out of the huge mass of information out there. I suppose one could spend a couple of years finding out the same information elsewhere, but it doesn't seem worth the time or risk to me. Plus, I doubt many people could handle the frustration!

Brent, to answer your question, yes – you’re pretty much on your own. There is some Q&A on the DE videos, but there’s no way to ask a question yourself. You probably won’t have many or any if you follow closely though. It may have to sink in for a while, but you’ll probably figure it out. Also, since GW doesn’t really teach anything radical you could research your question on the net.

Ultimately, I would recommend the GW courses. As for additional advice, I'd say to approach it with patience. Once you think you've got it you're probably six months to a year from REALLY getting it! Haha! Also, there is nothing more important - NOTHING more important - than the money management plan and the exit criteria.

I hope that helps! This is an interesting topic! I'll be stopping by frequently!

Tai said...

I just completed 1-5 and started practcing, was wondering if I should hold off on Advance class first or just dive into it and see if it assists me in my practice trades? Could someone give me their take on the Advance class, does it go into better detail on 1-5 or is it just some fluff?

Dad2Five said...

There is a free alternative to QCharts that works pretty well, especially for those in the first practice year. TDAmeritrade has a charting program called StrategyDesk that is apparently an adaptation of an earlier version of QCharts. All the indicators are the same, most of the menus and commands are the same. You just have to open an account with TDA (don't even need to fund it) and then download the StragetyDesk software. You'll have to manually set up your workspace, since it won't directly read QCharts support files, but it's not too difficult to do (look in the Class 2-5 manual for settings). The quote sheets don't work exactly like in QCharts, but you can do what you need to. You can also run screens for stuff like stocks at particular levels (moving averages or Bollinger Bands).

The only major drawback that I've found is that there are no futures charts. However, you can also download the thinkorswim software (using the same TDA account), which does allow you to chart real time futures (also free). The thinkorswim software does not have all the indicators to do all your charting, but it has enough for the futures.

Hope this helps. Let me know if you have questions and I'll try to answer as best I can.

Pipeline said...

Colemanch-Glad to hear that you are retired. Just curious, were you able to retire from what you learned from GW or due to other investments or good fortune? TIA.

Brent said...

I guess my concern is that I'll be in the middle of courses and have specific questions without anyone to answer them since the courses are now pre recorded. Is there anyone out there that would want to mentor or tutor through these courses (preferably someone who has done them and had success) :) I definitely learn by trying techniques and then getting feedback on what I did right or wrong. I'd love it if that sort of feedback were available for these courses...

shady said...

Dad2Five:

I have finally set up the indicators on the Think or Swim Platform that are identical to Gary"s.

If interested, email me at: edbrady@gmail.com

bulldawg901 said...

Brent - I have taken the live versions of 1-5 several times and RTP in 2007. I would glady answer any questions that you have. Although I really don't want to post my email on the web.

citrinellus said...

bulldawg901, you could always make an anonymous email account. I have a couple of questions I'd like to ask you. I too took RTP 2007. DE too.

citrinellus said...

In fact, I'd like to compare notes with any RTP or DE students out there to make sure I have it all down right!!! Let me know if interested!

bulldawg190 said...

i edited my screen name....this is bulldawg901.....i just changed it to match the new email i just set up.

Any questions email them to

bulldawg19047@yahoo.com

I will be glad to help with any questions you may have.

lpool9 said...

dad2five thanks for the info on the free chart service with ameritrade. I was signed up with Q charts but it was getting expensive since i'm still only learning. I think i have the parameters the same, the only difference is on the direction movement there's a third line vs only 2 lines on q charts. Also would anyone have any advice on how to use future charts? I never did use them with q charts. I don't know anyone who trades and this was all new to me before taking the class. Any help would be greatly appreciated.

Jerome said...

My biggest issue is how to research stocks for options trading. GW keeps saying "trade stocks that move", but how do you find them, what are you looking for in a stock to track, etc?

traderbob said...

If you look at a daily chart--look for stocks with big candles----large variance from daily highs and lows.

S said...

come on guys, you are begging to be mediocre.... to coin a phrase, the secret is in the work. period.

ibiza1 said...

S.... yes the secret is work, however; a little mentorship or advice never hurt giver or receiver, but on the contrary, can help both parties!

Rab said...

I have been listening to the cd's and they say to watch CNBC from 4-5 and from 6-7 does anyone know what the names of the programs I'm not sure that we are in the same time zone. Thanks

Andrew said...

I would LOVE for someone to offer evidence that they have achieved success with Gary's course. I have been through 1 - 5 twice and have taken the advanced course once. I went thought the first course 7 years ago. I have talked to many students, some who claim to be successful and some who claim to be "retired", but have yet to see evidence supporting such claims. And as a matter of face, I've seen a number of students who have claimed to be doing well, who are still working their J-O-B 7 years later.

Of course I can't prove this, but I suspect that there could be two factors that cause people to be successful when they are not. (1) A strong desire to be successful that warps a person's perception of reality. This is similar to the phenomenon with gamblers who swear they consistently win in Vegas when simple math and statics show that's not possible. (2) A strong desire for attention. People do crazy things for attention. That woman who's currently in the new for burning her own face with acid is a prime example. Gary Willams has a cult like following. What better way to cyphon off some of that attention than to claim you are one of Gary's successful students. And why would Gary mind? That just gives his course that much more credence.

I also have to say that there are a number of things that turn me off about Gary Williams and his approach to teaching his material. Although I think it's great that he used to spend all night with students at After Hour sessions, several of which I attended, I don't like his condescending attitude. The way he yells, screams, and refers to people as being stupid makes me wonder if that's his way of intimidating people into not challenging him on any of his methods. I also never understood the concept of RTP. He claims that Classes 1 though 5 contain all the information people need in order to be successful. If that's the case, why would any unsuccessful student blow all that money on RTP? He says that if you're not successful with 1 thru 5, then you're not putting in the work and you're not disciplined enough. And if that's the case, why would Gary accept money from unsuccessful students to teach them advanced techniques? If he really just wanted to help people learn to trade, as he claims, he should have a policy that he will not accept students into advanced courses unless they have mastered 1 through 5. By allowing anyone to sign up for advanced classes, successful or not, looks to me like he's more interested in your money than your success.

I also don't like the fact that he talks about his religious beliefs in class. That's a major RED flag! After all, how could a man of God be a scam artist? Don't get me wrong, I'm not saying that he is, I'm just saying it's a red flag.

And finally, if he was as successful as he claimed, he could have easily have proved that in the classroom. Why not show us real time examples of his trades? Very easy and simple to do and it doesn't have to violate his belief that we have to do our own work.

Are you a successful student of Gary's? Are you willing to prove it? If so, please contact me at andrewchristie1@gmail.com (make sure you include the number 1 after my name). There are a number of ways to prove your success while protecting your privacy. I like to try to stay open minded, but a little proof goes a long way!

Andrew said...

I would LOVE for someone to offer evidence that they have achieved success with Gary's course. I have been through 1 - 5 twice and have taken the advanced course once. I went thought the first course 7 years ago. I have talked to many students, some who claim to be successful and some who claim to be "retired", but have yet to see evidence supporting such claims. And as a matter of face, I've seen a number of students who have claimed to be doing well, who are still working their J-O-B 7 years later.

