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stressless trading - Jam's

  #68 (permalink)

Toledo, OH
Posts: 41 since Nov 2012
Thanks: 16 given, 46 received

For newbies

I wouldnt hold the man's faith against him, although he does it from a place of arrogance. However, Jam is no better or worse than your average guru/mentor despite the arrogance. We should keep the discussion to that. I will offer my 2 cents:
First and foremost, the simple truth of the matter is that successful traders are able to attract outside money to trade to capitalize on their knowledge. They are rare but you can find them. Their websites will generally have a Managed Account structure for participation. The other vast majority of them are counting on newbies to signup by offering them dreams of working from home etc. etc.. 10 new signups a month for a couple of grand a pop for their magic indicators and what you have is a better living than what they ever managed in their non trading careers.
He is probably more well read than your average trade room guy. Atleast 50 books.
Is able regurgitate some common wisdom all day long in his trade room, to the benefit of inexperienced traders and help with developing good habits like shutting down after a daily target, good R/R etc.
Has his own version of almost every indicator known to man, with a Jam prefix to claim as his own. You get that when you become a member.
He will keep you from blowing up your account by stopping you from trading if things are not going well.

Total inability to condense and internalize the vast amount of knowledge from all his readings. You can see his videos created in the past 12 months or so and know that his charts at any given time bear no resemblance to what he was doing just 4 months ago. He will, of course, blame it on markets changing or the fact that he is only improving things. The reality is that he is 'lost' as a trader evidenced by his need to go from taking trades off of 4 different moving averages and balance point trades, to a hideous moving fibonnacci box, to this new Woodies rip off MMA system. Even his bar types dont stay constant and undergoes a new senseless change to compensate for other deficiencies.
He is not a scammer, and wants to do the best for his rooms. He just hasnt figured out how to condense his knowledge into something that will survive markets over a 6 month to a year period.
His real money maker is his programmer who he can count on without fail to come up with the next shiny feature on his indicators, his latest being sliders to turn on features on an indicator in Ninja, without having to click through the dialogue box.
At his worst, he comes across as an indicator peddler first and a real trader last. At his best, I think he does enjoy teaching.
Finally, the trade room epidemic is so painful to watch from afar. I wish the NFTA or CFPB would come up with some guidelines for this sub industry soon.

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