Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Persistence! Nothing in the world can take the place of persistence.
Talent will not ... nothing is more common than unsuccessful men with talent.
Genius will not ... Unrewarded genius is almost a proverb.
Education will not ... The world is full of educated derelicts.
Persistence and determination alone are omnipotent! Calvin Coolidge
Can you help answer these questions from other members on NexusFi?
Just to be clear, Byebyemoney (aka Michael Chin), Mack, and VWilson are all different people.
Byebyemoney trades live every day on Youtube. He streams the first few hours of the NY session. He explains what he's thinking as the market develops. Then he starts chanting "Don't copy my trades. Don't copy my trades. Don't copy my trades." Then he enters a trade, which you see on his NinjaTrader platform. All in real time.
Also it's free. I don't recommend that anyone pay for trading education. Except maybe Mack's PATS trading manual (US$99), which I thought nicely tied all the things together that I had been learning in Byebyemoney's livestreams and VWilson's videos.
Just to be clear, the 2-legged strategy isn't "his". It's been around a while. I think I first saw it 5-6 years ago when I went through Al Brooks' books. It's also the core strategy in Mack's PATS trading manual. VWilson, whose free Youtube videos are the best educational material out there for this sort of scalping, describes himself as a student of Mack. There are another 3-4 youtubers who have set up channels based on this strategy.
As for my owntrading, my win rate with 2-legged pullbacks is 80%+ with r:r around 1:1.8. My win rate on other setups is around 72%. I'm still working through some deep-seated revenge trading issues, but I recently started passing prop firm evals and am now trading funded accounts with Apex, Leeloo and Tradeday. I have a trading journal that I sometimes update, in case you're interested:
I just signed up for Leeloo's 150k tryout. They had a promotion for 60% off, so I'm paying $122 per month for 15 contracts, $5k trailing drawdown, and $9k target. If my recent performance in demo is any indication (heh), I should …
Byebyemoney is Michael Chin. I think there was a lawsuit between Mack and Chin, and now Chin can't sell trading courses or services under his name, but this is speculation on my part. I have no opinion about the dispute between them. I'm a scalper who trades mostly ES and find the material from both to be useful.
I know, own and have Mac's PATS course. I know and own Al Brooks course. A few actually. I don't know the others.
Macs PATS is a second entry system based on the same second entry technique Al Brooks uses.
There is nothing special about the technique. Identify trend. Wait for a pullback, a continuation, and a second pullback. Buy/sell on the breakout of the second breakout entry.
Simple. NOT easy.
This like all trading is just a framework to place trades. Nothing more.
I will have a look at those guys for fun but that's about it.
That guy must have specifically copied Mac to get in trouble because the idea is free. Copy writen material isn't.
Those are outstanding numbers! The problem with scalping has always been that the win rate needs to be extremely high because the R:R is always very low. With a win rate of 80% and a R:R of 1.8 you must be making a ton of money!
How long have you been trading that setup and how many trades do you have with it?
Persistence! Nothing in the world can take the place of persistence.
Talent will not ... nothing is more common than unsuccessful men with talent.
Genius will not ... Unrewarded genius is almost a proverb.
Education will not ... The world is full of educated derelicts.
Persistence and determination alone are omnipotent! Calvin Coolidge
Thanks! I've been trading for about 6 years, but much of that was a detour into a forex black hole. I returned to futures earlier this year and just started passing prop firm evals last month.
The challenge now is to squeeze some money out of a funded account.
Give me another few weeks and I'll let you know if I'm making a ton of money.
At this point I just want to get a payout to cover the cost of all the evals and monthly fees before my wife sees our credit card statement!
Thanks! I've been trading for about 6 years, but much of that was spent gaining experience (i.e. wasted) in forex. I returned to futures earlier this year, added 2-legged pullbacks to my trading around April, and started passing prop firm evals last month.
I'm very sensitive to my scalping stats, because as you noted the r:r requires a high win rate. And low commissions. I've had trouble previously with micros with the high commissions, but last week I traded micros in my Tradeday account, and after a difficult first day, I was positive every day after.
Give me another few weeks and I'll let you know if I'm making a ton of money. Although at this point I just want a payout that covers the cost of all these prop firm fees before my wife sees our credit card statement.
I think he is a good analyst, but not a trader. Over the years he has promised to do live trading, and whenever he did he lost miserably. He once promised to enter the Robins Cup World Cup Championship and challenged and dissed Larry Williams, but he never did show his result.
