Description
Day trading website with trade setups and chat room.
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2.3
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I have a lifetime membership (started in Dec, 2009) to GreatStockPicks, a daytrading service run by a gentleman named ‘Mike’ (this could simply be because he has the microphone!). It is basically a live trading room where Mike holds court and begins each day with a watchlist of stocks (which he adds to his website each evening) for potential purchase, and adds or substracts from the list as the stocks trade. He had about 200 members when I last logged in in the summer of 2010, and some of his members are expert stock pickers who make recommendations that Mike will either endorse or reject. Mike and his followers are generally looking to buy/trade stocks that show a very tight high pattern on the minute or hourly chart, and jump in when the stock breaks free of the tight range. My experience is that most days the room will identify about a dozen stocks or so with the right pattern, of which only a few will not provide a good opportunity for profit. Mike recommends to take half off after 10 or 20 cents, and let the rest run for a while. DOesn’t sound like much, but combined with the incredible consistency of the picks and the discipline of taking profits, Mike makes very decent and very consistent profits. After a while the members get the feel for these little gem patterns, and are able to identify and call quite a few for all the other traders in the room. There a couple of other patterns they look for as well, which I won’t go into now, and they also look for short sales based on breaks from a low, tight base.
Very highly recommended, you will learn a great deal over a few months, especially about pattern recognition and trading discipline. I don’t use the room these days, but may do so again in the future, because I’m presently focused on Forex.
Glen Jones,
The site looks very impressive. I see that posted results don’t include any losers – is his track 100% winners?? What is the impact of commissions on the trading so frequent? How are the prices impacted by his recs – he is seeeking very small profits (1-3%) but all his followers start buying and selling at the same time, doesn’t it impact the price?
Posted results are totally misleading! Not only do they cherry-pick only the winners, but they show the maximum move made by the stock, not their actual exits. Typical marketing gimmick to suck in gullible customers. Meanwhile, they put down other services for deceiving newbie traders! Mike also will pump stocks on Twitter without revealing he’s already in them. Total hypocrites.
Hi Kim,
It’s true that there are hardly any losers at all because ‘Mike’ always unloads half of his position early (10cents-20cents) and let’s the rest ride with a b/e stop. You see, these are stocks that are building a very tight base near the highs and the players at GreatStockPix put limit buy orders in just above the consolidation, with very logical stops just below the tight consolidation, so that any loses that are incurred are extremely small. As for the room influencing the stock move, yes it can happen but Mike restricts all the calls to stocks trading a million shares and up at least. What I found is that so many good ideas come up from the group (and myself when I was a regular), because they all know what to look for, that there were lots of ideas to go around. And commisions, well they all trade at the discount joints like etrade, Waterhouse, etc. and never seem to pay more than $10 per trade, and for those who trade a hundred shares or so, we recommended Interactive Brokers where 100 shares is only $1.00. The site is a real gem for those wanting to really learn from a guy who has earned his way and who specializes in very low risk situations. Note that in the bad times, there are hardly any recommendations at all, but I never encountered a day when there weren’t at least three or four decent prospects. Note: I indicated I started in fall of 2009, it was really the fall of 2008, and trading was pretty slow in those days.
I have learned a lot and profited from GSP. It is the best Investment I ever made. I had taken Trading Courses, spent Thousands, but they cant compare to GSP. I wish I had known about GSP before I had taken the courses. I highly recommend GSP if you want to be a serious Trader.
I have sat with my grandchildren and let them trade on my account, explaining how to use the Trading platform, and to find potential Stock Buys, and understand the information given freely by GSP. My grand children (youngest is 16) made winning trades first time out, having had no previous knowledge of Stock Trading. Even a kid can understand and profit.
John is correct in his assessment. I will not be renewing the yearly subscription. Do not challenge GSP a.k.a. Mike for entry exit or posting a bad idea as he abuses members and will kick them out of the room for disagree. Wayne is his go to man and also will not welcome new trailers or other styles. Half the time they chase stocks and only look to get $.05-$.10. They are too busy worried about other chat rooms that could actually make you money then themselves. If you want to hear rants on politics and warrior trading then waste your money here. Seems lots of other members challenging them and they spend more time trying to kick people out of room.
Spot-on accurate review!! These guys spend the most time & energy putting down other traders of any chat room I’ve been in by far (and I’ve tried many). They even have “moles” in other services who post realtime alerts of their competitors’ entries & exits! I heard them directly lie about the competitors’ trading methods to make them look bad. If you want to listen to Mike bitch on & on every single day about other trading services, and then spend just as long promoting his own room – be my guest. Sheeple subs chime in, as well as sucking up to Mike about how good the service is. Super annoying, tiresome – like being in a long infomercial every single day. Anyone with even slightly different opinions or methods will get mocked, shut down or even kicked out. They even constantly bring up former subs who left or got kicked out years ago, just to diss them. The whole thing is like a bunch of mean girls in high school – very unprofessional. Who wants to spend time around people who spend all their time & energy on putting other people down??
Wayne is a better trader than Mike, but also an annoying, snarky know-it-all. As far as their methods – small cap momo stocks, scalping breakouts of whole/half numbers, red to green, buying pullbacks, basic Level 2, yada-yada. They try to make it sound “proprietary,” but if you have any trading experience at all, it’s nothing new, stuff everyone teaches. Neither Mike or Wayne show their platform or PnL except cherry-picked snapshots, so they very well could be front-running subs and lying about PnLs much of the time.
They’re there to sell their $2000 course and seems like they prefer their members to lose money so they can sell more of their course. Chat room is already expensive and you’ll hear them sell their course all day long. They’ll never show their trades or sizes EVER,, and it’s all about selling their goofy course to those that are new to the business. There are many better places to learn to trade without them calling out positions that others in the room are shorting the heck out of. Great place to lose a lot of money from some jokers that have a few buddies in the room that help promote it. Sad to see what’s going on there.