I respect your opinion. But I also think you should respect mine as being genuine. I cannot defend Alla’s approach to the traders in the room 100% of the time. Sometimes she is impulsive but I chalk it up to her passion; I think that she is a driven lady.
Her methodology is not flawless and you do take losses, sometimes big ones. But the number of huge winners dwarfs the losers. She does tell you to take profit on over ˝ of your contracts at target one. This makes money management quite successful.
I understand the problem you encountered with your fill. I am sure problems like that arise with every trading method from time to time. But I understand why she would count it as a win. Just because you did not get filled doesn’t mean lots of other traders didn’t. For a tally in a trading room a target that is hit is a valid win.
You blasted her really hard. Much of the criticism was directed against her personally. I strongly disagree with your opinion. When I called her on the phone to answer questions of mine, she was kind and considerate and generous with her time. She cleared up many areas of ambiguity for me. Her critique of the huge amount of homework I sent her was enormously helpful; her teaching sessions clear and understandable.
I do not think that it is in the best interest of traders in this forum to think that her trading method is anything less then stellar. I think traders should take the one week, free trial and make up their own minds. I believe that most will continue on with her.
ANDREWrunners FIAT VOLUNTAS TUA
The following user says Thank You to andrewrunners for this post:
Thanks for voicing your opinions. I hope it works out for you. Why don't you reply back in a few months and let us know if you are still using the method. I do think it has merit, just not for 3K?
NetPicks is hawking that 7 Summits and spamming everyone on the internet right now. Thanks for posting your experience with that. Boy do they over sell and over promise!
Everyone, I promised two weeks ago that I would make a full impartial report about Alla and alphawavetrading.com after dishing out $3000 to join their room and here is the truth behind all the hype, please read thoroughly and in its entire form before rushing to the tracks, I will explain the pros and cons of the system, without giving her system away, cos that would be unethical, sorry it is long, but it is complete:
1. I calculated her risk/reward ratio, at best case scenario, using average of 1 to 3 targets, across 8 and 13 range bars that she trades off of, to be 3/2. This is done using:
1.1 – I assumed the best case scenario, when her “C” candle is full, without wick or tail and gives you maximum amount of profit per trade
1.2 – I assumed that you would get a fill, on both your entry and your exit without slippage of any kind.
1.3 – I assumed that you would play a 3 contract per trade, and that 50% of your winners make it to first target and the other 50% make it to your third target.
1.4 I assumed that your trades are done on both 8 and 13 range bars as it is done in her room and success rate is equally spread across board.
2. Using the risk/reward ratio above, gives you a system that breaks even at 66% success rate, and for this system to have any kind of meaningful result, you need at least 75% success rate.
3. For the success rate above to work, the instruments calculated in the equation, should be equally weighted. If instruments of different denomination are used, they have to be multiplied by their weight across board.
4. At best case scenario, her first target for 8 range is 6 ticks whilst its stop is 10, and on a 13 range bar, best case scenario, first target is 11 ticks and stop 15 ticks, this would make the system a scalping system, and as any other scalping systems, every once in a while you would get runners, that would make it to much larger targets, I noticed that it was said in previous post in this thread that they were runners in examples, that would make it true for ANY scalping system you’d use, once in a few trades.
5. She never trades the system live with her own admission.
6. The trades are called sometimes when not enough time given to enter the trade.
7. The performance report on the website IS TOTALLY WRONG, she reported only 1 losing trade for the month of July and 2 losing trades for the month of June, I was in her room for trial for the last week of July, and within that week alone, there were more losing trades that reported. Also, she reported only 1 losing trade for the months of August as to this date, August 17th, whilst we had more than 1 losing trade in the first two weeks of August, and in the first 3 days of the third week in August, they were 5 losers alone!.
8. Hence the performance ratio on her website is not accurate; you can NEVER calculate your success rate using that table.
9. She encourages everyone to take only two trades a day, I agree with that for most parts, but that statement is only true, if your risk/reward ratio is very small, on scalping systems like hers, you need to take many trades to average out your overhaul success, otherwise for every losing trade, it would wipe out all your hard work, 75% success rate on scalping systems are achieved using at least 10 to 15 trades a day, that’s what scalping is.
10. Her system is based on bars with no gaps, when back testing, the set ups that you might pick as valid trades, may actually be no trades at all, hence they were in a gap that you don’t see.
11. Hence she does not trade live herself, or even on a sim and only puts lines on charts, she would count in all the trades when price is gone through the line, again, hence the bars that she displays have no gaps, you would not see the slippage on the charts, but would have them on your DOM’s, the results on charts maybe appealing to a novice trader, but unfortunately for the thin markets that she trades, like TF and CL, there are always large gaps in price, which will dent your success rate, but not visible on the charts, hence no gap bars are used.
12. I noticed a couple of good reviews on bigmike, and those who made them, have been members of bigmike just recently, past the inception of alphawavetrader.com!
