I decided to start a thread on No BS Day Trading since I mentioned on another thread I am taking the course and have had several PM's asking me how it is going.
A little background - John Grady who owns the site was a former Prop Trader who focused on scalping the Treasuries by watching the Order Flow on the Trading Technologies DOM. I liked his videos and bought his basic course which is essentially an E-Book plus a video. It was totally different than anything I knew about trading having been married to my charts and indicators. Anyway, I liked what I read and decided to sign up for his 2 week webinar (which comes with another week's worth of videos), especially since I found out he was going to be using the Jigsaw DOM (which runs off Ninja) to show us how to trade his style rather than Trading Technologies. Jigsaw is much more newbie friendly, in my opinion.
Anyway, the course started this Monday. Basically he trades live in front of us explaining what he is looking at, including explaining what the order flow is telling us about what the big traders are trying to do and how to take advantage of that. He has several things he looks for to initiate a trade (or exit a trade), like icebergs, fake orders, steps in the profile, etc. What I like about his style of trading is that he tries to get in at a spot where he will know if he is wrong within a couple of ticks - so the stops are really small. He does scalp and is not afraid to get out early if a trade starts to go against him. I have seen him take a couple of 1 tick profits and a couple of 5 tick or more profits. He has had one loss so far this week (I think it was for 1 tick if I remember).
Anyway I like what I am learning so far and I like John as a teacher. He is very patient and explains things well and does not seem to be bothered by newbie type questions (although he does ask that you view his baseline videos before you start the live course).
And yes, I have taken other courses from vendors and for the most part learned something from each of them. But this one is the most unique and valuable by far. Anyway, onward and upward.
Hope this is helpful.
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Okay just completed the two week course today. My overall impression of the course is that the information he presents is very valuable, especially if you are interested in scalping. And watching a professional trade his personal account live and talking aloud on what he is thinking is great.
Last week John had a very good week of trading. This week he ended up with a down week but because of his style of trading, he only ended up down a few ticks. In a way this week was even more valuable than the first week for me because I got to watch how he managed trades that went against him. He never took a big loss. And he would still take the next trade although he admitted that he may have hesitated a few times after a loss which is one of my issues too. But this is why it is so much more valuable to watch someone trade his own account live and watch him experience many of the emotions that we all feel when a trade goes against us. But he was always trading under complete control even though he grumbled about it a few times
The only thing I did not like as much this week was that he switched and traded the ES for 2 days and the Eurex for one day. These markets trade differently than the U.S. treasuries and the ES seemed really fast after watching the treasuries - and I used to think the ES was as slow as molasses! As a newcomer to DOM trading, I would have preferred to just focus on one market during the entire two weeks, but that is just me. Others really wanted him to show how to use order flow to trade other markets, even though his expertise is in the treasuries.
Anyway, those are my brief impressions of his course. Hope you find this helpful.
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He cut his size down to 4 contracts when he does the live webinars as he says he gets too quiet when he has his normal size on. I think he normally trades about 20 but don't know for sure.
He averaged about 4 trades per morning.
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In one the free available videos, he showed his trading results for the day which were at about 1000 USD.
He did 100 round turns on that day (5 trades à 20 lots) A profit is a profit, obviously, but is this kind of trading doable for the average retail trader with much higher commissions ?
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In terms of education, his videos are quite good either way. I have watched a whole 3 weeks of trading, and learnt a lot. Not for everyone though, but good.
BeachTrader, thanks for the thread on NoBSDayTrading. I have been recently looking at their web site and videos. Could you give an update on how it's going with their method? I always like to get an unbiased opinion!
Thanks
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