Jack Carters Book "Profit Rich Stock Trades" Review

[skiracer]

Ski How about a friendly stock challenge? ......BASED on this coming FRIDAY'S 1/13/12 CLOSE PRICES Select any 5 stocks you wish that are on either the NASDAQ, AMEX or NYSE stock exchanges . I will also select my 5 from the same exchanges . All stocks chosen will run for 5 DAYS until the close on Friday 1/20/12. I will utilize the lessons learned from Jack's Profit Rich Trades, and then we can evaluate the performance of all 10 stocks to see which ones made the greatest percenatge gains over that 5 day period........ARE YA ON ? Picks should be listed by DEADLINE SUNDAY 1/15/12
PHOENIX 7

Decided against it Phoenix. see no use in legitimizing this characters system or name in any fashion. Check out either HOV or GCA. These are indicative of the type of stocks I bring to this forum and my friends. my track record or picks dont need justification only the attention of those I so graciously let in on them and for free.

[Phoenix7]

Ski

I think you are going to learn that you just wasted $8 bucks.

Ski How about a friendly stock challenge? ......BASED on this coming FRIDAY'S 1/13/12 CLOSE PRICES Select any 5 stocks you wish that are on either the NASDAQ, AMEX or NYSE stock exchanges . I will also select my 5 from the same exchanges . All stocks chosen will run for 5 DAYS until the close on Friday 1/20/12. I will utilize the lessons learned from Jack's Profit Rich Trades, and then we can evaluate the performance of all 10 stocks to see which ones made the greatest percenatge gains over that 5 day period........ARE YA ON ? Picks should be listed by DEADLINE SUNDAY 1/15/12
PHOENIX 7

[Deaddog]

I made some money with JACK TYPE stocks , but I lost when I went for some of the HIGH FLIERS which were not JAck Type Stocks. OKE fits the JACK TYPE stock and it is at its 52 Week High , and provided the markets don't collapse should be in the winners circle after a 2-10 day period.

OK on OKE:
Here is what I'd like to know. Where's your entry? Where are your exits? What do you do after ten days if it hasn't hit your stop or your target?

[skiracer]

Dead Eye There is an old saying " A Fool And His Money Are Soon Parted"
I still feel the manuals were worth the few bucks they cost, because you did learn something.

I think you are going to learn that you just wasted $8 bucks.

[Phoenix7]

I'd rather have had that glass of wine you mentioned.
The book is all fluff, nothing specific. It all sounds good until you try it with the money you were going to burn. How much money have you made following Jacks system?

I made some money with JACK TYPE stocks , but I lost when I went for some of the HIGH FLIERS which were not JAck Type Stocks. OKE fits the JACK TYPE stock and it is at its 52 Week High , and provided the markets don't collapse should be in the winners circle after a 2-10 day period.

[Deaddog]

Dead Eye There is an old saying " A Fool And His Money Are Soon Parted"
I still feel the manuals were worth the few bucks they cost, because you did learn something.

I'd rather have had that glass of wine you mentioned.
The book is all fluff, nothing specific. It all sounds good until you try it with the money you were going to burn. How much money have you made following Jacks system?

[Phoenix7]

I think mine is recent as it came right from the publisher and has time limited offers to take his course and join his website.
You know the usuall act quickly or the price will go up type of bull sh*t.

Gotta love pushy sales people.

Dead Eye There is an old saying " A Fool And His Money Are Soon Parted"
I still feel the manuals were worth the few bucks they cost, because you did learn something.

[Deaddog]

Deadog that is not the volume I have , as mine I think has a 2009 date on it

I think mine is recent as it came right from the publisher and has time limited offers to take his course and join his website.
You know the usuall act quickly or the price will go up type of bull sh*t.

Gotta love pushy sales people.

[Phoenix7]

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Deadog that is not the volume I have , as mine I think has a 2009 date on it

[Deaddog]

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[Phoenix7]

Deaddog

I got and read the book, using the term book loosely; it’s more a sales pamphlet.
My copy is a spiral bound, 8 1/2 by 11, 68 page, booklet, published by Superior Information Inc. Actually only 45 pages if you start at chapter 1 and read thru to the end of chapter 9. The rest is a sales pitch for his trading course and the “Members only website”

The first 5 chapters are fluff. Jacks history (rags to riches of course) and why he wrote the book. A statement showing that in 1999 he traded 25k up to 96.7k in 12 months. Didn’t mention the number or size of the trades, wins, losses or drawdown.

He mentions that one day he traded over $1 million of stock but fails to mention whether it was a winning day or not.

He shows an example of taking $1853 out of the market with a 300 share e-bay position. One trade out of, well he doesn’t ever mention how many trades.

Chapter #6 things start to get interesting. He has 8 Components of his trading system.
The first has to do with controlling your emotions. He relates a story of a guy who loses ½ a million because he followed someone else advice and goes on to reassure us that after reading the book we will have the knowledge to pick our own stocks. (With the help of his trading course and software and website of course)

The second component is the most important!!!
The second component is to trade with money you can afford to lose. According to Jack if you would be upset if you set fire to that money you shouldn’t be trading with it. If you don’t care about the money it will be easier to control emotions. In a round about way he mentions that in order to win you have to learn how to lose.

Number three is to buy stocks that are going up. TA vs FA. Don’t pay attention to FA

Fourth component: The chart set up: Bar chart with 3 moving averages (I think) he calls them trend points. A short term, intermediate and a long term tend lines that should stack in order. Add volume. Choose stocks that are making new highs, MAs are stacked in order and trading over 500k daily volume.

Fifth component basically explains the fourth component.

Component six is choose stocks that trade over $15 per share. Also look for stock where the short term trend line has acted as support. Reiterates that daily volume of 500k is important.