Of course I can't prove this, but I suspect that there could be two factors that cause people to be successful when they are not. (1) A strong desire to be successful that warps a person's perception of reality. This is similar to the phenomenon with gamblers who swear they consistently win in Vegas when simple math and statics show that's not possible. (2) A strong desire for attention. People do crazy things for attention. That woman who's currently in the new for burning her own face with acid is a prime example. Gary Willams has a cult like following. What better way to cyphon off some of that attention than to claim you are one of Gary's successful students. And why would Gary mind? That just gives his course that much more credence. (Continued)

Andrew said...

(Continued)

I also have to say that there are a number of things that turn me off about Gary Williams and his approach to teaching his material. Although I think it's great that he used to spend all night with students at After Hour sessions, several of which I attended, I don't like his condescending attitude. The way he yells, screams, and refers to people as being stupid makes me wonder if that's his way of intimidating people into not challenging him on any of his methods. I also never understood the concept of RTP. He claims that Classes 1 though 5 contain all the information people need in order to be successful. If that's the case, why would any unsuccessful student blow all that money on RTP? He says that if you're not successful with 1 thru 5, then you're not putting in the work and you're not disciplined enough. And if that's the case, why would Gary accept money from unsuccessful students to teach them advanced techniques? If he really just wanted to help people learn to trade, as he claims, he should have a policy that he will not accept students into advanced courses unless they have mastered 1 through 5. By allowing anyone to sign up for advanced classes, successful or not, looks to me like he's more interested in your money than your success.

I also don't like the fact that he talks about his religious beliefs in class. That's a major RED flag! After all, how could a man of God be a scam artist? Don't get me wrong, I'm not saying that he is, I'm just saying it's a red flag.

And finally, if he was as successful as he claimed, he could have easily have proved that in the classroom. Why not show us real time examples of his trades? Very easy and simple to do and it doesn't have to violate his belief that we have to do our own work.

Are you a successful student of Gary's? Are you willing to prove it? If so, please contact me at andrewchristie1@gmail.com (make sure you include the number 1 after my name). There are a number of ways to prove your success while protecting your privacy. I like to try to stay open minded, but a little proof goes a long way!

bulldawg190 said...

My response to the part about people who have had success is as follows
(I'll keep it short and sweet):

I personally know two people who have retired and do nothing but trade using tech. learned from GRW.

I personally am 4.5 years into this journey and my life situation has drastically improved. I am not retired and I am not where I want to be but I am well on my way.

In regards to criticizing or doubting GRW stuff:

GRW teaching techniques are not for everyone and in general if you take offense to anything he has said, then he is probably talking to you. Deal with it.

Religion: Get over it, if you don't like it don't dwell on it, and don't let it interfere with your learning. There is no telling what you may have missed while you were getting upset about what religious comment he made. People are too sensitive.

Here is the most important thing you can read about GRW classes and it may come as a surprise to some of you. Gary Williams did not invent the stock market or technical analysis or Qcharts or moving average lines or trading historical patterns or capitalizing on increased volatility. It seems that every time I read about someone complaining about GRW's techniques not working, they think that it is proprietary to him.

News Flash, there is nothing taught in these classes that you couldn't have learned on your own. So don't blame GRW when it "doesn't work", if its not working then you are not doing something correct and it has nothing to do with GRW. Blaming GRW for your crappy trades is like blaming Ford when you crash into your garage because you put it into the wrong gear. In general, when people pay for a "service" (in this case teaching) they expect results and they will blame the instructor when it doesn't work.

Bottom Line: Trading is hard no matter how you learned it and unless you are very diligent at finding good trades and very disciplined at executing those trades then you will likely suck at it.

Here's a question, why do you think some of the most successful hedge funds on wall street use black boxes to execute their trades? The answer (other than speed) is NO EMOTION. Its easy to write a program when the market is closed and let it make the binary decisions during mrkt hours.

Outside of GRW stuff I have two friends that I talk to on a weekly basis that do nothing but trade the mrkt. These people did NOT take GRW classes but yet they retired. They have formulated their own methods that work and they understand what it takes. When they found out about the GRW stuff, they were very supportive and wished me well, but didn't feel the need to join. That's confidence and proof that there are tons of ways to skin this cat.

bulldawg190 said...

@RAB

The two shows that he is talking about are

"Closing Bell w/ Maria Bartiromo(sp?)"

and "Mad Money w/ Jim Cramer"

The time slots may be incorrect depending on what year the CD's were made.

Rab said...

Thanks,it's good to know I was watching the correct shows. Good luck reaching you goals.

Aroos said...

Hello Everyone!

I'm just getting started with WSB and GW. I've listened to the CDs once entirely and am listening to them again for the second time. I have to say, I don't feel nearly as lost as I did when listening to them the first time. Don't get me wrong...I'm still pretty lost.

My question is...The CDs I have are from 2005. Is the information still valid? My thinking is...probably! But just wanted to check.

I don't know much about the stock market and I don't know anything about options trading. I want to be able to retire in 7 years and would gladly do so sooner if I can master this system.

Discipline is going to be the hard part for me. Anyone interested in teaming up to bounce ideas and questions off of?

andrew said...

I took the initial CD course. it was a great introductory course to help understand options and trading. It is a very solid swing trading momentum type trading technique.

I recommend the Market Wizards trading books. Best books on real traders out there IMHO.

I enjoy adopting different techniques to fit my personality as I'm not really a paint by numbers kind of guy. The fun is figuring out this my own way, regardless,the 5 year curve is pretty realistic no matter who's style to follow.
A Malcolm Gladwell states in Outliers...10,000 hours to be a genious.

Gatto said...

Hey Guys

Thanks for the free technical setups..... I sure could have used that when I was starting out....

I have done OK with Garys Course. I took 1 through five. My fault though as I went almost straight to daytrading ,,, did not loose my ass but did not make millions.

Now two years later I am going to jump back in but at a much slower pace as i dont have the time to day trade right now.

Could someone please email me the technical setups for the home run fat pitch as I am currently living in the Caribbean. My email address is agatto2@gmail.com

Would anybody like to share the videos's ???

Tony

Mike M. said...

Thank you Gregg for providing this forum for WSB students to talk to each other.

I am a new student working my way through 1- 5. I plan to post my thoughts here as I go through this experience.

I offer Gary my thanks and appreciation for providing us this opportunity to succeed. I understand that my success is entirely upon me to achieve. It's a work thing. I get it. My plan is to work to be in the 1%. I know this is years and many mistakes away. I will make it by concentrating on each step in front of me while remembering the ultimate goal. My immediate goal is to take each day to do the work and learn a small piece of this puzzle. The complete picture will take care of itself.

I have invested in the videos of classes 1-5. I'm in class 3. I bought the QCharts set up CD and the Voices CD. (See the website mentioned above for these.) I subscribe to QCharts. I opened an account at OptionsExpress. I am working on the work: 19, 20 and 21.

My biggest obstacles are my usual obstacles I work to overcome with any challenge I take on: doubts and negative self-talk, laziness, and procrastination. These are my neighbors wherever I am - might as well deal with them here than somewhere else with less potential. Life is but a series of challenges and rewards. Choose the path and stay on it.

