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The Beast Slayer, Lance's NQ Trading Journal


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The Beast Slayer, Lance's NQ Trading Journal

  #1041 (permalink)
 lamden 
San Francisco
 
Experience: Intermediate
Platform: TradeStation
Trading: ES
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cory View Post
he can't answer you


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  #1042 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
Experience: Advanced
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cory View Post
he can't answer you

Oops..lol

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  #1043 (permalink)
 
Linds's Avatar
 Linds 
Victoria, Australia
 
Experience: Intermediate
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lancelottrader View Post
After the automated Trading catastrophe, I went back to manual trading and decided to seek out something beyond the Wizetrade system I had been using. I started reading threads on a forum called Forex factory. I found that most of the posts had a similar pattern. Some forum memeber would announce his new "system"..complete with elaborate rules, bar types, charting and indicators. Usually several followers would make approving remarks and a few would sometimes be disparaging. Usually after a few weeks, the new posted "system" would undergo a series of changes. This would continue until the evolved system bore very little resemblance to the original. The one thing that remained constant was the lack of consistent results.

Then I found a thread that caught my eye..literally. I saw a series of Chart screenshots that were unlike anything I had ever seen. They were on a 1 second timeframe and were comprised of a multitude of bright colored moving averages of some sort, resembling a psychedelic kaleidescope. All the screenshots were of winning trades followed by cryptic comments like, "Charge on..the Universe awaits." When asked any question about his charts or methods, the person would write things like, "It's just like the noble Crane..who watches all the little fishes swim by..and waits for his perfect moment." Then usually some responses would be made by his very enthusiastic accolytes..like, "It works every time!" Follow the method and you can not fail!" If anyone dared question the Trading Sensei, the followers would rip into that person with venemous remarks. Naturally, I wasn't really buying into this whole Trading Master and his loyal disciples gimmick, at first...but I was intrigued.

I started experimenting with very small time frames and trying to duplicate some of the entries I saw on these multicolored charts. I saw some results but they were fairly uneven. Then, the Trade Master came out with this signal you could subscribe to. It would produce this red dot on the price line along with some sort of red and green bands on the bottom of the chart. When the dot, setup, and banding were in alignment, you would take an entry. To my complete surprise, the signal actually worked pretty well. I became a subscriber and traded the signal live and on Sim for two months. I was fairly pleased with my results. Then , one day, the signal was no longer available. I became rather upset and messaged the Guru and asked what happened to his excellent indicators ? He explained that the signal had been hacked and not to worry, he had come up with an even better indicator. Unfortunately, I failed to get the same results with the new one. I felt it was far inferior to his original. When I told him that, he said it was only because I didn't know how to use it properly. But..he informed me he was giving a seminar in Orlando in a few weeks at the low cost of only $2000.00. At that seminar, I would receive the proper training to use his new signal, learn about a new method as well, and there would be a guest presenter. I decided to pay the money, drive the 2 1/2 hours to Orlando and attend the seminar. In the next part, I will describe what happened there.


haha cant wait....I guess most of us have fallen for a scam of some kind at some early phase of our trading development

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  #1044 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
Experience: Advanced
Platform: ninja trader
Broker: Optimus Futures/ Rithmic
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Thanks Received: 5,386

Had a few frustrating moments today. Overall pretty good day.


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  #1045 (permalink)
 
Tap In's Avatar
 Tap In 
Bend, OR
 
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lancelottrader View Post
Had a few frustrating moments today. Overall pretty good day.

good trading on a day with not a lot of follow through

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  #1046 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
Experience: Advanced
Platform: ninja trader
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Thanks Received: 5,386

Happy with the way the day and week ended up. Hope everyone has a great weekend.


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  #1047 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
Experience: Advanced
Platform: ninja trader
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Posts: 1,112 since Oct 2011
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lancelottrader View Post
After the automated Trading catastrophe, I went back to manual trading and decided to seek out something beyond the Wizetrade system I had been using. I started reading threads on a forum called Forex factory. I found that most of the posts had a similar pattern. Some forum memeber would announce his new "system"..complete with elaborate rules, bar types, charting and indicators. Usually several followers would make approving remarks and a few would sometimes be disparaging. Usually after a few weeks, the new posted "system" would undergo a series of changes. This would continue until the evolved system bore very little resemblance to the original. The one thing that remained constant was the lack of consistent results.

Then I found a thread that caught my eye..literally. I saw a series of Chart screenshots that were unlike anything I had ever seen. They were on a 1 second timeframe and were comprised of a multitude of bright colored moving averages of some sort, resembling a psychedelic kaleidescope. All the screenshots were of winning trades followed by cryptic comments like, "Charge on..the Universe awaits." When asked any question about his charts or methods, the person would write things like, "It's just like the noble Crane..who watches all the little fishes swim by..and waits for his perfect moment." Then usually some responses would be made by his very enthusiastic accolytes..like, "It works every time!" Follow the method and you can not fail!" If anyone dared question the Trading Sensei, the followers would rip into that person with venemous remarks. Naturally, I wasn't really buying into this whole Trading Master and his loyal disciples gimmick, at first...but I was intrigued.