#7 One of his most important secrets! Use market orders to enter.
Here it gets a bit confusing as Jack likes to enter while the market is going up, jumping on a moving train so to speak. He likes to enter after a yellow bar or a blue bar but a green bar is OK but he doesn’t explain what the color coding means. (First time color coding is mentioned)
Component #7 continues on into chapter #8: “When to Sell”.
Sell when the stock gains 2, 3, 4, 5 or more dollars higher than where you bought it. That’s it. As useful as Will Rogers “Buy a stock and when it goes up sell it, if it doesn’t go up don’t buy it”.

He mentions using a short term trend line as a stop point. Here’s a quote “ If a stock hits a short term trend point and if that trend point becomes resistance, then that is where you’ll have to sell the stock and take a loss” (Someone explain that one?)

Component #8 “How to insure you make big profits”; is a list of what not to do. Here are the main points.
Don’t trade with money you can’t afford to lose.
Don’t get emotional
Don’t enter a trade without planned exits
Don’t use limit orders to enter a trade.
Don’t allow yourself to lose more than you make. (Have a positive reward/risk ratio)
Don’t turn a trade into a long term investment.
Don’t listen to wall street hype.

Added to the above is the advice to take multi point gains.

That’s it boys and girls!!
Buy stocks that are going up and sell them for multipoint gains.

In my opinion the best thing about this book is it doesn’t cost much and it doesn’t take a long time to read.

Dead Thanx for your Synopsis ........EXCELLENT ANALYSIS! The Color Bars Are gotten from the "Trend Point Software" computer program he was selling for $3970 that picks automatically , following his criteria, the "HOT" Stocks.
You can Google "Trend Point Software" and see how Jack impliments the program.....Personally I would never spend that amount for any system, but to each his own.
Incidently the volume I have has approximately 150 pages , and is
entitled "Insider Secrets To Making Profit Rich Stock Trades!"

[Deaddog]

. I am reluctant to start quoting form the "Profit Rich Trades" book because of possible copyrite infringement,
AMAZON sells The Jack Carter Book "Used" for about 8 bucks plus shipping......If someone else reads the book , perhaps we can have more minds analyzing the system and trying it out real time to see how it actually works in practice .
" Insider Secrets to Making Profit-rich Stock Trades "How to Make Quick and Easy, Profit-rich Trades..part-time From Home..even If...the Stock Market Is Up, Down or Flat. An Amazing but True-life Stock Trading Success Story a Plan Anyone Can Follow! (Paperback)
by Jack Carter (Author) "

I got and read the book, using the term book loosely; it’s more a sales pamphlet.
My copy is a spiral bound, 8 1/2 by 11, 68 page, booklet, published by Superior Information Inc. Actually only 45 pages if you start at chapter 1 and read thru to the end of chapter 9. The rest is a sales pitch for his trading course and the “Members only website”

The first 5 chapters are fluff. Jacks history (rags to riches of course) and why he wrote the book. A statement showing that in 1999 he traded 25k up to 96.7k in 12 months. Didn’t mention the number or size of the trades, wins, losses or drawdown.

He mentions that one day he traded over $1 million of stock but fails to mention whether it was a winning day or not.

He shows an example of taking $1853 out of the market with a 300 share e-bay position. One trade out of, well he doesn’t ever mention how many trades.

Chapter #6 things start to get interesting. He has 8 Components of his trading system.
The first has to do with controlling your emotions. He relates a story of a guy who loses ½ a million because he followed someone else advice and goes on to reassure us that after reading the book we will have the knowledge to pick our own stocks. (With the help of his trading course and software and website of course)

The second component is the most important!!!
The second component is to trade with money you can afford to lose. According to Jack if you would be upset if you set fire to that money you shouldn’t be trading with it. If you don’t care about the money it will be easier to control emotions. In a round about way he mentions that in order to win you have to learn how to lose.

Number three is to buy stocks that are going up. TA vs FA. Don’t pay attention to FA

Fourth component: The chart set up: Bar chart with 3 moving averages (I think) he calls them trend points. A short term, intermediate and a long term tend lines that should stack in order. Add volume. Choose stocks that are making new highs, MAs are stacked in order and trading over 500k daily volume.

Fifth component basically explains the fourth component.

Component six is choose stocks that trade over $15 per share. Also look for stock where the short term trend line has acted as support. Reiterates that daily volume of 500k is important.

#7 One of his most important secrets! Use market orders to enter.
Here it gets a bit confusing as Jack likes to enter while the market is going up, jumping on a moving train so to speak. He likes to enter after a yellow bar or a blue bar but a green bar is OK but he doesn’t explain what the color coding means. (First time color coding is mentioned)
Component #7 continues on into chapter #8: “When to Sell”.
Sell when the stock gains 2, 3, 4, 5 or more dollars higher than where you bought it. That’s it. As useful as Will Rogers “Buy a stock and when it goes up sell it, if it doesn’t go up don’t buy it”.

He mentions using a short term trend line as a stop point. Here’s a quote “ If a stock hits a short term trend point and if that trend point becomes resistance, then that is where you’ll have to sell the stock and take a loss” (Someone explain that one?)

Component #8 “How to insure you make big profits”; is a list of what not to do. Here are the main points.
Don’t trade with money you can’t afford to lose.
Don’t get emotional
Don’t enter a trade without planned exits
Don’t use limit orders to enter a trade.
Don’t allow yourself to lose more than you make. (Have a positive reward/risk ratio)
Don’t turn a trade into a long term investment.
Don’t listen to wall street hype.

Added to the above is the advice to take multi point gains.

That’s it boys and girls!!
Buy stocks that are going up and sell them for multipoint gains.

In my opinion the best thing about this book is it doesn’t cost much and it doesn’t take a long time to read.