Costs: this is not cheap. If it was we would treat it like that. It is only worth what we put into it. The greatest expense is our time and frustration. We spend those a plenty on mostly inexpensive short term rewards that are quickly gone tomorrow. I am working on the foundation of my tomorrows.

Expectations: I don't care if Gary is successful (although I believe he is very successful at everything he does) or if anyone else is at this. I care about me being successful at it. It is more than obvious that there are people successful at trading. It is also very obvious that many fail at it. A look at any chart tells everyone that there is a lot of money to be made and a lot to be lost. The market is a river of opportunity open to everyone. It is a waste of time to question this. Better to learn how to handle that river and avoid drowning. If you stop and think about this, it truly is an amazing opportunity. It's a work thing. You first learn basic good habits and avoid, or rather minimize, bad habits. Then you learn rather simple techniques that will kill your account if you misuse them. It all starts and ends with self discipline. It is learning to take your emotions out of your decisions. This, I'm sure, will take years to master.

The truth is folks if you worked this hard and long at anything you will master it. The question you have to answer: is this truly what you want to master? For me it is.

Thanks again Gregg and Gary. I look forward to hearing more from all of you as I make my journey.

God bless,

Mike

audio7 said...

colemanch, I attended two years of RTP in Raleigh (2007 and 2008) and would be happy to share my notes for Oct-Dec if you need (I'll need to check your confirmation info but I'm sure you're good for it.) I'd love to compare notes on your W&O approach. Shoot me an email at audio177@gmail.com.

Gatto said...

Come on guys... I left my books in the states and dont have the setups for the home run fat pitch.... and the money management section would be great if emailed to me

Help a brother out. agatto2@gmail.com

Tony

Ed Brady said...

Hi all;

As I mentioned earlier, I have a private site that shows you how to set up Gary's indicators on Think or Swim (free charting package), as well as other hints.

You must be a student; email me at edbrady@gmail.com for access.

Ed Brady

A Friend of Bill's W said...
This comment has been removed by the author.
A Friend of Bill's W said...
This comment has been removed by the author.
shady said...

Use Think or Swim, not Strategy Desk. I have a private site that shows how to set up everything you need on TOS.

Ed

https://sites.google.com/site/wsbstudentcollaboration/

A Friend of Bill's W said...
This comment has been removed by the author.
A Friend of Bill's W said...

For stock voltility, I use a weekly-2 year chart, to determine if the stock is worth putting on my watch list or not. I check the lowest low and the highest high on the weekly-2 year chart. If the spread of the highest high/lowest low is $40.00 or greater , than it is worth trading and I put it on my watch list.

A Friend of Bill W said...

I never trade stocks or options where the ask & bid price spread, of the stock or option is greater than 30 cents. So you start in a new trade with a $30.00 loss, not including comissions. I never trade the OEX because the ask and bid suck tremendously. Curently the OEX, Feburary 2011 call options, for a 575 strike price is Ask: $13.00 and Bid: $9.80. That is a $320.00 loss when you first jump into the new trade, not including comissions for 100 shares of it. That sucks!

KJ Nivin said...

Hello fellow Option Traders... Thank you for starting this blog. I attended GW classes in 2005 and learned much about trading. I couldn't make heads nor tails about what GW said 'live' but a friend took me under his wing and helped me understand what was being presented. I believe that having a mentor or trading buddy is important. My son is my trading partner...He has less experience but is more dedicated than I.

I try to place principles before personalities...The principle is: I'm am here to learn what I can learn and give what I can give. I attempt to overlook the person's personality. I changed my focus toward what I could take from the classes as apposed to what I didn't like. I can say that GW is abrasive in manner but he does have some good methods. (don't mind my spelling and punctuation..my editor is on strike:>))

I used to merely go by the charts and numbers but Gary W. stressed that I would need to develop a "sense" or intuition that he stressed was a major part of his trading method and this takes time so Give Time Time. I am not greatly successful but I am not a complete failure either. I am average. In time my trading has changed from relying on the 'charts and indicators' alone to a combination of intuition and charts - indicators. I have a feel for it now. I have gotten to the point through trial and error that I can usually figure out which way the DOW will go a few days ahead...there is always room for error though. Several times I stopped trading for some time and went back to it. My brain kept working on solving my mistakes. In going back to it, I saw things differently...The frustration seemed to fall away.

Get a mentor if possible and keep posting to this blog...a burden shared is a burden lightened. I did do as Gary said and, in time, left the nest and my mentor to have my own experience.

GW said that CNBC was ninety % garbage and he was right. Some of the talking heads (authorities that tout their wares) are sponsors of the program or connected in some way and basically come on the program as a "commercial" for their products...or are manipulating the public for some kind of angle...Jim Cramer has some good info. and may get some of it through inside information but he is geared toward long term stock trading. Maria Bartiloma tells it straight. I don't listen to CNBC these days except sometimes o while using Think or Swim software...there is a live feed that I can visit without charge.

With what I share...take what you need and leave the rest...I am no authority. Anyone who is greatly successful won't want to prove anything to anyone...there wouldn't be any benefit or reason to have to do that. If I was making millions I wouldn't be here sharing on this blog...I would be out giving my 10% and spending the rest although it does help me...to help others...I can't keep it if I don't give it away. Gary said he tried to give the classes for free and no one wanted them...so he began to charge people and they came to his classed in droves eventually. He is a good man but I suspect the success has gone to his head somewhat...I guess you would call him """Human""" maybe:>))

Thanks for letting me share...

A Friend of Bill W said...
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zak said...

Hello I took the virginia beach class in 2007. Im looking for anyone that would like to get together/email about the ideas that gary went over in the class. I have listened to the 1-5 CDs about 4 times now, but always seem to get sidetracked with life and have to start back from square one. This time ive made a promise to myself to get through it by following every rule in the book but I would love if someone would act as a sort of mentor or clarify some of the questions I have. They are minor questions but every piece of the puzzle counts, they are mainly directed at how the market is opporating today and which techniques dont tend to work as well as they used to, mainly earnings.. Also on the earnings front I have a researchtrade.com account and was wondering if it acts as a replacement for actual earnings research when used alongside the charting indicators. I have done some earnings research but am never quite sure if it is done effectively, yet why do it if it is laid out elsewhere and done properly? Also with the news plays, I find them easy but Im not sure if I am going about them the right way in the fact that I have been writing down separate stocks that have been mentioned. Should I only take 6 stocks that may be effected by a headline rather than something that is an isolated incident and stock specific? Or are they a mix of both?

I was also using qcharts for the longest time but it just seemed to be money down the drain while I didnt have my heart in it so I am now using the tdameritrade resources but I am not quite sure if the information I am seeing will carry over when I start using qcharts again, or am I just going by the principles and discipline in finding my precise entry and exit points? I also have think or swim but cant seem to figure the program out. Can i use it just like strategy desk and does it fit this course better than the strategy desk?

Thank you for your time if you can respond to this, I can be reached at zak4.0@hotmail.com or via phone at 757-813-5604 I am currently living in the norfolk, VA area if anyone semi-experienced wouldnt mind giving me some pointers.

tracey said...

