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- Rated 2 stars
- Will Stockpicks
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Will Stockpicks is one of many stock picking services. I don't see a whole lot to recommend will stockpicks at this time. Very generic and its blog hasn't been consistently updated. It focuses heavily on penny stocks. Will Stockpicks offers instruction using real-time trades and in-depth explanations.
Trading stocks for short-term gains can be confusing and a real gamble for most people. Getting a grasp of the core trading terminology, choosing a good online stock broker and finding a winning strategy can take a long time. Most people look for shortcuts and lose money.
Stock brokers love it when customers trade often because the agent gets a commission on each transaction. Trusting a broker for stock advice is almost as detrimental as listening to a market “expert” on television.
He trades stocks every business day. He’s not a broker. His website is as much about stock trading advice as it is a live demonstration of his strategies in action. Day trading can move quickly, so having a plan before the day gets started is a good way to avoid making costly mistakes.
Many factors can affect a stock price. Being able to ignore the unnecessary information and focus on important market sector trends takes research and years of practice. Making short-term gains is more complicated than making long-term gains. If it weren’t, everyone would be doing it instead of pouring money into their 401(k).
It’s pretty easy to put the same amount of money into an index fund every month and realize a profit. That’s a safe and slow strategy. It’s better than a savings account, but relying on compound interest to build a sufficient retirement fund can take 30 years or more.
The website is simple. The “members” button in the upper-right corner of all pages across the site is where the magic starts.
Live Trading Screen
Members can watch Karaman make trades live starting at 9:30 a.m. EST on market days. The charts and graphs might be confusing to watch, but viewers can get an idea of how fast Karaman has to move to make the money.
Traders use different online brokers, so their screens will be different. Most of the time, it’s rather easy for users to customize the look of their stock screens. Copying Karaman’s layout might be a good start for new traders.
Nowadays, it’s not uncommon for people to have two or three computer monitors running at home. Considering that speed is important in day trading, investing in a big monitor or second monitor might be a good idea.
During live trading, Karaman talks a lot. He uses current trading terminology, not some slang he just made up to sound cool. After a few minutes of watching and listening to his live trades, it’s pretty easy to catch on to the trading tactics.
It might be hard to mimic Karaman’s trades in real-time, but there are plenty of stocks out there that behave the same way. Being able the recognize the signs of winning situations can give traders an edge on the market.
This is where the research comes in handy. Karaman does all the hard work and lists several stocks he’s planning on trading during the next trading session. He goes over what each stock has been doing and what he expects them to do in the short-term. Karaman goes into technical detail about his planned trades. Shorting is a big thing for him.
Unconventional trade techniques such as short selling can be risky for those who don’t know what they are doing. It’s better to learn from the mistakes of others rather than make them. Karaman not only lists his high and low limits for stocks he’s going to trade, but he also details how long he expects to hold each stock.
Karaman is careful with his trades. He only makes seven to 10 a day. He waits to strike. There is nothing spontaneous about his trading.
The video tutorials are more than how-tos, they show Karaman’s analysis of the stocks he’s watching. He details why he made the trades he did. Karaman describes his trading techniques and strategies.
Karaman is really into penny stocks. They are much more volatile than more expensive stocks. This gives traders a better shot at high average short-term gains. Video watchers will quickly catch onto terms such as “resistance and “support.”
There are two to five new videos a week. Karaman goes into great detail about his trades during the videos. The goal is to educate users so they can use the techniques to find their opportunities.
A recent example of a useful video tutorial was Karaman’s discussion of Nymox Pharma stock. Based on price trends, not news or industry factors, Karaman correctly predicted NYMX would have a significant price drop in a couple of days.
He recommended traders short the stock to win big. He predicted the price would bottom at $3.80 per share by the end of the week. It stopped at $3.73. Those members who took his advance must be pretty happy.
One thing Karaman emphasizes is setting a stop-loss on trades. By setting these kinds of limits, traders can protect themselves from catastrophic failure and leave the computer for a few minutes without panicking.
Setting a price goal is another good idea. There are so many stories about traders getting greedy with a stock and holding it too long. In the long-run, it’s better to sell at a profit and miss more profit.
Members Tips and Alerts
The active members’ chat room is a good place to interact with other day traders and pick up tips on hot stocks. Much of the other discussion revolves around new traders asking questions.