I started experimenting with very small time frames and trying to duplicate some of the entries I saw on these multicolored charts. I saw some results but they were fairly uneven. Then, the Trade Master came out with this signal you could subscribe to. It would produce this red dot on the price line along with some sort of red and green bands on the bottom of the chart. When the dot, setup, and banding were in alignment, you would take an entry. To my complete surprise, the signal actually worked pretty well. I became a subscriber and traded the signal live and on Sim for two months. I was fairly pleased with my results. Then , one day, the signal was no longer available. I became rather upset and messaged the Guru and asked what happened to his excellent indicators ? He explained that the signal had been hacked and not to worry, he had come up with an even better indicator. Unfortunately, I failed to get the same results with the new one. I felt it was far inferior to his original. When I told him that, he said it was only because I didn't know how to use it properly. But..he informed me he was giving a seminar in Orlando in a few weeks at the low cost of only $2000.00. At that seminar, I would receive the proper training to use his new signal, learn about a new method as well, and there would be a guest presenter. I decided to pay the money, drive the 2 1/2 hours to Orlando and attend the seminar. In the next part, I will describe what happened there.

I decided to take my girlfriend up with me to Orlando. The idea was that the day after the seminar we would go to Universal studios and do some fun things.
The seminar was held in a conference room inside the Embassy Suites hotel where we were staying. There was about ten of us altogether and most of the people there seemed like nice folks. The Guru entered the room with about three other guys and started everything fairly promptly.
The first part of the seminar was to be about how to use the new signal. He began with a long extended presentation of his credentials and resume. Apparently he was an extremely high level programmer, first and foremost. According to him, he was a Cyber security expert and an algo developer for the world's best hedge funds.
He said that most all of the top firms on Wall Street were using his technology, but he couldn't divulge who they were, due to his secrecy agreements he had signed. He said that all of us in the room should feel extremely fortunate to be able to learn from an individual such as himself. I noticed the two guys sitting next to him were nodding enthusiastically to everything word he spoke. They also would say, "Wow" after almost every sentence the guy finished. I deduced that these must be his disciples and were probably brought along to every seminar.

Finally he got around to talking about his new software and signal for Forex trading. He explained that he was constantly fending off hackers trying to conduct "industrial espionage" in order to steal his ingenious technology. They had manged to hack his original Forex signal that had worked so well for me. So the new signal was no longer available on charting like Ninja trader. Instead we had to go to a heavily encrypted webpage to get access. So you would have to look at the signal on one webpage and trade it on your own platform. He said basically the only technique required was to take all signals during your session. Then he said there would be a short break to be followed by a guest presenter. I was extremely disappointed. I paid $2000.00 for some special training and all he said was to take every signal.
I began to ask questions, especially since the signals were generating tons of losing trades for me. I asked, "How can you take every signal? Some of them can be up against support and resistance? What if it's before a news event? Certainly it doesn't make sense to take every signal ?" The disciples glared at me. How dare I question the Master?
He said the only way the math works out with wins or losses is to take every signal within a two hour time slot. Due to the fact that there was no way to backtest the signal ,since it only worked in real time, one had to have absolute faith in this guy and his software. I had some trouble with that.

After the break was over, it was time for the Guest presenter. I assumed that this was some sort of trading expert and maybe I'd learn more from this person. The guest presenter began with a Powerpoint slide presentation. The first slide was of a rather obese fellow, wearing nothing but striped boxer shorts and a glum expression on his face.
I looked around the room and saw I wasn't the only person with a confused look on their face. Then more slides of the rotund guy ..all without a shirt and always looking depressed. One guy in the back of the room uttered, "What the f..k is this?" Then the "guest presenter" explained that these were his before pics and thanks to this marvelous protein powder he was taking, he now was 50 pounds lighter. He claimed if we acted today, we could buy his miracle powder for a ridiculously low price. Even better, he claimed, we could also be distributors.
I was in shock. I paid $2000.00 to be suckered into a Network marketing pitch instead of a Forex seminar ? What the hell was this?

to be continued...

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  #1048 (permalink)
 
Rrrracer's Avatar
 Rrrracer 
On the road
Webinar Host
Trading Nomad
 
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Wow what a sham, this story keeps getting better and better lol... unbelievable.

A little old school for your weekend man, enjoy


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  #1049 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
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Rrrracer View Post
Wow what a sham, this story keeps getting better and better lol... unbelievable.

A little old school for your weekend man, enjoy


Thanks! I remember this video well, on MTV when it came out. Good stuff.

Have fun too, this weekend.

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  #1050 (permalink)
 
PandaWarrior's Avatar
 PandaWarrior 
In the heat
 
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I've been away for a long time but the forum still sends me updates on your thread. Finally clicked over and took a look. Great thread so far and thanks for posting your journey. I think it is beneficial for people to read about others that have made the same mistakes or greater than they have and that it is possible to succeed.

Anyway, good thread and keep it up!

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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