I have been practicing splits by using the announcement dates on yahoo and non-subricted briefing. I have noticed i seem to miss alot of the move. Would i get the information sooner if i subscribed to e.g. investmenthouse? Thanks for any advice.

A Friend of Bill W said...
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colemanch said...
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colemanch said...

When I setup my Qcharts account, I was surprised to hear the first question from the service rep to be. "Are you a Gary Williams student?"

Is Gary getting a kickback from Qcharts?

Also,"A Friend of Bill," I don't understand what you mean by a "weekly 2-year chart" and the like. Please explain. I thought a weekly chart was just....well....a weekly chart. What am I missing?

KJ Nivin said...

If you are using the Think or Swim software then you can call a tech at Think or Swim and they will be able to help. It is fairly technical. I had to be shown by someone how to set up the daily, weekly, monthly, 5 minute charts, and so on. These charts go along with Gary's 1-5 class.

Have you taken them yet?

KJ Nivin said...

As far as 'Kick backs' is concerned it doesn't bother me. To each his own. I would do that if I was in Gary's shoes but I am not a millionaire who developed a trading technique that works so I don't think Q Charts will give me anything:>))

KJ Nivin said...

Tracey...The way I deal with splits is to ride them up and then get out before they split. I have attempted to go through splits and lost....


Splits and Earnings are the two techniques GW uses in his classes as far as Options trading goes. I recently got an invitation to go to Raleigh to Gary's class but can't make it. I would love to see if he has any updates to the 1-5 class material. I hope someone here gets to go and let us know what was there.

If I had the money I would like to have GW as a mentor...If I was Gary I would only allow the people who are really into following his techniques and they practice all of what was said in classes 1-5. They would have to prove to me that they can "Follow Instructions." I think that is possibly how he will judge who he takes under his wing and who gets cut.

shady said...

Hey Guys - I have a private site that all of you can access. It shows yoou how to set up TOS exactly like QCharts. Just email me for access: edbrady@gmail.com

A Friend of Bill W said...

Here is what I mean, considering the 2 Year-weekly chart. It is a chart that goes back two years from today's date. You choose a weekly chart for it. Each candle is worth 1 week. Some charting services has a daily, a weekly, and a monthly chart available. You subract the candlestick high on the 2 Year/weekly chart from the candlestick low. That spread gives you the voltility level of that stock. BA = Boeing CO It had a $76 for the high and a $29.05 for the low on the 2 year/weekly chart. You subtract $76 - $29.05 = $46.95 for the 2 year spread. This stock would be worth putting on my watch list. For me a high voltility stock has a spread of $40or greater. I hope that helps.

VT said...

I would love to find a mentor...

AA said...

Colemanch,

Send me an email about notes. I am missing some RTP notes myself!

Anyone wanting some help, let me know.

aadfwdoc@gmail.com

Put WSB in the subject line!

AA said...
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Laney said...

Hi, I have been thru WSB classes several times...back when he did them. I know a couple students who created a brilliant program based off Gary's 'research' theories. The website is called researchtrade.com and since I am a friend, I can offer discounts to my friends/fello Gary students if you use the code "IndyAdvisor11". they have made an awesome program that shows you want each stock has done the last 10 years...before earnings, the month of june, etc...their program does all the work for you and it's simply based off the research part of gary's teachings. If you read the testimonial page, you will find many WSB students who use it to trade. Just check it out and see if it's for you.

Fin said...

Does anyone have Thinkorswim setup with Gary charts? I have successfully done it in StrategyDesk but find TOS not a perfect match with the variables. I know TOS is totally configurable, if anyone has success with that, would you mind sharing that?

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A Healing Elixir said...

Hope that helps! IT works for me.

KJ Nivin said...

Thanks for the great posts!!

Janine said...

Glad I found this blog. Went to the Raleigh class Sat night and enjoyed it very much. It really was nice to be a (hot and crowded!) room with 700+ people who are all fellow students. I am just starting my 3rd year (2nd year real $) and am finally seeing real progress. After settling down, watching just a few stocks, and following the rules, I am making steady gains. In the beginning, I was losing. Then I was losing less. Then I had gains, but would lose them. Now...finally, I understand 0 loss tolerance. I just ordered 2 of the books Gary recommended last night and I am looking forward to reading them. I am more determined than ever to get out of debt. My husband and I have been working hard to get there, and last night just encouraged us that much more. I truly believe hard times are coming and I will have my home paid for, I will have gold, and I will be growing and canning a lot of my own food. And if we don't have a horrific depression, then wonderful. But we'll be prepared if we do.
I would love to be able to correspond with anyone who can support me, or who I can offer encouragement and support. This is a great tool.
Also-if you didn't make the Raleigh class last night and you're a student, watch your mail. There will be another class in April, in Raleigh. I don't know the specifics yet, but I plan on going.
I'm just grateful for Gary and this class. I read some of the critics...I'll just say that I may not admire all of his teaching methods or mannerisms, I do greatly respect the fact that he was obedient and became a HUGE positive impact on so many people. As for his religious beliefs, I just don't get how its okay to criticize someone for being a believer in Jesus Christ but don't dare profile anyone other religion. Personally, I'm a fellow believer and it's my prayer everyone else on this planet can find their way to our Lord and the peace that follows that decision, along with the only path to Heaven. Eternity is a long time. I respect him for making it known. Sure, there are lots of con artists out there and they do their work in God's name. We all answer for what we do in this life and I firmly believe that when Gary Williams stands before God, he will hear "Well done, good and faithful servant" if for no other reason than the blessings he has passed on to me and my family.

Thomas said...

I took Gary's live classes in Richmond and it has opened my eyes to so much of the financial world that I consider that alone to worth the money. He has credited me on the website of his as having finished 1-5 so a retake is only about 225 or so.
I do often wonder if he makes money on this or is he the greatest Conman ever. I wonder this because the investment in time and money is great to get good at this. I would hate to spend so much time on a system that was bogus.
The only evidence I could possibly use to think he if a conman is the fact that he charges for the courses and i'm sure does quite well.
The evidence to the contrary is far greater. He seems extremely consistant. I think he loves to give back and he loves to teach. And to quote his site teaching was an amazing way for him to meet people who actually could relate to him. And don't underestimate how much it has let him learn by seeing everything out there (FROM HIS STUDENTS QUESTIONS) that has amazing, predictable trades.
Take the story of the Hockey player who found a stock that moves about 7 bucks every February.
He didn't tell us but he sure as hell knows what it is.And of course I'm paraphasing but the jist of the story is that.
And I have never gotten that eary feeling that I was being lied to.
Anyway thats my 2.5 cents on the matter.
TCG

Fin said...

Did anyone get any information from Shady above on charting, and Thinkorswim? Any help will be greatly appreciated. I think there are lots of tools equally good or better and less expensive than QCharts. What are you using? If you can post the name of the tool, and how it fares with Gary charts, that will be very helpful...

shady said...

Fin - send me an email to: edbrady@gmail.com and I will send you a private invite.

Ed Brady

A Friend of Bill W said...
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A Friend of Bill W said...

Most companies that announce a stocksplit will follow through with the stocksplit. It is rare for a company to not follow through on an announced stock split. An expert said only a small company would possibly cancel a stocksplit. But she said it was a rareity. The last time a stocksplit was cancelled was in 2008. Never go through a stockplit. I had to be burned, before I learned.

