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Safety In The Market

Discussion in 'Trading/Investing Resources' started by Buy low. sell high, Feb 16, 2007.

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  1. investforwealth

    investforwealth

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    It's good to hear that you're making money from the techniques of W.D. Gann, because it seems to as though he himself wasn't able to. I've recently been reading Dr. Alexander Elder's book, Trading for a Living, and in it, he writes:

    “Various opportunists sell ‘Gann courses’ and ‘Gann software.’ They claim that Gann was one of the best traders who ever lived, that he left a $50 million estate, and so on. I interviewed W. D. Gann’s son, an analyst for a Boston bank. He told me that his famous father could not support his family by trading but earned a living by writing and selling instructional courses.”

    Is this also true of David Bowden, who it would appear follows in the footsteps of Gann?

    Elder continues, “When W. D. Gann died in the 1950s, his estate, including his house, was valued at slightly over $100,000. The legend of W. D. Gann, the giant of trading, is perpetuated by those who sell courses and paraphernalia to gullible customers.”

    Maybe Elder is the one who is full of poop... but I doubt it.
     
  2. theasxgorilla

    theasxgorilla Problem solved... next bubble.

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    Whilst Elder has a big following and guru status, I think it would be reasonable to say that he is very narrow-minded with his opinions.
     
  3. yonnie

    yonnie

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    S**T, are we not in Ozzie now?!?:confused:
     
  4. Fool

    Fool

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    trading seminars

    has anyone been to one of these ? or had any experience with safety in the market?
    they have a "REFUND POLICY" so can you really lose anything by trying them out?? besides your money in the market!!


    http://www.sitm.com.au/


    any advice anyone?
     
  5. AndrewM123

    AndrewM123

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    Re: trading seminars

    I attended an introduction after being persuaded to go with a friend, All information seemed to be readily available on the net without the cost. I googled them after the event and was not impressed with some of the results. Sundry clauses with the refund policy. IMHO
     
  6. SevenFX

    SevenFX

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    Actually did their course a 2 years ago, and not happy with a number of things, hence wouldn't recommend them to strangers, asf members or friends for that matter.

    Their software which they suggest they give you for free, but charge you 2500-4500 for course depending. (not very stable either and don't intend to upgrade it, and lenghty discussions, so would have had to BUY newer version...funny that)

    Their free Data policy for the software runs out after the first year, and cripples (disables) the software from still using it if you don't subscribe to the $600 annual fee.

    So the black box technology which they say is yours for life, has the biggest gotchya in it...rendering it useless.

    There are far better packages out there, and more stable.

    Sorry Love to say how wonderful they are after spending few $$$K with them. butttt

    SevenFX
     
  7. jammin

    jammin the amp's turned up to 11

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    I attended an induction type evening recently to see if anything had changed since I did the Starter course back in 1999. The only change seemed to be the prices have gone up since 1999, as you would expect, and there is now software available to save you doing all the entry/exit/RR calcs.
    From my 1999 experiences I would recommend them to complete novices who are unable to pull the trigger. They provide excellent support which, if used, would remove those reasons for not entering a trade.
     
  8. kam75

    kam75

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    For what its worth:

    Save your money for trading and read a handful of books by reputable authors. You may want to start with Reminiscences of a Stock Operator, by Edwin Le Fevre, and How I made 2 Million Dollars in the Stockmarket by the master himself, Nicolas Darvas.

    Alternatively, visit Google.com for sharesmadeeasy. A free trader's blog that may just show you what others charge 1000's of dollars for.
     
  9. beachlife

    beachlife

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    Sorry to dig up an old thread but I just registered and had to share this.

    I did the SITM course a few years ago. I traded it and lost money so I stopped and did 3 months of backtesting. The result was a huge loss. I spoke to my broker and he said most SITM fail within a few months.

    Since they offered support I sent my "account executive" my results and told them of my brokers comments. I was hoping that they would point out some error with my testing and put me on the path to massive riches. I also made them this offer....

    "I will do any course, and use any software, and use any broker, and use any set of rules and trade any market that you nominate. I will open an account with $20,000 and trade it for one year. I will give you full access to all trading statements and a daily report of scans and trade decisions. I will give you ALL the profits made after 12 months of trading, on the condition that the software, data, and training are provided free of charge here in Perth and that, if the account has lost money after 12 months, you will fully refund it. If your system and training are as good as you say it is then the profits should far exceed the cost of training etc so that is a great offer if you are prepared to put your time and money where your mouth is - I am!!"



    The reply from my "account executive" was......



