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Target Trader (www.proequitytrader.com)


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Target Trader (www.proequitytrader.com)

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  #11 (permalink)
USA
 
 
Posts: 6 since Jul 2010
Thanks: 0 given, 1 received

Gulabv- Thanks! Yeah, I only trade the first half hour of the day and sometimes I will stay on longer if the market doesn't get too choppy after the reports. It is just a personal decision, but I feel more comfortable with the speed of the market at the beginning and it seems to take the best runs. Plus, I don't like to work more than an hour a day. lol
I've used the system for about 7 months now. I would have to say that the only hits I take would be due to oopsies on my part by taking a bad trade and trying to get in early before all my indicators line up. I try to be diligent, but sometimes I jump the gun and it doesn't always work out. But, that is only 10 ticks which is a few hundred bucks and I call it quits for the day... I have a rule about not recovering because I get too frazzled. Honestly though, I have only had 1 or 2 losers in the time I have been trading this system due to the actual indicators.
My average win is 5 ticks per trade and 20 ticks per day. I am currently using a trailing stop, so sometimes I'll only get 1 tick profit on a trade, other times I'll take 10 ticks profit.

Zoethecus- I get that. A low-down on traderbee--- I came over from a different forum because big mike's seems to be directed more towards what I am looking for. I needed some feedback about my trailing stop and got some great advice to take bigger profits. I also like to share what I trade and my experience, thus far. I am still a newbie in the market knowledge area, and it intrigues me to read threads on things I never knew about. Like trading coffee?!?!?! Blew my mind! I am also big in to "Rich Dad, Poor Dad" and I am always looking for other great avenues to invest money. Anyhoo... Yeah, I don't know what a "trading blotter" is, but I could take some screen shots or something next week and show my trades, I'll just find a way on here to do that? If you could let me know how, I would be happy to share them.

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  #12 (permalink)
Market Wizard
Berlin, Europe
 
Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker: Interactive Brokers
Trading: Keyboard
 
Fat Tails's Avatar
 
Posts: 9,842 since Mar 2010
Thanks: 4,238 given, 26,613 received


TraderBee View Post
Hey! Yeah, I trade their system.
I was concerned about the 10 tick stop at the beginning and tested a 5 tick stop, which just didn't work (in my opinion). The TF is so volatile and needs a bit of room to do its thing. I didn't trade the ES for very long when I first began because it just moved too slow and I prefer to be done before the first report. But, 8 or 10 seems to be a good stop. I have been using a trailing stop on the TF and it is working awesome. Sometimes it will stop me at 3 ticks profit, other times I'll take 10+. My stop is set at 10 ticks and moves up to 1 when it hits 3 and trails 2 behind the profit. Honestly, I don't remember the last time I was chopped so the stop is not much of a concern to me. But, I also play super safe with my trailing stop and eliminate being chopped by having such a close trailer.
Wow, it is late! Hope that made sense. :-)

2 ticks profit -> $ 20.00 - $ 4.00 (commission) -> $ 16.00
10 ticks loss -> - $ 100.00 - $4.00 (commission) -> -104.00 $

How can this work? Only if the underlying probability distribution has a meagre tail, meaning that the 10 ticks event is rare compared to the lognormal distribution. I am afraid that empirical evidence is against this case, which has probably been invented by brokers to maximize the commissions.

Trading this system is emotionally satisfying, because you will get 5 or 6 wins for 1 loss, but you will pay for that fun.

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  #13 (permalink)
ohio
 
Experience: Intermediate
Platform: tradestation
Trading: es
 
Posts: 27 since Feb 2010
Thanks: 27 given, 9 received


traderbee- can you please provide a step by step how you setup your trailing stop for your 1 pt target. thanks. I am new to ninjatrader

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  #14 (permalink)
USA
 
 
Posts: 6 since Jul 2010
Thanks: 0 given, 1 received

K, so this is how I have mine.

Go into your dome and under Stop Strategy select: Custom. Then, below is how it looks.

Profit trigger: 0 Plus: 0

1 step:
Stop loss: 2 Frequency: 2 Profit trigger: 3

Volume trigger: 0

I have my ATM strategy saved too which is really nice when I wake up late and need it set up fast. :-) To do that, go to ATM Strategy and select custom. set your stop loss, profit target (I have it set at 20 ticks, just to give it plenty of room for a runner) and stop strategy. Right click "manage ATM" and name it, then save it. It's super nice!!

Hope this helps! :-)



smartguy View Post
traderbee- can you please provide a step by step how you setup your trailing stop for your 1 pt target. thanks. I am new to ninjatrader


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  #15 (permalink)
ohio
 
Experience: Intermediate
Platform: tradestation
Trading: es
 
Posts: 27 since Feb 2010
Thanks: 27 given, 9 received

Thanks for sharing traderbee- Ninjatrader has many capabilities I need to get up to speed with. Thank you again.

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  #16 (permalink)
Market Wizard
Berlin, Europe
 
Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker: Interactive Brokers
Trading: Keyboard
 
Fat Tails's Avatar
 
Posts: 9,842 since Mar 2010
Thanks: 4,238 given, 26,613 received


Zoethecus View Post
TraderBee, no offense, but when a new poster comes to a forum and praises a vendor I get skeptical. I think shill.