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A Friend of Bill W said...

The only way you can claim your loses from last year or previous years, is by having a wash sale. A wash sale is when you buy a stock, and on the sale date you must wait like 30 to 31 days afterward you sold it. Then after waiting the 30 to 31 days, you can buy the same stock again. If you don't wait the 30 to 31 days before you rebuy it, you will not be able to claim that losing trade on your 2010 or previous taxes. Wash sales includes all stocks, options, and ETF's transactions. The CPA will take the total, of all your wash sales for that year, and subtract it from your total income for that year. If you have a lot of wash sale losses, I recomend using a CPA for it. Its not worth getting audited by the IRS. You may get some money back or not depending, if you filed a 0 or 1 on your state and federal taxes. All my stock trades are documented on paper, with the buy date and sale date. I also have a wash sale, watch list on my stock account. For better understanding, please google "wash sales" on the internet. Glad to be of service. Have a great day!

Fin said...

Friend of Bill,
Ihave difficulty trying to gfigure out when to draw trend lines. Your post on trend line made me experiment a little. I am trying to understand the trend line you were explaining above (March 18, 2011 2:35 PM). I could see the weekly trendline. When I look in Daily, macd and stochrsi were crossing to the UP side on monday 3/21... You mentioned that on monday, there could be a fat pitch to down side if both daily and 233 were going down, but even if they were going down, fatpitch to down was already done way back on 3/9? Can you help understand? Thanks in advance...

A Friend of Bill W said...

Fin... You only draw the trendline on the chart where the candlesticks are on it. You never draw a trendline on the StocRSI, MACD, or DMI indicator/charts. I do use a vertical cursor, to see if my fat pitches line up or not. I use a plain candlestick chart, when drawing my trendline. I draw the trendline only on the candlestick boxes. I temporary remove the Christmas cross lines, 50 bar, 90 bar, and 200 bar lines. Then I draw my trendline. If you have to, you can create another workspace that just shows the candlesticks by themselves.

larryph said...

Anyone out there focusing on the OEX?

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Greenpea said...

With all the posts regarding tos charts and settings. One of the getting started cd has a surgeon sharing that when he did his first surgey, he had the best tools and shared his advice to get Qcharts from the start. I wish I had followed that advice. I praticed for 2 months on tos then finally dropped the poverty mentality and got Qharts. What a dfference. If you plan to trade the indexes or use the slingshot (love it on the qqq) you will lose with out it. Another great site is research trade technologies. I know its not doing my own research but 7 trades later and all at or near 100%, the ends justify the means.

Thomas said...

Thank everyone for contributing to this site.
I have used Qcharts in the past for research and after a hiatus am using TOS and StradegyDesk from TDameritrade.
I have to admit that I like Stradegy Desk much better. I can do Fibinocci numbers for time periods and has a feel more like Qcharts. You can easily scroll bank through the stock charts to get older data. Combine that with being able to do 21 and 34 minute charts and its amazing for free.
Now TOS is good as well but I just don't like it as much. I do run it on one screen showing the futures.
Anyway just my 2 cents.Thanks Greanpee for the tip.
Tom

Ed 'shady' Brady said...

Email me for access to a private site that shows how to use TOS with Gary's settings

edbrady@gmail.com

larryph said...

I am using TOS, but some say TD's StrategyDesk is better. Can someone share the reason they like SD better?

larryph said...

Is anyone focused primarily on the OEX?

jdavidbrent said...

I am starting to practice trade the OEX and going by my manual rules the bid/ask spreads seem to be reasonable to me. I read comments in the blog about the spreads being to wide. Am I missing something? Anybody??

larryph said...

Friend of Bill- I've only used the CD's for my training so have had no one to talk with about things. Related to daily news plays do you read all headlines in Yahoo Finance Top Stories or entire stories? Are you primarily looking for info related to the companies you are interested in? I'm primarily focusing on the OEX so geopolitical news plus big companies' news moves it. Do I look for those kinds of news stories?

larryph said...

jdavidbrent- I'm focusing on the OEX and can share more with you about what I do and learn from you. I am still very much a learner but have had some consistent periods of successful trades. You can email me at: larryph@fastmail.fm

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larryph said...

To A Friend of Bill-
Thanks for the info about the news plays. That really helps to clarify what to do each day.

As for buying/selling options on the OEX I use the mark price. That way when it fills, if I catch it right, I'm at or near zero.

jdavidbrent said...

Just found out if you did not take WSB live, I mail ordered it from Gary a few years ago, you cannot take any of the online courses unless you pay to take 1-5 again online. As Gary would say "That Sucks!!" I'm sure he could care less on how that makes me feel, as he frequently states on the cd's, but that pisses me off. You got earnings research on 500 fricking companies but you dont have the list of people who mail ordered your program. Disipline my ass!!

Mike M. said...

I last commented on October 31, 2010.

I took classes 1-5 online in October - November 2010.

I bought the CDs and listen to them nearly every day while commuting.

I'm reading through the books.

I struggle to complete 19, 20, and 21 every day. Gary's right: it's boring.

I average 2 hours a day, more on the weekends.

I have been practice trading the last two months. Mostly buying then selling call options. A couple of Ocean Tides and a few W&O's (simulated because optionsExpress won't let us do it Gary's way). Of the 24 trades I 'won' 15 and 'lost' 9. But my wins averaged 10.9% while my losses averaged 24.5%. For the call options I kept them around $1,000. For the W&O I bought 100 or 200 shares depending on the share price. In other words, I tried to keep it realistic. Most of my losses could have been smaller if I had taken the first loss (first or second day). Does that sound familiar?

I use Strategy Desk and TOS (futures). I used Qcharts and found it expensive and slow. (SD loads up in a few seconds. TOS is also slow to load up.)

Does anyone know of a stock simulator where we can practice selling covered calls using Gary's W&O technique?

Ed 'shady' Brady said...

Mike -

Options Express will let you, don't use their Covered Call order screen. Just buy the stock in the regular stock order screen and then when u r ready, sell the calls using the options order screen.

Send me an email and I will invite you to my Think or Swim private site for Gary's settings.

Ed
edbrady@gmail.com

A Friend of Bill W said...

In 2006 or 2007, Gary Williams changed one of the books, on the first 15 booklist. He removed the
"Getting Started IN Options" book, by Michael C. Thomsett. He added a new book called "No Excuses" by Kyle Maynard. I would love to know, if there has been any other changes to the booklist for year 2011.

Brandon said...

Friend of Bill: I do not know of any changes to original 15, but I went to his last live presentation a month ago and he did give out a handful of new books to read, mostly on an upcoming crash, the dollar, debt, etc. Email me if you want to know more. brandonartines@gmail.com

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bajan said...

I'm also curious if he's updated his book list. I have heard that folks on his newsletter receive book recommendations on occasion.

I would love to find someone else who has used achieverschoicequest.com to go have tea or coffee with. Trading the stock market with his system is great. I've practiced and read many of the books. But I would like to have someone to study the techniques with or a group of people.

I would like to make more money in the stock market and the techniques I use in wall street basics have been doing good. Is there any way to meet Gary Williams? Does Gary Williams offer any other live classes.

