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Lawrence Chan & Daytrading Bias - Review (www.daytradingbias.com)


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Lawrence Chan & Daytrading Bias - Review (www.daytradingbias.com)

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  #21 (permalink)
The Netherlands
 
Experience: Intermediate
Platform: proprietary
Trading: ES
 
Posts: 20 since Dec 2017
Thanks: 33 given, 27 received

OK, @tturner86 & others.

By the webinair and the response of @profitpilgrim, I was interested on more details of Mr. Lawrence Chan's market approach.

Looking a bit further for more of his books on Amazon I've found"

"Essence of Trading Volume 1" also for 99 cents.

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  #22 (permalink)
Belgium
 
Experience: Intermediate
Platform: Neoticker, Ninja
Trading: ES
 
Posts: 1 since Feb 2011
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Having followed Lawrence's writings and commentaries since before he moved from Tickquest to set up Day Trading Bias - probably more than fifteen years now - I can strongly endorse "prophetpilgrim's" remarks as to the value of the service he is providing. In addition to the pre-market and real time analyses the site displays several hundred articles written by Lawrence that provide so many trading insights and examples of market biases that can lead to profitable trades. All in all, great value for money.

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  #23 (permalink)
Lewiston Idaho
 
Experience: Intermediate
Platform: NinjatTrader
Trading: ES
 
Posts: 50 since Mar 2015
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I received this private message this morning but elected to answer here for the benefit of all.

" daytradingbias.com
Hello profitpilgrim,

Thanks for your thread comment/review of the daytradingbias webinar last week, I signed up to have a look at their premium service. I just found out today how extensive the information are inside the premium area. I will be exploring them in the next days and weeks.

I have a few questions to you (if you don't mind answering, I will really appreciate): Do you have info about those courses (Trading Success Blueprint and Emini Day Trading Course) and do you needs them? I was also able to get from Amazon his price action ebook but I am already a bit familiar with those price actions that he mentioned there. Are the trading setups recommended in the Signals tab good enough to be traded? How can I learn more about those strategies? Some of his indicators are also for Tradestation only?

btw, I have been trading for close to 15 years (stocks and options) now but is now considering trading ES, that is why I was exploring futures.io for this, and I saw daytradingbias.


Thank you again in advance for your time.

Wishing you success in your trading.

Ronnie "


Answers:
Q1. Do you have info about those courses (Trading Success Blueprint and Emini Day Trading Course) and do you needs them?

I have not taken those courses, funds permitting they are high on my wish list. Because I have so long been a daytradingbias premium member I may have picked up some of the concepts in Trading Success Bluerpint but do not know what it contains from experience. I'm anxious to get the Emini Day Trading Course. Lawrence rigorously backtests everything and his backtests indicate that trading the available strategies mechanically is comfortably profitable longterm, (He often tests between 1o- to 20 years of data.) For that reason, that is the consistent profitability of mechanical systems, yes I "need" the Emini Day Trading Course. The more non-correlated profitable strategies one has, the more robust and profitable one's overall trading will be.

Q2. Are the trading setups recommended in the Signals tab good enough to be traded?


Yes, in two different ways.

A) The individual setups that appear in the ES Real-Time Trading Signals window are explained in detail on daytradingbias.com, with equity curves and stop levels, so they can be traded independently if the risk parameters used in the testing are used. Scalper should not assume their own scalping risk levels are appropriate for the Real-Time Trading Assistant signals, as they are more typically referencing the larger swings that occur within a day, as well as some multiday swing trades that pop up.

B) When one sees a preponderance of Green (or Red) signals in ES REal-TIme Trading Signals it portends a directional bias overall, and some of the indicators indicate a Trend for the day is underway. These signals often occur at 10 a.m., 1/2 hour after market open.

Q3. How can I learn more about those strategies?

Non-members have access to every day's history of signals at Emini S&P500 Trading Signals | DaytradingBias.com , and today's if you're a premium member. There are four tabs on the page "Emini Trading Signals" (not the same as the ES Real-Time Trading Assistant which is realtime). Thoe four tabs are "Member-Only Signals, Premium Models, Real-Time Tools, Daily Cheatsheets." Member-Only Signals lists all the End of Day Swing Models and End of Week Swing Models and their Signal Status, Flat, Short or Long and at what time and price.

The second tab, Premium Models lists all the Setups already in position from yesterday and a tally of their overall bias, for example yesterday projected 4 setups, 1 bullish, 3 bearish going into todays open. Premium Models tab also lists Season Biases for the current and next month. All of this items have a direct link so the user can go directly to the explanation of the signal, the backtest parameters that were tested (sometimes more than one set and their respective equity curves).

The third tab, Real-Time Tools, has links to the four realtime windows available, that is, ES Real-Time Levels, NQ Real-Time Levels, ES Real-Time Trading Assistant, and ES Real-Time Custom Market Breadth.

