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Has anyone tried eminiacademy.com?

  #83 (permalink)

Moscow
 
Trading Experience: Beginner
Platform: Trade Nav., NinjaTrader
Favorite Futures: ES, TF, 6E
 
vovan348's Avatar
 
Posts: 460 since Mar 2011
Thanks: 612 given, 405 received


JS12 View Post
Vovan,

I think one other thing you need to work on with this method is how are you going to exit? In other words, come up with a solid exiting strategy.

From the people I have spoken to who have taken the EA course, they have all said the same thing. The exits are very discretionary, and if you keep changing your strategy, you will get burned.

This is the problem that I have with the vendor's videos on his blog. If you notice, he ALWAYS exits the trades at the best possible location, and this is unrealistic. He's got about 10 different points of exit, but yet he always manages to pick the right one. This is where the method becomes flawed in my opinion.

Let me explain...

If you watch his videos, these are his exits spots. Sometimes it's the 61% Fib Ext., sometimes it's the 100% Fib Ext, sometimes it's the Outer band, other times it's the TML. Sometimes it's a support or resistance level, sometimes it's when the MACD BB's show him divergence. Have I covered them all yet? There might even be a few I am forgetting. Oh, and sometimes he exits the trade on his full amount of contracts and other times he exits half of them, and let's the other half run.

The point here is, how does he know which one to pick? It is my opinion that he does not trade this strategy, and does NOT know which one to pick either. This is why it's easy to sell the course, and on the videos show the best possible exit point. Then newbies look at the video and think this guy is awesome, when in reality it is not possible to exit this way in real time.

So basically, my suggestion to you would be to come up with a plan and stick to it. That will be the only way you will really figure out if this method is working for you.

Thanks JS12!

I've been thinking about exit strategy for my method over the weekend and also about reversal entries. EA don't take any reversal trades and they take only continuation trades from the MB. So I didn't really have any rules made for entries and I couldn't use fib extantion for exits. I had to come up with the system that gets all of those trade with the same exit rules.

Another thing I was thinking about was entries. Last week market was really slow and I didn't have a lot of signals with EA strategy. Even this morning I attended a free class with EA and according to their software we had one signal marked at the chart but that didn't have an entry pattern and second one didn't have RvR ratio. So looking at the ES chart you can see that this morning we had 3-4 points movements and we didn't have any valid entry signals. They said that market was just choppy and it didn't respect their areas.

So I had to come up with my own areas and my own rules.

I replaced TML with trigerlines (80;20) and I added swing indicator that shows me highs and lows that gives me a reason to move my stop loss or just close my position.

I tried it today and I made 6.25 points with the "choppy market" like they said. I've made video with my trades and I'll add link when it's done uploading.

Here is my video with new indicators:
http://www.youtube.com/watch?v=NkAJYKAcK3U


Last edited by vovan348; May 4th, 2011 at 01:32 AM. Reason: add link
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