Has anyone ever heard of Felton Trading? (www.feltontrading.com) | Trading Reviews and Vendors


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Has anyone ever heard of Felton Trading? (www.feltontrading.com)

  #392 (permalink)

Chicago, IL
 
Trading Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: CL and YM
 
Posts: 31 since Nov 2011
Thanks: 19 given, 53 received

A detailed summary of my experience with Felton

Hi all...I've been meaning to do this for a while, so with the renewed discussion on Felton's room, I thought now was a good time to do it!
I started a post on here...oh going on 3 years ago now...I meant it to be an impartial way to show my experience from joining Felton to being a profitable trader. Unfortunately, that didn't happen. And I had the time, at that point in my life, to really "dig in"...I watched back trainings, learned the software, sat in on live trading every day and watched the live trainings every day. I had conversations directly with Roger and Clint. I learned the system so quickly, that when I started helping others in the room, they made me an official helper for quite some time. I think I'm qualified to say I know both Roger and Clint pretty well, along with the system and the room. Although caveat that at this point, I haven't logged in for well over a year. Here is the rest of my story as I typed it up maybe 6 months ago:

When I began in the room, Roger (Felton) was scalping using line break charts. I’d watch him consistently win 80%+ of his trades. That is real-time trading, but NOT live trading. I’ve had my discussions with him on why he won’t trade live on screen and I understand his reasons for it. I don’t think that invalidates what he does per se.

I loved having someplace to go every day…I was quite new with futures, about 6 months, when I joined the Felton room. I loved the daily trainings. I started connecting with other traders. It helps not to be so isolated when you’re trying to make this your livelihood. It’s also great that you can get on the phone with Roger or Clint at any time, at no charge.

At some point in, maybe 6 months or so, I realized I still didn’t have a set of trading RULES. I talked to Roger about this. It left me very disappointed. He thinks “rules” are money management. To me, they are quite different. Rules for entry and exit are not money management. He doesn’t seem to understand or acknowledge the difference. Clint, for sure, understands that. So I called Clint. He talked me through how to put together a basic set of rules and start testing them. Clint is the gem of the organization.

My biggest complaint is that Roger made constant changes to how he trades in the room….there is always a new pet indicator that he created (or found and tweaked and called it his own). Then he discovered what he calls “renko supreme” bars…which are really just his version of the unirenkos you can find on futures.io (formerly BMT) for free. These bars were quite a radical departure from what he had been doing and some days he seemed to be hitting consistent (scalp) winners. So I decided to try it. Luckily I was still in sim only at that point, as I had some of the worst losing days ever. Nothing seemed to win with those bars, at least not for me. I began asking others in the room how they were doing. I couldn’t find anyone who was profitable with these things except people who were using other / more traditional methods in tandem…e.g. time-based bars, traditional technical analysis, etc. Even Clint and Roger’s daily profit postings seemed to be quite poor compared to their line break days.

I spent quite some time on the phone with Roger, explaining this and suggesting that perhaps he could let Clint continue to show the line breaks that had worked so well for many, and he could show the renko supremes and therefore, folks could have a choice. He seemed to like the idea, but nothing came of it. That’s when I lost interest and focused on my own path, which took me back to basics.

So while this is probably too long a story, here is a summary of my experience and viewpoints on Felton Trading:

Pros:
• It gives you a place to go every day and connect with others, see real-time trading
• Daily training
• Access to Roger and/or Clint
• Clint is also available for some technical support issues
• “Dr Mike” gives a chat on psychology of trading every Tuesday (just enough to try to sell you his services)
• If you listen to Clint’s trainings, you’ll totally get the basics of journaling, creating and testing rules, etc.
• Other students who do well are asked to create videos of how they trade and those are available to you, some of which are quite useful

Cons:
• Roger is constantly changing up his system. If you keep changing with him, you will never be profitable. (Possible remedy: when you find something you like, stick with it and don’t keep following his new gadgets…but if you’re in the room, that’s difficult to do)
• You will not learn much in the way of basic technical analysis here and I do believe it is important to long term consistent profitability
• The system is a memory hog on your machine; and watch out for updates as it can sometimes be buggy and crash your system and/or break your templates and you have to re-create them.

Summary:
Do you “need” this room? No. Do you “need” any trading room? No. As one of my personal heroes, Linda Raschke says…there are no shortcuts…do the work. Learn the basics, sit with your charts, start seeing patterns and setups for yourself. Learn to master your emotions. READ…a LOT. That having been said, if you want someplace to go every day and can find your own discipline to keep to the basics and create your own set of rules, the FT system may work for you. It’s not an out-of-the-box panacea for doing the work, however. And I don’t think anything is. But for what the Felton system costs, I think there are better options out there.

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