Members also can sign up for trade alerts via email SMS and the Remind app. The signals include information about the entry and exit price, stop loss, risk and expected holding time. Karaman rates his alerts as 60 percent likely to win or 80 percent likely to win.
After learning from watching live trades and reading through the watchlist, users should be able to make money off the daily trade alerts. These alerts are far better that what brokers put out with movers-and-shakers lists or market trends news. By the time TV viewers see news about stock trends, it’s probably about two days too late.
Karaman lists his open and closed trades in the portfolio analysis section. The portfolio tab can give users an idea of what to expect when they get into day trading. This can help traders avoid short-term tunnel vision and avoid trading based on emotion or greed.
Everyone has a bad trade once in a while. It’s good to step back and evaluate the situation before trying to win back recent losses. Setting upper and lower limits and sticking to them is a great way to avoid falling into a slump.
The length of a slump depends on the trader’s style. For some people, a slump is two days of losses, but for other traders, a depression can last a week. Keeping detailed records of trades can help traders figure out what they were doing that caused the slump.
A slump can damage a trader’s confidence, so stepping away for a few days and doing some practice trades can help restore confidence and stop a downward slide.
There are four plans on Will Stock picks. The basic monthly and yearly plans include most of the features available on the website. The premium plans add access to the video archive, weekly video lessons and the chance to chat privately with Karaman.
The yearly subscriptions offer a huge discount. Users can save $267 a year with the basic yearly subscription compared with the monthly plan. Most people probably will try the service for a few months before they decide whether day trading is for them. Even with help from the website, day trading does require work and discipline.
The premium feature of chatting with Karaman can be a real help for many traders. They can share their trades with him. Karaman will evaluate the trades and point out mistakes, so the trader will know what to do when a similar situation comes up in the future.
Some traders may wonder why they should bother working with a mentor such as Karaman. There are a few pros and cons.
- Speed up learning process
- Avoid silly mistakes
- Improve on techniques
- Requires patience and discipline
- Narrows traders focus
- Feels less like gambling
For those who try Will Stock picks and still feel they can do better on their own, great. The majority of traders don’t have the time to thoroughly research stocks and have not developed the instincts required to trade successfully on a consistent basis.
Some traders get lucky for a month and slump for the next three. That’s not a good record to have. In the information age, trade news and trends come out too fast for some book knowledge to keep up. What worked six months ago, may be a total failure today. Theory can sound excellent and safe in a classroom, but in practice, people often find a different reality.
Will Stockpicks posts trades every market day, so the research has to be cutting-edge. Businesses move faster every day because of continual technological disruptions. Traders have to be even quicker to win in the stock market. The sun does not set on the market, nowadays, except for a few hours on Saturday.
On the site, there is a convenient comparison chart of seven online brokers. Will Stockpicks favors TD Ameritrade as members will notice while watch his live trading screen. The brokers that charge less per trade usually require a minimum balance.
Experienced traders may notice some brokers are less friendly about cashing out from an account. Will Stockpicks includes a list of the promotions the brokers are currently running. This bonus can require pretty high deposits.
Another thing that separates the thinking on Will Stockpicks from stock brokers and some financial advisers is the size for investment account does not matter. Many advisers won’t bother talking with an investor who has less than $25,000 in his account.
Will Stockpicks mentors members with $500 accounts. Karaman knows everyone has to start somewhere. The trading principles are pretty similar no matter how big or small the account. Those with larger accounts tend to take more risks. Getting comfortable can be an invitation to sloppy mistakes and regretful losses. Will Stockpicks does not make money based on the number of trades a member makes. He’s about as independent as an investor can get.
The blog on Will Stockpicks is somewhat haphazard. The posts come at random intervals and usually are a rehash of video tutorials or the watchlist. The social media accounts tend to be lists of recent successful trades.
Members will be way ahead of the blog and social media accounts thanks to Will Stockpicks alerts and the watchlist.
To test out the site, visitors can sign up for a 14-day, risk-free trial without a credit card. Free trial users get access to the live trading chat room, real-time alerts, and the watchlist. For those who want to make money off the stock market in the short-term, the techniques Will Stockpicks teachers can be valuable and well worth the time and effort it takes to learn them.
Will Stock Picks: Live Trading Review
Summary: Will Stockpicks is one of many stock picking services. I don’t see a whole lot to recommend will stockpicks at this time. Very generic and its blog hasn’t been consistently updated. It focuses heavily on penny stocks. Will Stockpicks offers instruction using real-time trades and in-depth explanations.