Mindful Trader: A Good Stock Picking Service: A Review
Posted On September 8, 2023
(Last Updated On: September 2, 2023)
For those who’ve ventured into the realm of swing trading, the stock market’s rollercoaster ride is no stranger. It’s a place where emotions can sometimes take the reins, leading to decisions that defy logic. That’s where Mindful Trader Stock Picking Service, brought to life by Eric Ferguson, steps in, striving to guide traders towards a path defined by data rather than impulses. Mindful Trader, with its data-driven approach and comprehensive features, offers a promising avenue for swing traders, especially beginners. Eric Ferguson’s commitment to education and personal interaction distinguishes this service. However, prospective users should exercise diligence and conduct thorough research to ascertain its suitability for their trading journey.
In this review, we’ll provide you with all the insights you need to determine whether Mindful Trader Stock Picking Service is your ideal trading companion.
Introducing Mindful Trader: A Glimpse
As the name suggests, Mindful Trader is a stock-picking service advocating for a data-driven approach, tailored for swing trading—a strategy involving the opening of trades with a short waiting period, typically a few days.
One notable aspect of this AI-driven stock-picking service is its ability to shoulder the research burden, saving you valuable time, and making it a potential boon for those balancing trading with a demanding day job. Designed with beginners in mind, the program boasts features that facilitate a smooth learning curve.
Meet the Founder: Eric Ferguson
Eric Ferguson, the mastermind behind Mindful Trader, holds a degree in economics and mathematics from Sanford University, an achievement characterized by rare mathematical excellence. His educational background, coupled with his conquests in swing trading, fueled the inception of the Mindful Trader service.
A noteworthy aspect of Mindful Trader is its reliance on a robust back-testing system, reducing risk exposure. Eric employs the Monte Carlo method for this purpose, a simulation technique predicting outcomes based on random variables.
Unpacking the Key Features
Curious to understand the inner workings of this service? Let’s delve into its key features:
1. Stock Picks/Trade Alerts
At the heart of Mindful Trader lies the core feature: 6 to 8 stock picks distributed to subscribers weekly (though the numbers may vary). Each alert comprises several essential elements:
Price: Eric Ferguson’s designated entry price for opening new positions, is a critical piece of information for aligning your strategy.
Position: Indicates whether to buy (go long) or sell (go short), with a preference for buying.
Profit Target: The price at which Ferguson plans to close the position to secure profit.
Ticker: A unique reference ticker representing the company’s stock listed on the NYSE.
Stop-loss: Includes a stop-loss suggestion for risk mitigation.
Time Limit on Trade: Notifies when Eric Ferguson intends to close the position, regardless of its profitability.
These alerts can lead to three possible scenarios: hitting the stop loss and closure, reaching the profit target and closure, or closing due to the predetermined time limit.
2. Trading Education
Mindful Trader supplements its services with educational videos, catering to traders of all levels. Eric guides subscribers through both basic and advanced trading strategies, shedding light on trading indicators. The platform recently introduced educational videos on options and futures, enhancing its educational offerings.
Eric’s educational content reflects his approachable and trustworthy demeanor, fostering a strong bond with learners.
3. Direct Contact with Eric Ferguson
Differing from other program developers, Eric encourages direct contact with subscribers. Upon joining Mindful Trader, you gain access to his personal email, ensuring prompt responses to queries. Eric values interaction with his followers, even permitting phone and Zoom calls when necessary.
4. Backtesting Tool
Mindful Trader integrates a formidable backtesting system, essential for refining trading strategies. Covering over twenty years of historical data, this tool is a treasure trove for traders seeking data to validate their strategies. Eric invested over $200,000 and four years to perfect this tool.
5. Wealthy Heart Blog
The Wealthy Heart Blog complements the educational aspect by delving into the significance of mindfulness in economic analyses. It aids in grasping the strategies employed in identifying ideal stocks for swing trading.
6. Paper Trade (Demo Trade)
Mindful Trader doesn’t include a built-in demo trading feature, as it’s not a brokerage platform. Eric suggests using a separate brokerage platform for demo trading to better understand his strategies.
7. Bonus Email Alerts
Beyond stock trade alerts, Eric sends bonus emails covering diverse topics, including stock-pick updates, financial market insights, current positions, and anticipated changes.
Performance and Resilience
Eric Ferguson’s Mindful Trader boasts an impressive 20-year performance record, offering an estimated median annual return of 146% over this extensive period. This journey has seen its fair share of market turbulence, including the 2020 Covid-19 pandemic and the Dot-com bubble of the early 2000s. However, what sets Eric apart is his ability to secure positive returns even during challenging times. For instance, achieving a 72% return amidst the 2008 recession aligns with the aspirations of most investors.
In addition to the 20-year performance data, Eric provides a snapshot of his daily returns over the past six weeks. This real-time update ensures subscribers gain insight into the guru’s current performance.
Mindful Trader’s primary function revolves around providing stock trade alerts for users to replicate in their own trading activities. It does not manage investment portfolios or request access to sensitive personal information. During the signup process, only your email address is required, and no further personal details are necessary.
