Thursday, January 10, 2013

The Idiot's Guide To Wealth - Or Day Trading The Anti Turner Method

Garth Turner said a few weeks back that "Day Traders are idiots".  Well we've had a quick survey and apparently the feeling is completely mutual. However, as documented in the Anti-Turner ETF we feel his uncanny ability to top and bottom-tick markets (biased in the wrong direction) could provide a considerable edge for a trader.  

In the previous post "Fading Turner's Financial Advice", we took a theoretical longer term view based on Turner predicting further rises at the top, which we are confident will come to be known as "Turner's Top" in the fullness of time, however today idiot day traders made money directly from him. 

The chart below shows the original theoretical and imperfect entry, we could have banked 100 points on day two, but let it ride instead and were theoretically stopped out at  breakeven again earlier today. However "Turner's Top" really seemed like a good a place to bank some dumb money today, and so as the market hit the previous highs, some idiot traders shorted, as below.

This chart shows the 15 minute chart detailed (action) view, and how because of the high level of confidence in Turner's accuracy and timing, some idiot traders made 3000 points, in real life. After a few months of consistent profitability, some idiot traders might even be tempted to open up a PAMM and let the public invest in fading Garth Turner's financial results more directly.

Now if we could just get weekly direction calls on crude oil, EURUSD, GBPUSD & EURJPY we'd really be laughing.

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