I noticed he has added a bunch of information about how the classes work and pricing. I'm hoping to encourage some of my family in the US to take them. I really like how he said the program is based upon work ethic. I almost quote his About Achievers Choice Quest page when I tell them about it.

I wish they would offer any referral discounts? I'd like to go through the classes again. But the retake pricing is reasonable. I'm hoping to retake RTP again next year. I want to sign up for the Double Espresso next month. I've heard lots about it. Is it good?

Do you know if they have updated their prices? I assume the prices on the pricing page are current. I just ask because it seems the prices have stayed the same for quite a while. I would like to make sure the prices don't go up before some of my family take the class. I guess I could help them out.

Is this blog owned or run by Gary williams?

Tony Rose said...

Has anyone found a program that is comparable to QCharts that runs on a Mac?

Ed 'shady' Brady said...

Think or Swim works great on a MAC. I have a private site that shows how to set it up.

Ed Brady
edbrady@gmail.com

Private said...

Does anyone know where to find free historical earnings? Briefing does not appear to offer this any more?

don said...

Could someone help me set up strategy desk and tos.

THANKS

A Friend of Bill W said...
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Ed 'shady' Brady said...

https://sites.google.com/site/wsbstudentcollaboration/

Go there - shows you how to set up TOS for WSB students

A Friend of Bill W said...
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don said...

I went into researchtrade.com and put in indyadvisor11,but it did not accept it.Any advice?

THANKS

A Friend of Bill W said...
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A Friend of Bill W said...

Dow and Nasdaq daily futures, has a 3 quality trendline on them both. The Dow daily futures trendline starts on 6/7/20111, to 6/8/2011, to 6/9/2011. THe Nasdaq daily futures trendline start on 6/6/2011, to 6/7/2011, to 6/9/2011.

Kendall said...

I am using a platform called Ninja trader. It costs $65 per month for 100 symbols. I have been able to replicate Gary's indicators. The cool thing about Ninja Trader is that it allows you to programatically analyze stocks. I wrote a script that runs through my list and returns all stocks with HRFP or FP setups. It allows me to keep track of small charts with having to look at them.

A Friend of Bill W said...
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Ed 'shady' Brady said...

Since the /GC has a HRFP on it (Gold futures) take a look at the stocks that make up the GDX. Many of them are also HRFP's like KGC, which I own calls in.

smoovekc said...

Hello everyone. Just finished reading some of the posts out here. Wished I'd come across this years ago. I bought Gary's (Class 1-5) cd's back in April/May of 2008. I've had mixed results (by my own hand). My emotions have ebbed and flowed. I've walked away from the process, run away from the process, and walked back to the process several times. It is hard. But as Gary says, "dying is acceptable, quiting is not". I am resolved to stay with it, and be successful at it.

Now more than ever before our future is our hands. Corp America could care less if we have a decent life in retirement, or are able to retire at all. If it's to be, it's up to me!

I'll be using this weekend to go back through the 1-5 lectures and materials. Be well.

Datsaxguy said...

I absolutely have to get out of the rat race and get back to practicing an trading. Enough is enough already.

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CERC said...

To whoever asked above, he did add several books to the list in March:
Financial Armageddon
When Giants Fall
The Collapse of the Dollar
The Great Depression Ahead
The Coming Economic Collapse
I.O.U.S.A
New Empire of Debt
Demise of the Dollar
The Penniless Billionaires
and a handful more.

CERC

A Friend of Bill W said...

What I would like to know, did the first 15 book list change. What was added to it, and what was deleted in the first 15 booklist.

CERC said...

If I recall correctly, he did not. He did mention something about not having to read any more how to trade type books once you've slugged through quite a few.

I'm considering the switch to ToS have any of y'all found it rather difficult to set up?

A Friend of Bill W said...
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Ed 'shady' Brady said...

Go here:

https://sites.google.com/site/wsbstudentcollaboration/

It shows you how to set up all of Gary's indicators and there is also a scan for HRFP. The scan is real-time so

CERC said...

Tried that website and it says insuficient privileges.

I like the idea of using a program that is free and actually has support, versus Qcharts(which I've been using for 3 years).
I also think that the commission schedule will be a bit more in my favor with TOS. Thanks for y'alls input.
CERC

A Friend of Bill W said...
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A Friend of Bill W said...
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Ed 'shady' Brady said...
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Ed 'shady' Brady said...

I have a website that will show you everything he is offering for free.

Edbrady@gmail.com

A Friend of Bill W said...
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Ed 'shady' Brady said...

That makes no sense, 'If you Like Ed' ?? I was simply saying that my site has all of Gary's studies already set up, along with Real Time scans for HRFP; and a whole lot more.

Just Google "Wall Street Basics Student collaboration"

Ed

JR said...

So, I have recently discovered that as of Jun 7th Briefing.com no longer contains historical earnings estimates. All the other info is still on the archive, but under the FC column, there are just a bunch of dashes. I called briefing and was told that to find out what the estimate was for a particular quarter I had to search for my stock symbol in the "Live Headlines" section and scroll to the date they released earnings. I did this, and yes, it did contain the estimate, but holy smokes - scrolling to every earnings release date back to 1997 added like an hour and a half to the research! Has anyone found an alternative site that contains not just the actual earnings/share, but the estimate as well? Thanks in advance for your response.

Ed 'shady' Brady said...

Think or Swim Platform has all of what you are looking for, right on the charts.

A Friend of Bill W said...

If you want more than 1 year, for the earnings archives, you must subscribe to briefing.com now. It use to be free, and you could get 10 years or farther for earning calls, but now you can't. So far, I sill think briefing.com has the best earning calls archives.

A Friend of Bill W said...

Briefing.com will charge you $50 per month, if you subscribe to them. I think that is way to expensive. If you want to save money, you can scroll down with the free earnings that briefing.com gives you. Then use your daily charts and go back for each year that maches the earning call's date and year.

CERC said...

I have a subscription to Briefing and the inplay is very valuable to check news items on your phone or at work; at least it is for me. If you are ONLY getting it for the earnings research.... I personally don't think it would be worth the money.
CERC

John said...
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Ed 'shady' Brady said...

I sent you a private invite

djpl8 said...

Damn, I hated being at work today! Let's play the bounce and make some money bitches!!!! LOL!!!

JR said...

Thanks for the comments. I actually do have a subscription to Briefing - the Platinum subsription. The earnings archives with estimates are in there somewhere besides the Live Headlines? If so, please tell me where because they're not where they used to be under the earnings archives! Thanks!

JR said...

Oh, and CERC - thanks for the book additions! I'm half way through Financial Armageddon - too bad I didn't read it a few yrs ago. Ha!

CERC said...

anytime

A Friend of Bill W said...

The Nasdaq futures, daily chart has a 3 quality trend on the Daily chart. The 3 quality trend starts on August/1/2011, August/2/2011 and August/3/2011. Since the trendline is steep, it may be short lived. The Nasdaq futures also has a bullish Harami/hammer reversal signal, that could be confirmed tomorrow. The Nasdaq futures candlestick is also being supported by a 200 simple moving average bar too.

CERC said...
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CERC said...