Account security primarily rests on your choice of a brokerage service, where you should seek assurances regarding the safety of your account.
Pricing, Cancellation, and Refund Policy
Interested in Mindful Trader? Accessing the full array of services necessitates a monthly subscription fee of $47. While this pricing might initially appear steep compared to other services, it becomes justified when considering the substantial value Eric’s program delivers. Features like the Mindful Trader backtesting tool, comprehensive alerts, personalized support, and more make it a compelling offering at its current cost.
Cancellation is straightforward, with no rigid conditions. As a monthly subscription service, you are not locked into lengthy billing cycles, such as quarterly or annually.
Is Mindful Trader Legitimate?
Multiple factors validate the legitimacy of this service. The foundation of over two decades of historical data analysis lends credibility. Additionally, the subscription commitment is minimal, requiring just one month to access the service fully. Transparency is a hallmark of the program, even allowing direct contact with the founder, Eric Ferguson. Eric’s reputation in trading circles further bolsters the service’s authenticity, with no notable scandals associated with him.
Ideal Users for Mindful Trader
Mindful Trader is tailored for traders who:
Embrace a data-driven approach.
Seek substantial returns but lack the time and capital for day trading.
The service’s straightforward stock picks, supported by over 20 years of historical data, simplify the process, making it an attractive option for traders looking to incorporate data analytics.
Pros and Cons
Like any offering, Mindful Trader presents advantages and disadvantages, with the former outweighing the latter:
Flexible subscription cancellation.
User-friendly and comprehensible.
Abundant educational resources.
Robust backtesting tool.
Novices may find the subscription price steep.
No alerts for new trades.
Frequently Asked Questions (FAQs) as published on the website
1. What do I need to get started?
After signing up, all you need is a trading account. You don’t require any prior trading knowledge. Having some capital to trade with can be beneficial, but you can still learn the trading strategies without it.
2. What’s the catch to your service?
The challenge lies in navigating through drawdowns. Not every trade will be a winner; that’s not a realistic expectation. While the potential rewards can be substantial, it’s typically not an easy journey. Additionally, there’s always an element of uncertainty about the future. Despite extensive quantitative research, future outcomes are never guaranteed. Every investment carries some level of risk, including trades based on stock picks and trading strategies. Please refer to the full disclaimer for more information.
3. What if I don’t like the service?
No problem! You can cancel your subscription at any time. It’s a recurring monthly fee, so simply unsubscribe from future billings, and you’re good to go.
4. Do I have to be mindful or meditate to use this service?
Absolutely not! While mindfulness has personally benefited me in handling the emotional challenges that can arise in trading, it’s not a requirement. I extend the option to explore mindfulness if you’re interested and believe it could help, but you’re free to disregard any mindfulness-related content if you prefer.
Mindful Trader is a service dedicated to providing high-quality insights into swing trading. If you’re curious about the performance of Eric Ferguson’s stock alerts, you can join his mailing list without committing to the full service. Additionally, Eric frequently shares videos and blogs, offering updates on his portfolio and the broader stock market landscape. His clear explanations aim to simplify the process for future swing traders, making Mindful Trader a valuable resource in the world of trading.
Best Ways to Access Stock Picks
When you subscribe to the Mindful Trader service, you gain access to all of my real-time stock and options picks. Here are the best ways to stay informed about these trades:
1. Live Positions Page:
I typically post new stock and options picks each day, usually within an hour of the opening of the US stock market (6:30 am Pacific Time).
You can regularly check the Live Positions page to see the latest trades. Consider setting up reminders or alarms to help you remember to check daily. It’s important to note that a slight delay between my posting and your viewing may not significantly impact the trade’s effectiveness.
2. Set Up Alerts:
If you prefer immediate alerts for new picks, you can configure website monitoring services provided by third-party apps. While Mindful Trader is not affiliated with these apps, I’ve reviewed and tested one called Wachete.
Wachete allows you to receive alerts on your phone and via email every time I post a new trade. It costs approximately $10 per month. Instructions on setting up alerts with Wachete can be found in this video [link].
Another option is Page Probe, a free Chrome Extension that sends desktop alerts when I update the website with new trades. Numerous other apps are available, so feel free to choose one that suits your needs if you wish to set up alerts.
3. Monitor the Watch List:
For those willing to invest a bit more time, you can keep an eye on my Watch List. This list specifies exact prices I’m targeting for specific stocks. I set up “buy orders” at these potential entry prices (up to my available buying power). You can do the same to potentially enter the trade simultaneously with me, even before I post it on the website.
4. Morning Email Commentaries:
I typically send out daily email commentaries in the morning. These emails provide insights into market conditions and updates on my portfolio. While they don’t serve as specific “alerts,” they offer valuable information about my stock picks.
Important Note: I do not send text or email alerts immediately upon making trades. This is because I believe sending alerts might create undue urgency, whereas data suggests that an immediate reaction may not be necessary. Additionally, sending time-specific alerts could potentially be considered market manipulation, which is not in line with the principles of legality and transparency that I adhere to.
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