The forth tab, Daily Cheatsheets has 12 detailed cheetsheets on the Future, the ETF and the Cash index for each of ES, NQ, YM, TF, each cheetsheet too detailed for me to enumerate here, but you can see historic examples now as a non-member if you go to Emini S&P500 Trading Signals | DaytradingBias.com and click on the Cheetsheet tab.

Q4) Some of his indicators are also for Tradestation only?


The first set of coded signals available with the Emini Day Trading Course were translated to Tradestation EasyLanguage from their originals in NeoTicker, the platform Lawrence himself created at Tickquest.com, with which he is no longer associated, having focused entirely on trading with the platform he created for that purpose. NeoTicker code is also available to NeoTicker owners. Lawrence is engaging Ninjatrader coders now to provide the code for Ninjatrader user.

If you sign up as a free member of daytradingbias.com you have access to some free code, including STOPD levels indicators in Ninjatrader, Metatrader, Tradestation, and NeoTicker that draw plots on your own charts at significant STOPD (Special Theory Of Price Discover) levels.

As you can see, there is a lot more "under the hood" for both free and premium members of daytradingbias. as Ronnie in his list of questions also discovered. It is a much more complex website than the new-comer can comprehend, hence my explanation in response to Ronnie's question. I consider it a magnanimous initiative to raise viewers' trading skills, risk management, and trading business management to that which can survive over the long term by trading well-tested and quantified strategies.

That said, I have been a very aggressive, counter scalper so it has taken me time (and bruises) to learn to use the multiple time frame methods taught in Lawrences "The Art of Chart Reading, and to integerate the day's overall swing bias with my shorter term scalping timeframe. The 3 timeframes I now integrate are the 30 min dominant trend, 5 minute main timeframe, and 1 or 2 minute entry exit timeframe. I've learned from convergence of Real-Time Trading Signals, while also monitoring Lawrences realtime chat comments, to backoff from my small timeframe when larger time frames and their class of more influential traders are impacting the market, causing Lawrence's signals to fire off, especially if there is a preponderance of signals one way or the other.

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  #24 (permalink)
Oslo Norway
 
 
Posts: 128 since Aug 2018
Thanks: 127 given, 89 received

Some very good and informative comments here since the last time I logged on.

Thanks.

I'm considering the premium signal membership - particularly for the live commentary and signals. Would have been great if a 1-week trial were possible for a small fee instead of having to pay for 3 months up front from the start.

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  #25 (permalink)
Simi Valley, California/U.S.
 
Experience: Beginner
Platform: NinjaTrader
Trading: ES
 
Posts: 10 since Aug 2017
Thanks: 1 given, 7 received

Hi Howard:

I took a one month trial, but did not continue. During my trial there was very little live commentary and it was usually just within the first hour. The signals are nice, but there are so many of them and sometimes divergent. I guess as someone who is a short term trader, I won't get the most out of his site. He has a lot of setups where you go long or short at the market on the open and hold the whole day. I am more of a scalper.

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  #26 (permalink)
Cleveland, Ga USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: AMP/CQG
Trading: ES, TF, YM, NQ
 
Posts: 7 since Jan 2012
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Too much cost up front but I do have both of his books! Very informative reading so far!

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  #27 (permalink)
Oslo Norway
 
 
Posts: 128 since Aug 2018
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rstrau View Post
Hi Howard:

I took a one month trial, but did not continue. During my trial there was very little live commentary and it was usually just within the first hour. The signals are nice, but there are so many of them and sometimes divergent. I guess as someone who is a short term trader, I won't get the most out of his site. He has a lot of setups where you go long or short at the market on the open and hold the whole day. I am more of a scalper.

Hi, rstrau,

Thank you for your input!

Seems like it was back in the day. But still, I think I can find it valuable. So let's see...

Does he offer a one month trial?

Does not seem like it on the website. I feel it's a bit too much to commit to 3 months and $300 before trying it. At least for me it is.

Best regards,

Howard

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  #28 (permalink)
Oslo Norway
 
 
Posts: 128 since Aug 2018
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ninjated View Post
Too much cost up front but I do have both of his books! Very informative reading so far!

Which books are those? I believe he has far more than two books.

I have the STOPD book + another one on S&P biases. Good stuff indeed.

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  #29 (permalink)
Simi Valley, California/U.S.
 
Experience: Beginner
Platform: NinjaTrader
Trading: ES
 
Posts: 10 since Aug 2017
Thanks: 1 given, 7 received

Hi Howard. He did a webinar here and offered a $50 first month trial during that few day window.

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  #30 (permalink)
Cleveland, Ga USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: AMP/CQG
Trading: ES, TF, YM, NQ
 
Posts: 7 since Jan 2012
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Yes those are the two that I have. Hope that helps!

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