Manny Backus's First Hour Trading

[padre911]

Re: If not Backus then Who??

Ok, Hoggums, your number of postings and being a Legendary Members says that you have been around the block a few times. I am currently getting beat to hell with my trades, all shorts climb and all longs crash!! Down over $147,000 since Oct 8th, and now only have the 25k left. If someone did the exact opposite of my trades they'd be up over 350,000 just since July 5th. So I too have looked at Manny and VantagePoint. I'd be willing to pay a competent trader 20 - 40% of my gains to learn how to do this profitable!!!

Dahbu

I was a subscriber to Manny's First Hr Trading, my first trade I made 1700 dollars I was ecstatic! I see nothing bogus about his service. He is a momentum trader.Some times the stock goes the other way. Most of the stocks move very fast and U can miss his entries.I did most times.I tried to find where he gets his trades from I found that he picks them from the after hrs trading, where the stocks gap up or down considerably.Most times he would be out of a trade and the stock would still be going up or down.I think U could make money of his picks, but U have to know what you're doing, as the stocks move fast. I don't think he picks ill liquid socks as some people suggest because the stock are moving fast even before he calls the entry, and he gives the calls at 9:15 and the market opens at 9:30 some people even got in before the call, buying pre-market. I've seen his stock picks move up and down with plenty of momentum. So if you know what you're doing you can make money short and long. My port is down for day trading right now which has nothing to do with him. If I had a say......30G port I would certainly be with him still. I think he is legit in that he offers you a free trial, and you don't have to play his calls. Some days he gives 2 calls but I could never play both stocks as they are vary volatile in that they move up and down real fast.One of my mistakes is that I should have bought like 500 to 1000 shares instead of 3000 etc. I think it would work if you take your time and start small. until you get used to it. Like i said sometime the stocks run long after he's out. And sometime they go opposite to what he calls. In the end you are the one pulling the trigger. I find it exciting and it could be rewarding if U know what you're doing. If you're a 'newbie' be careful . Hope this helps.You say U need help? email me at [email protected]

 

[padre911]

Re: Mannt Backus - First Hour Trading

I've been watching Manny trade for a couple of weeks and received an offer to buy his system for about $2,700. He charges $297 per month to trade with him and it appears to be legit. Has anyone purchased his system? I'm wondering how much "back room" effort one needs to go therugh to make his system work? Any other thoughts are appreciated.

Not a bad system if you know what yo're doing. Stocks he picks move fast and can go against him.He sometime will not play his picks because they move the wrong way.In the end you are pulling your own trigger. Many times he's don with the trade and the stock is still moving higher. or it can reverse big and you can short it. I thing ther'se money to be made if you're experenced. Newbies beware.email me for more info to help you out [email protected]

 

[padre911]

Stevy, how are you able to daytarde with a 10k account?

I was thinking of switching to Lightspeed from tradestation as the TS platform I never can get comfortable daytrading with the interface. Love the charts, but not a daytaders dream for entering orders.

Cant speak for Manny's service but IMHO the key to daytrading is just getting some active stocks on the watch list and play them using momentum either up or down. Hard to profit from flat lines....

I use lightspeed too email me I'll hook U up with a nice chat [email protected]

 

[padre911]

here is my experience with first hour trading:

- joined last month on the free trial
- opened a trial with lightspeed.com trading platform - i used a 5000 dollars to see if i could profit on a demo. To first hour trade you need a super fast platform (direct access to the stock market), to get in quick. Using the demo i have made a profit every day for two weeks with one loss and one break even.
- now started real account using lightspeed.com platform - trading 10,000 dollars.

My advice is try First hour trading for free to see if you can profit - make sure you get direct market access and use a margin account so you can sell. Also, you don't need to get in exactly when manny does - he usually makes a trade within first few minutes so you get an idea of when you should get in. I also sell for my profit before manny does because i'm happy with 50 - 100 dollars profit every day.

Use manny as a guide and get Direct market access software and i think FHT is just awesome - i look forward to trading in the morning.

Also - don't trade with money you don't want to loose - that way you just have more confidence to follow the trade through and accept the stop loss you make. Be diciplined and know when to stop trading - don't overtrade.

One last thing - the person above complained that manny traded to fast - manny doesn't trade to fast but he just trades to slow. In volatile first hour conditions you got to be on your feet and ready to move. Manny picks two stocks every day so be in a position to buy either of them quickly on the whim with just one press of a button. I devised my own system with lightspeed so i can buy either stop straight away when i hear the sound or just want to plunge in. I have one stop open with a limit order and on "modify" - i switch the modify stop to market buy so i just press one button to buy it. The second stock i have ready to buy in the normal place - just one press of a button and bingo i'm in.

Please email me I need to know how to work those hotbuttons. I use lightspeed too. [email protected]

 

[padre911]

When it comes to a lot of these stock advisory services, most of the time, the advisor buys the stock the day BEFORE. Then, the next day in the chat room, they tell you to BUY. As soon as the market starts moving up, they SELL. Then, right after they have sold their position (at an amazing profit), they tell you, the victim, er, I mean the client to sell.

On top of all that, they are charging you a MONTHLY FEE to do all of this!!

This is a well known problem in the stock advisory service "business" out there on the internet. I do not think that options advisory services have this problem, as the price of an option is driven more by the price of the underlying security.

Its impossible for 10,000 or 50,000 shares to move a stock in any direction. U must be talking about a 'pump and dump' which requires hundreds of thousands,if not millions of shares to move a stock in any significant way, IMHO. I'm jut saying