How about posting your daily trading blotter next week to put some teeth into your claims of success using this system?

It is always the same story. I am a housewife. I am living in the USA (location not disclosed), and I am focussing on threads and posts to promote www.proequitytrader.com.

One of TraderBee's posts from the forum T2W (same username).

"If you are looking for something super easy to understand and incredibly accurate, check out www.ProEquityTrader.com
You can go to their website and join their Trading room free for a week and even try out their indicators before you buy... they don't really advertise that, but they let me, so mention it.
I'm just a housewife who trades for daily income, yet I I have not had a losing trade for weeks! The accuracy is great!

Good luck! "

Housewife with no losing trades for weeks.



I am an orang utan, I have never had a losing trade in my life! *)





*) yep, baby orang utan, not so many trades....

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  #17 (permalink)
United States of America
 
Experience: Advanced
Platform: NT
 
Posts: 1,149 since Aug 2009


TraderBee View Post
Zoethecus- Anyhoo... Yeah, I don't know what a "trading blotter" is, but I could take some screen shots or something next week and show my trades, I'll just find a way on here to do that? If you could let me know how, I would be happy to share them.

Take a screenshot of your monthly broker statements and erase your name and account number for privacy. That should be easy enough.

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  #18 (permalink)
United States of America
 
Experience: Advanced
Platform: NT
 
Posts: 1,149 since Aug 2009


Fat Tails View Post
It is always the same story. I am a housewife. I am living in the USA (location not disclosed), and I am focussing on threads and posts to promote www.proequitytrader.

One of TraderBee's posts from the forum T2W (same username).

"If you are looking for something super easy to understand and incredibly accurate, check out www.ProEquityTrader.com
You can go to their website and join their Trading room free for a week and even try out their indicators before you buy... they don't really advertise that, but they let me, so mention it.
I'm just a housewife who trades for daily income, yet I I have not had a losing trade for weeks! The accuracy is great!

Good luck! "

Housewife with no losing trades for weeks.



I am an orang utan, I have never had a losing trade in my life! *)





*) yep, baby orang utan, not so many trades....

Roger Felton had the same type of promoter a few years ago on Elite Trader. One of the forensic types over there discovered it happened to be Roger's wife.

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  #19 (permalink)
Market Wizard
Berlin, Europe
 
Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker: Interactive Brokers
Trading: Keyboard
 
Fat Tails's Avatar
 
Posts: 9,842 since Mar 2010
Thanks: 4,238 given, 26,613 received


Zoethecus View Post
Roger Felton had the same type of promoter a few years ago on Elite Trader. One of the forensic types over there discovered it happened to be Roger's wife.

The housewife idea is not bad marketing. They try to lure inexperienced traders, so they need a sample customer who triggers the purchaser's confidence in the product. It is a bit like the testimonials on the websites.

The reaction is supposed to be: If that housewife can be successful, I can do that as well,. No losing trades in several weeks! after all the product is not that expensive.

But the housewife story and the statement that there were no losing trades over several weeks - with a stop loss of 2 or 3 ticks - reveals that they are hunting for credulous beginners.

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  #20 (permalink)
New City, NY
 
Experience: Advanced
Platform: Ninja Trader
Broker: Mirus/Zen Fire
Trading: CL, Currency Futures
 
Posts: 7 since Apr 2010
Thanks: 0 given, 1 received


I was in a Pro Equity Trader webinar tonight and I have several comments. First, I was really rubbed the wrong way when John Gifford told us about his religious background and said that he had asked the good lord that if he was shown a way to make money that could be duplicated that he would show people how to do it as a way of giving back. Well I guess he is giving back at $6995 for his one on one mentorship but do not fret, you could pay a measly $4995 and get the mentoring online (both come with the life time indicator license). I guess his altruism comes from his incredibly low priced lifetime indicator license at a bargain basement price of only $2995. I don't know too much about religion but charging the newbie traders thousands of dollars doesn't seem like the Christian thing to me.

In the webinar, he said on ES he goes for 2 ticks and has a stop of 2 points (trades 3 contracts). I think he did mention that he has a 10 tick stop for TF. I did the math and assuming a $4.50 commission/fees, you would need to be correct at least 84% of the time to break even. He claims that he averages about 95% and in July 2010, he had over 97% correct. He showed what I think was a Tradestation report and I forget what his profit was, but his profit factor I believe was slightly over 4.5.

Even with my skeptism, here's what intrigues me. If the average of 95% is correct (which I'm very skeptical about in live trading with slippage and missed trades), then trading their methodology out of the box, your profit on 100 trades would be $4,275 (assumes a $4.50 commission) and in a month where the profitability drops to 90%, your profit would be $2,400 and if the system gets pounded down to 75% correct, your loss would be $3,225. Let's say you average somewhere between the 90% - 95% for 10 months and for 2 months the system drops down to 75%, your annual profit would be about $27,000 (per 3 contracts; this assumes 100 trades per month which seems reasonable from what I saw). Now all of this is a huge if (if it really is 95% positive and if it can be executed in live trading as effectively). I think doing something similar to what Trader Bee is doing with attempting to go for a runner on one of the contracts could enhance the profitability of the system. I am definitely no where near sold at this point but I am intrigued enough to look into it further.

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