You are correct: according to the manuel that is a quality trend line.
However, I will caution that he has explained that his intent is to encompass a much longer time horizon to garner a much better picture (e.g. go back through a trading zone or two if able).
I personally only use the steep lines for quick, usually 233/34 minute trades and that is it. However, if playing the trend lines that way works for you, then do it!
CERC

djpl8 said...

Who bought calls today?

Ed 'shady' Brady said...

I sold a put spread, Vol is too high to buy calls.

CERC said...

I did an intraday play on Cat from the lows up; not a terribly suggestable play, but it is one of my professional stocks, so I was comfortable with it.
CERC

djpl8 said...

Down $2500.00 on some calls on the SPY's I bought a few days ago. Talk about stupid... I can't even make this kind of thing up if I wanted to. TOS is showing P/L open of ($2,500.00) dead nuts. Lesson here for everyone... don't revenge trade! Ever!

Ed 'shady' Brady said...

The minute you saw this trend, you should have sold and equal amount of calls and turned it into a bearish spread ! If you are trading options, you must learn how to adjust your position - it's all about Delta Neutral. I have a DVD that I paid $300 for that has this info on it. - Tradingology

Ed 'shady' Brady said...

BTW: If you own September calls - do not panic. We will see a Short Covering rally here in the next few trading days.

djpl8 said...

I have the Octobers. That's what I'm waiting for, a short squeeze/covering rally so I can get out at a better price. I went from $1700 down to $1000.00 down at the close yesterday. The candle formation on the daily led me to believe I would get out at the open today on a pop before the sell-off. Maybe tomorrow....

CERC said...

I do not trade spy, but I also am not trading calls for ANYTHING earlier than February right now. Remember, time is your friend with options. If, and that's a big if right now, if today was a capitulation, or some such then we might see a decent upside. That being said it does not have to happen and we all must make sure we are not trying to force an upside play before it is there.
CERC

pacman said...

I found it pretty interesting to see the xmas crossing down on the S&P500 Monthly chart. I did a Fib retracement (new to it) from the 2007 high to the 2009 low and saw that the S&P500 failed at 78.6% retracement. If I am doing this analysis correctly should I expect that under this form of analysis that the next level of support would be ~1120 on the S&P500?

A Friend of Bill W said...
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A Friend of Bill W said...
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Ed 'shady' Brady said...

Just go here:

https://sites.google.com/site/wsbstudentcollaboration/

It will show you everything !!!

Fin said...

Curious to know what Gary had to say in his recently held (?) meetings/seminars about weekly options. Anything changed about drop dead fridays? Does he recommend weekly options?

Also, I notice a lot of uncertainty on ALL fridays - most of them close on or very near to strike prices. Any thoughts?

A Friend of Bill W said...

As far as I know, you only use the weekly chart as a trend chart. You never use the weekly charts as a decision chart for your fat pitches. Drop dead Friday is still the same, as Gary said years ago.

CERC said...

In March he implied that basic course people should still stay away from weekly traded options.

Ed 'shady' Brady said...

Sell Call and put Spreads using Weekly Options.
The Think or Swim platform lists all stocks with weekly options, in one convenient menu.


Ed

djpl8 said...

Ed, are you making consistent profits with spreads?

Ed 'shady' Brady said...

Yes I am, In a market with high volatility, you should be selling spreads. It is a much safer place to be and will not be impacted by these spikes and drops in Volatility.

It is always better to be a net seller, versus a net buyer in options. I am not suggesting naked calls or puts, I am talking spreads.

BTW: take a look at the profit chart (Analyze Tab on Think or Swim) and compare a Spread with a covered call.

Selling a spread is a covered call, with downside protection.
(Yes, I know it expires)

Ed

A Friend of Bill W said...
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A Friend of Bill W said...

I got into a fat pitch play today using the daily chart as my decision chart. I bought 10 Call contracts, of COG and made $1,400 in a 1 day play. I had October's options. COG had a 3 quality trend on the weekly chart. Both the DOW and Nasdaq futures, daily and 55 minute charts where going up before I got into the play. I placed a profit stop at the top bollengar band for my exit. Both the DOW and Nasdaq futures, weekly where going up too. COG's trend, decision, and 20 minute action chart where all going up, before I entered the play. This a perfect fat pitch play. Take it Easy! Practice makes perfect!

A Friend of Bill W said...

The Nasdaq futures, daily chart has a 3 quality trendline on it going up. The trendline starts on Aug/26/2011, Aug/29/2011, and Aug/30/2011.

Jordan's Adventures In Italy said...

To Friend of Bill W
I've discovered this site only today and appreciate your posts very much. I am trying to retrace your COG trade on Aug 29th so I can learn your reasoning for entering the trade. Standby for questions... Do I hear correctly that there is a way to set Qcharts to scan for home run fat pitches? I've been in WSB for 3 years and seem to be floundering as much now as when I started --still don't have my system/technique figured out so it is consistent and predictable. My most serious problem seems to be exiting.
I'm in a LULU trade (since Tuesday) when the indicators on the big charts & 55 were absolutely lovely yesterday morning (Wednesday)so I stayed in which turned out to be a disaster by the close yesterday. I'm still in but think possibly I should have been Happy in Seattle yesterday morning. I reasoned that it is both a Splits & Earnings play w/good charts. My exits obviously suck!!Any idea where I went wrong? Ugh!

A Friend of Bill W said...
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A Friend of Bill W said...

The COG play was done on Tuesday Aug/30/2011 and not on Aug/29/2011.
It was a 1 day play. The fat pitch cross was formed on Aug/24/2011 on the daily chart. I did not enter the play earlier than Tuesday, because the Dow and Nasdaq futures, daily and 55 minute charts might have not been in sync. COG's daily and 55 minute chart might not have be in sync too. Also if there is no pull back, I would not have entered the trade. Or if the bull back was in the wrong directions, I would not enter the play. If you look at the 20 minute action chart, there was a pull back on it on Tuesday. Take it Easy!

A Friend of Bill W said...

For LULU I see a fat pitch on Aug/26/2011 on the 55 minute chart. I also see a fat pitch on Aug/24/2011, for LULU on the daily chart. What trend and decision chart did you use for your LULU play?

CERC said...

The LULU play was from last week until wednesday, for 80-100% depending on when you got in.

If you are concerned about your position, you have to evaluate your loss target and the month you bought. I had the March 2012 calls. If you didn't buy time then bill is more or less correct, you should get out (if your loss target has been reached).

A Friend of Bill W said...
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Ed 'shady' Brady said...

For access to a private site that has real-time HRFP scans and all set up instructions for Think or Swim, email: edbrady@gmail.com


Ed

Sunnyside Farm said...

Itook WSBS in 2001. Have long since retired. I use the weekly chart for decisions when buying for Vault as well as grand slam home runs for way out in time options. It is not uncommon to make ten fold over two or three months on calls. I have some calls in play now which have 50% profit now which I bought two weeks ago and they are still way out of the money.

P.S. TOS has the horse power of a lawn mower compared to Qcharts being a Vette.

Ed 'shady' Brady said...
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Ed 'shady' Brady said...

Completely disagree - TOS is hands down, the most powerful platform out there.

djpl8 said...

TOS my not be the best, but I just watched a futures trader make 67,000.00 from 6:00 sunday to 11:30 today using TOS charts. He used Ninja Trader for order entry. TOS is great for us traders on a budget

don said...

