In short: does anyone know or have experience with "Profits on Wall street" by Chris Hanson? i cant find any actual reviews online. Figured I'd post here to see what you guys think or if hopefully anyone here has experience with this guy. I've been trading for over 6 years now, i mostly keep to myself and don't get involved much in the trading community. Over the years I've learned all the hard lessons, lost the money and eventually built a nice strategy that works for me. With that said, my peers have an idea of what i do but obviously don't understand it. Recently a friend purchased a course and asked me to help them understand all the jargon. Naturally I'm always skeptical of online course, gurus and all that BS that every beginner thinks will make them consistent money off the bat before taking the time to experience what its actually like to trade and understand the mechanics of the market as well as the traded instruments. nonetheless I figured I'd help explain the course and sure enough... its whack to say the least. However, i feel i am perhaps being subjective due to natural skepticism of anyone who's random and claims their course will make you successful in this line of work. My main issue is that anyone successful in this field knows that different strategies work for different people. But instead of teaching the basic principles and allowing each individual figure out what works best for their personality these online guys tend to sell teachings of specific strategies without explaining what anything actually means or why their "proven strategy" works. Here's where questioning whether this course is BS or Just unnecessarily complex.. because lets face it, you cant sell simple. To start, the strategy requires that you have 4 different accounts, - first one for Heavy options trading (already lost me there) - second one you fund from your options profits (no armature will make it this far without blowing up the first account) and its purpose is to buy stocks and sell covered calls - third is just to hold stocks - forth account is for your retirement Already this makes no sense. At most 2 accounts is sufficient The next issue i have is the amount of technical indicators that the students are told to put on their charts. BB, RSI, MACD, ADX plus 2ema and 3ema... a bit much for anyone starting out to be looking at all at once. In my opinion so far this is just a mess to be teaching from the get-go. Let me know what you guys think and i appreciate all responses.
I don't need to read the entire post. Learn the heartaches and euphoria, and how to mange them on your own. Don't ever take a trading course.
The entire workshop is $2,000, this includes a copy of an audio recording of the workshop, plus a hardocpy course manual that is about 175 pages long. Oh boy. So you're already starting 2K behind the black-ball from the get-go, when you could have got top quality stuff directly from the books of real floor-traders from the CBOE/TSX/NYSE exchanges by only paying 20-cents in library fines. A fool and his money are easily parted... Oh yes, and 'hardocpy' is not my typo, but THEIRS directly from the website. LMAO!
Definitely should've read the post... Its a buddy that bought it and asked me to explain it to him... read the post