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The Electronic Local method


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The Electronic Local method

  #91 (permalink)
imnewtrader
Philippines
 
Posts: 24 since Mar 2011
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Jeff Castille View Post
I listened to the webinar and thought it laid a very nice foundation for his daughter or any beginning trader. I particuliarly like the fact that he told all of the beginners that 90% of people who attempt trading fail. Hopefully drawing attention to this fact will give aspiring traders pause........

So, did anyone notice his momentum dots ?????? Are there any bright programmer types that are intrigued enough to want to take a shot at them??? I can't find anything like them on the Ninja forum or on futures.io (formerly BMT).

Several other points of interest.......he likes range bars....the 33 ema.....the 99 ema and of all things the CCI. My interest in the CCI indicator was recently rekindled by Ben Harrell on his CL thread. It's interesting that he uses a 45 and 6 setting on the CCI and makes a point of saying that he doesn't know anyone who uses the CCI like "Woodie" and makes any money. So, his use of the CCI is unique. Of course volume played a very big role with the cumulative delta and market profile.

There is no way this guy is going to teach thirty years of trading experience in one webinar.....or even two or three. I'm sure that this process is just starting and will yield a tremendous amount of information over time. All in all......a nice start.

as i have read your post, i was stuck with this phrase "I particuliarly like the fact that he told all of the beginners that 90% of people who attempt trading 10% who have been successful. And i believe that you are a great trader, can you please tell me some good things to start when you are just starting with this? thank you so much. i will be waiting for the reply!

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  #92 (permalink)
 
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 Fat Tails 
Berlin, Europe
Market Wizard
 
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tulanch View Post
If you're looking for a simple NT7 MOMDOT indicator, without programing you can create the desired output using NT7's SMA given the eqaution for MOMDOT is in fact based on the "TYPICAL" calculation.

Even simpler: You can download it here:



I had explained that it is a displaced SMA(3) as you confirmed above. Displaced moving averages were widely used 10 or 20 years ago, and they still are excellent trend filters. For example Joe diNapoli used them as well, for example

3X3 -> a SMA(3) displaced by 3 periods, would be the MomDots further displaced by two fields
7X5 -> a SMA(7) displaced by 5 periods
25X5 -> a SMA(25) displaced by 5 periods

These are useful trend filters or stop lines. Trigger lines - which are moving linear regression indicators or the SuperTrend, which uses both direction and volatility are other alternatives.

The chart below shows trigger lines versus the three displaced moving averages.

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  #93 (permalink)
 
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 eDanny 
East Rochester, NY
 
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Thanks Harry, I didn't know there was one in the downloads area. I was just trying to catch up with my free indicators.

Dan

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  #94 (permalink)
 dk27 
Europe
 
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So is there anybody who took his training and can give us feedback?

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  #95 (permalink)
zury
Prague, Czech Republic
 
Posts: 36 since Nov 2010
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dk27 View Post
So is there anybody who took his training and can give us feedback?

This is something I d like to know too. Has anybody been at his seminars? Is it worth the effort and money? What was your impression on Tom?

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  #96 (permalink)
 
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 Big Mike 
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dk27 View Post
So is there anybody who took his training and can give us feedback?

I think people have shared experiences in this thread already. You can also try @cunparis, I believe he used to be a member of this vendor's trading room.

Mike

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  #97 (permalink)
 dk27 
Europe
 
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Mike,

nobody really shared experience about his paid trainings or training courses, only about his free blog and he doesn't have trading room. Thats why I'm asking, during year or so of this thread existance non of his students spoke up.




Big Mike View Post
I think people have shared experiences in this thread already. You can also try @ cunparis, I believe he used to be a member of this vendor's trading room.

Mike


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  #98 (permalink)
 
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 Jeff Castille 
Northern California
 
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imnewtrader View Post
as i have read your post, i was stuck with this phrase "I particuliarly like the fact that he told all of the beginners that 90% of people who attempt trading 10% who have been successful. And i believe that you are a great trader, can you please tell me some good things to start when you are just starting with this? thank you so much. i will be waiting for the reply!

Greetings imnewtrader,

Here's my 2 cents of advice for you........

I believe the reason that 90 % of people fail that attempt to trade is.......that they don't respect trading......they think because they have been successful in some other endeavour in their life that they will conquer trading with the same skill set that brought them their past success........sadly...the skill set in NOT transferable to trading. You need to develop a whole new skill set....this takes time. You need an excellent education in trading......but how to get it? Ultimately....you teach yourself.....you have to find out what type of trading is suitable for YOU. What market, scalping or swing etc.

Also.......while you are learning......don't use real money.......unless you are extremely wealthy....then do whatever you want. Most people only have a limited amount of "risk" capital........if you use all of your risk capital while you are learning....there won't be any left at the end of the learning process.

Before you risk real money demostrate that you have an "edge"........then perhaps there is a chance that you will succeed.

Good luck! Jeff

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  #99 (permalink)
zury
Prague, Czech Republic
 
Posts: 36 since Nov 2010
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Jeff, I d like to add a quotation from Brent Penfold, that I belive is quite true:
=> 90% of traders loose due to ignorance, gullibility and laziness. Period.

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  #100 (permalink)
tomdavis
Corona del Mar, California, USA
 
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This thread has been going for almost a year and not a single person who took the ElectronicLocal training (and therefore is in a position to actually KNOW something) has posted anywhere on the WWW that I can find. Nothing. Not a word. Neither a good word nor a bad word about the ElectronicLocal trading class. Are his students all so successful now that they're jealously guarding their secrets? Or are they failures, not wanting to admit that they paid thousands of dollars and still can't trade for a living? It seems you can find out almost anything on the Internet these days, but the experience of even one person who took the class is nowhere to be found.

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Last Updated on August 18, 2011


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