I would like to chat with someone who has been doing w/o successfully for a long time.I went through all the classes and the rtp ones also.I feel like I'm 75% there but needed some help.PLEASE,PLEASE,PLEASE HELP.


THANKS!!

A Friend of Bill W said...
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A Friend of Bill W said...
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A Friend of Bill W said...
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Ed 'shady' Brady said...

SODA was the play today !

Jordan's Adventures In Italy said...

Thanks, Friend of Bill W! Your last few posts must have been intended just for me! Thanks, too, to others who saw the LULU hrfp - at least that shows I'm not making this stuff up! But my exits are really horrible. I can't figure out how to calculate the relaltionship between a profit stop (i.e. TBB) and my options position. Example: if my position is 7.22 and the TBB price is say $59.00 - how do I know what position to set for the profit stop? Is there a formula for this because if I'd known the formula a week ago when LULU ran up {albeit only briefly}I would have set it to get out & be singing a different song by now, by golly!

Jordan's Adventures In Italy said...

Re: LULU Got in on 8/26 on the Daily. Trend was the Weekly. That was the practice trade however - the one where I'm still up $1,900 Thinking that the indicators were still going strong and to take my chunk out of the middle I got into the real $ trade on 8/29. And here I sit!

CERC said...

Jordan,
I believe you may be over thinking your exit strategy. You should decide if you're looking for a quarter, fifty cents, etc... and set that as your exit. Remember, "Happy in Seattle" and "Don't be greedy." The only plays I take for more than a dollar are generally post-split and HRFP and are multi-day plays(with the notable exception of Apple).

For example, if I bought Qs at the close yesterday, I would have put in a GTC sell for up a quarter. If I had played CAT yesterday I would have played it for 50 cents and been happy.

CERC said...

Don,
There will not be a WO of quality to play every month. I suggest looking at post splits and seeing where that takes you. I do that and do not trade every month, but I do average 8-12 percent per month (across the entire year).

Sunnyside,
Congratulations on retiring! I understand what you mean about TOS. It has been my experience that Qcharts ran faster than TOS and it is quite frustrating. However the added nicities of TOS plus the existence of actual software support is a great quality.

A Friend of Bill W said...

Just for the record! I use to do up a buck and get out for a good while, doing a 50 cent gain to a $1.00 fill. It kept me in constant fear mode, with little gains to show. By placeing a profit stop, I stay in my plays longer. It helps me to practice the rule, let your profits run and cut your loses. Up a buck and get out is nice in the beginning. I highly recommend a person to pratice the profit stop method, before they use real money. I recommend practicing the profit stop method for at least 6 months, before using it in your real trades. Test the profit stop method for yourselves, and see if it meets the acid test. You have to build up your confidence level, to use it correctly. By paper trading, I have built up my confidence level for using them correctly. I learned about the profit stops in the book called "The Market Maker's Edge". Its one of the 15 books on the book list, that is recommended by Gary W that we read. The biggest thing day traders use, is profit stops and stop losses. Day traders realized that mental stops, don't work well. As traders, we can rationlize why we should stay in a losing trade. And sometimes we can even convince others, why we should stay in a losing trade too. I speak by experience, not by theory. I never use a profit stop for W & O plays, printing press, and buffet method.

CERC said...
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CERC said...

Bill,
I'm glad that works for you! I do not find any fear at all in the .25, .50 or 3.00 way I look for exits. In fact I find it rather easy since most of the trading I do is based on the 930 entry for the 'work 9-5' trader. Doing this and not trying to get all of a trade has been terribly profitable for me.
For what it's worth: I do not trade more than 8-10 times per month, follow the rules to a T (at least I try to), and would quit my day job sooner rather than later, if I didn't have a commitment left.
The biggest mistakes I made were trying to overthink everything early on and allowing fear/greed to influence my trading.

Robert said...

Is it possible to use the 55/233 min charts that Gary recommends with the Think or Swim software? If not, what charts is everyone using?

A Friend of Bill W said...
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Robert said...

@friend of bill

thanks for your reply; but you are confusing me. I asked if it were possible to use the 55/233 timeframes and you said "yes" but then you said that you are using the 1 hr and 4 hr timeframes.

So, do you really mean to say "no" the charts can not be setup per gary's exact method but the 1 hr and 4 hr charts are "close enough"?

CERC said...

Robert,

Yes, that is what he means. The 60 min and 240 minute are pretty close and I could not tell a difference between them and the qcharts versions.

Catgirl said...

Several people have referenced TDAmeritrade's charting tool called "StrategyDesk" but I don't see this tool on their website. Does anyone know if "Trade Architect" replaced StrategyDesk? Is it a comparable tool? Thanks for your help!

Ed 'shady' Brady said...

You can download strategy desk here:
https://wwws.ameritrade.com/cgi-bin/apps/u/help/main?queryString=strategy%20desk

Robert said...

As far as I can tell, StrategyDesk *is* QCharts. It appears to be an older version of QCharts and can be setup exactly as described in 1-5 class.

I've been messing with it today and believe I'll stick with it rather than ThinkorSwim. I find ToS more difficult to setup and it will only approximate Gary's settings whereas StrategyDesk will allow for 21/34/55/233 charts.

Pretty awesome software for free.

Ed 'shady' Brady said...

Strategy Desk does not have Futures. If you want to gain access to a site that will show you how to set up Think or Swim with Gary's settings, email me edbrady@gmail.com

The site will also show you HRFP scan settings.

A Friend of Bill W said...

The Stradegy Desk charts time frames do not match the Q Charts time frames. The fat pitches are not correct on Stradegy Desk software. I checked and compared the two. I use to have stradegy desk too. The fat pitches don't line up at the same time, because the time frames are different. On Q Charts, Gary uses the Daily-10 month chart for his fat pitches. On Stradegy Desk they use a Daily-8month chart instead. The fat pitches are not on the money when closely examined. A fiend of Bill W. I recommend you compare the two. The parameters are the same as Gary's, but the timeframes that it goes out to is different. Once you have a lot of losses on Stradegy Desk, I hope you eighter go back to Q charts or try Think or Swim.

Robert said...

Has anyone signed up for Gary's new "crash course" in October?

Any thoughts on what it might entail, whether it'll be worth another $2500, or why DE students can't attend?

A Friend of Bill W said...

If you have a virtual account, I recommend picking 3 to 5 stocks, that are worthy of being vault stocks. And practice the buffet method with those stocks, when the monthly charts are right to do so. You can do this, while you are building up your real stock accounts in the trading leg, W & O legs, and vault leg. Gary says this a lot in his CD's, "Do, what you practice". By the time you are ready to buy real vault stocks, you would have mastered the buffet method. I recommend paper trading the W & O plays, and buffet method even if you only have a trading leg account. The goal is to be an expert at all 3 legs. A stable table, is what we are aiming for.
Take it Easy!

A Friend of Bill W said...

Correction! When the weekly and daily charts, permit you to do the buffet method on.

Ed 'shady' Brady said...
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Ed 'shady' Brady said...

Sorry - that was the 19/20 call spread !


Ws

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A Friend of Bill W said...
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A Friend of Bill W said...
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