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September 8th, 2010 at 1:22 pm
jthoma: I do not disagree with you. It was a great call. Thats the main reason why I am still subscribed to this service.
I am in the trading business – I can tell when I see someone with a good market sense. There are 2 factors involved to make profitable trades through a advisory service such as this. The first factor is the obvious one – the "advisor" has to correctly identify the security to buy or short. The second factor, which many ignore, is the execution part. An advisor can make great calls, but if it doesn’t give one the ability to execute those calls, I am not sure if there is any use for that service.
David’s picks has been great all through the 2-3 months I have followed him. He has excellent sense for the market. I have profited from several of his calls. However, he has fallen short on several occasions in communicating his exits. If the exit method was fixed, lets say limit exit at 5-day moving average, then he doesn’t need to send a instant alert. But if the exit method is not fixed, then an alert would very helpful. I know that David in his heart probably believes that his exit is always fixed (at the open). But if he rationally looks back at his trading history over the past month, he would realize that he has not been consistent with his exit methodology. Thats perfectly alright. All I expect from him is to send an alert when he does change his exit methodology. If you all look at your emails, tell me how many times have you got entry as well as exit alerts? We get entry alerts, but not exit alerts.
OpTrader on this website has a good system. He sends entry alerts and exit alerts. In addition, if you check the website, you can immediately tell which positions he is still tracking and which ones he has already exited. I think thats a great system.
Again: I am not expecting David to get 100% of correct trades. I see some one with excellent market sense. If that could be coupled with a good execution system, it would make a great service.