    "If you dont mind me asking who is your broker?"


    I think that speaks for itself.
     
  10. sere

    sere

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    Hi,

    Any recent experience with Safety In The Market, during 2009-2010

    cheers
     
  11. dobsen

    dobsen

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    I attended a Safety in the Market seminar last night in Sydney and it was good information. Obviously they are selling you a course to get into the market. The whole package was $6480 but if you sign up on the night they would reduce it to $3995.00. Not only that they were offering a 6 months money back guarantee that if you dont make 3 times what the product costs you then you can return everything.

    Suffice to say a few people signed up on the night. Unfortunately for me I have heard the same patter in other seminars and I had already signed up with another company doing Index Trading which I am trying to make work.

    What they are explaining sounds OK, the presentation was OK but what I am finding hard to find on the internet is some testimonials from people. The only ones I find are the ones on their site but I want to find others.

    Anyone out there involved in this company and if so how are you going with your trading ?
     
  12. will2rob

    will2rob

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    I had a look at SITM before I started trading last year. Soon as I heard the spiel about the course being $6k but for the night being only $3k if you signed up then and there I knew it was probably a load of hooey. However, they were spruiking a no questions asked, money back guarantee if you weren't satisfied and returned all the materials in sale-able condition provided you hadn't done the weekend training course, which they try to book you into asap before you back out. Once you've gone to the training you're locked in.

    I signed up to have a look at the pack. I must confess, I had absolutely no intention of keeping the pack or doing their training, and I certainly had no intention of kissing $6k goodbye.

    Upon examination the materials were quite basic. The real hook is that once you've done the basic course, they'll sting you to do the advanced course which is where you'll REALLY learn how to make big money. I think there is a super dooper advanced course after that where you get to spend a weekend of quality time with Bowden learning how he has made a fortune out of trading. I did some research at the time and I think the figure to become a thetan level 7, sorry, I mean gun trader was in the order of another $12k+.

    Anyway, after I perused the pack I rung them and said I wanted a refund. They strung me along for a week or so until I just lobbed on the doorstep of their office with the pack under my arm. They couldn't avoid me any longer so they tried to quiz me about why I was returning the product. I told them their guarantee was "no questions asked" so I politely declined to give them a reason. Anyway, I stood my digs and after an hour or so being shuffled up the line they agreed to give me a full refund. It still took me a couple of weeks to get it out of them.

    Based on my experience, I formed the view they were a pack of shonks and I would not recommend them to anyone. They are part of the Hubb financial group who provides the EOD Data you are locked into. Other companies and serviced linked to this mob include The Hubb Organisation Pty Ltd, Optionetics Pty Ltd and optionsXpress Australia Pty Ltd, Investment Educators Australia and Sharesbulletin. HUBB has relationships with brokerage firms including optionsXpress Australia Pty Ltd, CMC Markets Pty Ltd and MF Global Pty Ltd. and they get a kickback if you use those brokers.
     
  13. georgey

    georgey

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    Safety in the market = POSITION SIZING. Because that's free advice
    some here are probably not interested.
     
  14. Garpal Gumnut

    Garpal Gumnut

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    A very very wise post mate.

    I'm glad you got your dosh back.

    gg
     
  15. tech/a

    tech/a No Ordinary Duck

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  16. Ruby

    Ruby

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    Re: Safety In The Market.

    I can think of quite a few others they should go after as well!!
     
  17. builder2818

    builder2818

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    Re: Safety In The Market.

    I am surprised that it hasn't happened yet. How do they get away with it?
     
  18. tech/a

    tech/a No Ordinary Duck

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    Re: Safety In The Market.

    Evidently the way ASIC work is on the weight of numbers principal.
    Once there are overwhelming complaints the machine gets going.
    The problem is its pretty toothless as all they need to do is place a disclaimer and thats it.
    Lots of OR's in their wish list to the court!
     
  19. Ruby

    Ruby

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    Re: Safety In The Market.

    They get away with it because not enough people complain and because ASIC is basically a toothless tiger. I know of two very genuine complaints made to ASIC about fraudulent practices, and they chose not to take action on either of them.
     
  20. luke256

    luke256

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    Re: Safety In The Market.

    I've done the SITM courses and never had a problem with the systems or the way they operate. A system may suit one person and be profitable for them. Then for someone else be unprofitable. They have a disclaimer on the website and terms of purchase. Anyone can read these and if they are unhappy with it they can walk away and not buy it.

    From what i have seen it is usually not the system but the trader who is too lazy to do the work or don't follow the rules properly.
     
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