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"Bob Buran traded for me in the early nineties." (Page 92)
"I have a world of respect for Buran because he still trades his system to this day. He is the only trader I've met who is transparent. He published all his trading statements in 1991 when he sold his system (me: now why would he do that??), and he still posts his daily stock trades and P&L on his blog." (Page 93)
"I funded 16 different trader over three decades, and only one ever made money -- Bob Buran. So, I don't back traders anymore." (Page 127)
I am always skeptic about professional traders selling stuff. That is not say you can't learn something from them. Hope it helps.
Little off topic, but
Wow! You even remember page numbers? I just recently read that book and I can barely remember name of this guy. And I suspect that too because she does mention him in couple of her seminars/videos which are available freely on YT. Respect
I subscribed to Bob's system a few years back. He is legit and his program works. The concept is pretty simple and you can grasp most of it from just reading through old articles on his website. He pretty much describes his system simply but there are a few details coded that you could not get from free online information. Basically a momentum long only strategy based on previous day high/low that will stay in trades anywhere from 1 to 3 days. The real reason the strategy works is because of his portfolio selection process, which is superb. I backtested the strategy on a larger portfolio selection over a wider timeframe and it pretty much breaks even. From what I gather he looks for stocks that are about to move though and that is the key.
He posts multiple times a day on Stocktwits, posts a youtube video everyday, and posts his daily profit loss on his website daily. I can vouch for him that everything he posts is legit.
The problem I had with the system is the maintenance and fill issues related to running so many strategies and likely tradestation issues. You will have a portfolio of around 50 stocks and these are each on their own chart and he changes about 50% or so of them once a month (you can see these stocks on stocktwits posts). Not too much of a burden to be honest. The real trouble I had with the system was getting fills and strategies reporting fills when they were supposed to. Multiple times a week I would have stocks that he would have a fill on that my strategy wouldn't have an order on (until I restarted tradestation), or would have a strategy order but not a real fill (trademanager reports a mismatch). He trades his system with manual entries and exits but I don't have the time for that. There were so many days that he would post huge gains that I would have minor gains or losses on due to strategy issues. I'm guessing most of my issues were tradestation related with potentially a handful of strategies all trying to fire at once or data stream issues. The system may be better handled on Multicharts or prosuite which is what he uses.
But at the end of the day he is legit and his trades have all of the potential that he posts everyday (if you get filled). I still check up on him every once in a while and he has had an amazing year even with a long only strategy.
Thanks for the thorough explanation regarding your experience with Bob Buran's method! You mention many practical aspects that I was wondering myself when reading his articles.
As the choice of stocks to trade seems to be crucial, then I have a question if the screening process is something that he teaches as well in a mechanical manner? Or does he just keep updating and sending out the new list to his students every once in a while? Meaning it would not be possible to replicate his operations 100% on your own without following him.
He does not teach how to pick the stocks, they are just emailed once a month. There is an old article on his website that I thought might be the process as this was something I was very interested in. I reached out and the response was that he does not use that method anymore and did not give out this information. Its not like there is a monthly fee though to get the emails, you sign up and its for life. So if his portfolio is making decent returns you can kind of just set it and forget it (outside of making sure you get filled). It would most certainly be possible to replicate his results if you took the time to figure out why he was choosing certain stocks. The strategy itself is super simple and as I said you can grasp what it is from reading articles on his website. The key is picking stocks about to move and have follow-through when they do move (sounds really dumb when I write this because that is what we are all looking for ).
Honestly for anyone looking to get a super simple method that you have to do zero work except change out some workspaces once a month, this is a great system. If you could get it to work better than me and made sure you were getting correct fills, you could set it and forget it while you traded elsewhere or worked your day job.
One other thing I forgot to mention, you do need enough capital in your account for day trading capabilities. It is not a day trading system and you will not accumulate technical day trades but the system might have 10-20 buys a day and you will get flagged after a few trades for not having day trade abilities. So for me it was 25k with Tradestation in order to make this work.
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