13. She has now decided to let one of her students carry on teaching in the room, his name is Danny and I spoke to him on occasions, a very pleasant person who offered to help out to bunch of guys who did not get the system, because her teaching method is terrible, while I have all the respect for Danny and his good character, but according to his own admission, he has never traded the system live and now he has been employed by alphawavetrader.com to carry out teaching a system that is unapproved for even himself on a live account.
14. There is another guy, Jonathan, who is also an ex student, who carries out the room management sometimes, and the strange thing was that he carried out teaching material that according to Alla herself was wrong and they had to reconcile it.
15. Just one person claims to be trading live in the room, somewhat successfully, and while he uses Alla’s method, but he uses his own filtering to make it work, my guess is that he could make any system work if he used his filtering anyways, that is true for ALL scalping system, and a very best of luck to him, Roger A, who has posted in this very thread as well.
16. I found her to lack understanding of the market and how it flows, the reason for her stop outs are because she does not really realize where the real support/resistance are at play and she assumes that a pivot on a range bar is a support or resistance, when I throw numbers at her and started calculating, her response was to shrug it off and move on.
17. She would make anyone asking a question feel stupid for asking it, her method is incredibly a simple one, but because of lack of teaching techniques, it makes it hard for students to grasp it, while it can be successfully taught, in 15 minutes flat. My guess is that is done on purpose, to make it more eligible to charge in excess of $3000 just to fill up time.
18. I noticed that most, almost all students are novices in the game (not everyone though) and like so many systems on offer, they would go through a transition time to sink in the losses that will occur in their live account in time, when talking to a few, I gathered that this is the last straw for them in their trading career, and of course the mind wants to be hopeful for the best, I wish each and every one of these individuals, very best of luck.
19. When the market is slow, she encourages participants to ask questions, but when presented with questions that might show a light on weakness of the system, she makes the person feel cheap and moves on to another subject.
20. When market is touched, she counts those as valid successful trades even if they are so quick that you won’t get a fill even on a decent sim.
21. When a trade is stopped out, she says “We are out of XYZ” she never uses the word stop out, this is to confuse people who are in their one week trial and do not know what is going on and are getting their bearings.
22. When the market is slow, she keeps on putting pictures of a great looking house, claiming it is hers and she designed it, and sometimes pictures of herself, but she has never shown anyone any pictures of her inside that house! Always an empty show home that makes one think she’d be delusional about something.
23. She treats the participants as if they are kindergarten kids, does not pay attention to details of the questions sometimes, and sometimes does not understand what the participant’s question or point is to begin with.
24. I noticed there are many factious names in the room, names that do not participate in discussion at hand, and have never said a word while in the education room after paying $3300, hard to swallow.
25. Once in the room, she claimed that in the past two days, we had 2 failures out of 7 trades and was very happy about it, but I mentioned that the two losers were TF and CL, and that most winners were NQ at half price of the other two instruments, so what would mess up the win rate greatly when your losers are twice as expensive as your winners, and in fact it would be a loss at her risk/reward ratio, I also confirmed this with someone who took the trades on his sim, but again I guess the cheery note was said for the benefit of the newbies on week trial.
And a few more points to go through, but to sum it all up, the risk/reward ratio is way too high, the performance report on the site is fabricated, she does not trade it live otherwise the results of her own trading would be very different that depicted.
Best of luck to all of you in your search for holy grail.
The following 20 users say Thank You to kignkenny for this post:
KignKenny thanks for the excellent and very through review. I agree completely with what you found. In one week there were many losers that I saw. I never checked the record but it was about 30-40% losers my week. New traders need to be aware of some of the vendor tricks.
Is it true that members get kick backs for telling others to buy the system?
Sorry you are out the $3k+
Yea all the time wasted showing her pictures of her house and vacations is ridiculous!
"The lady doth protest too much, methinks." And what a lovely act indeed.
Yes it is true that members get kick backs for referrals.
Also, I heard a rumor going on that I was kicked out of the room, she has said that she kicked out a middle eastern man who does not know how to treat ladies!!! (I am British Persian, not sure if that was directed towards me or not) Just to clarify, I sent her an email telling her that I was duped into buying her material with false advertizing (the performance report) on her site, and I would like a refund. She sent me an email saying she does not deserve this cos she has worked hard at it and will give me a refund hence she does not have time to waste.
I did get a refund back from her and I assume my log in credential have been revoked. If you call that being kicked out, then let it be.
If anyone wants to see our email exchange, I am quite happy to forward.
The following 5 users say Thank You to kignkenny for this post:
....and found all the same information, and much better, on the internet for free....don't spend your money on things you can get for free, even if you have to work just a tad bit harder to find that (better) information
This post has been selected as an answer to the original posters question
I've been a members of Big Mikes since 2009, (thank you Mike, your forum is the bomb!) and I've been a member of Alpha Wave Traders since March of this year. I'm not paid by AWT nor am I affiliated with them, other than being a paying student. Nobody sent me here to post. I'm doing this because I believe in the Alpha Wave Trader system. AWT is not for everybody even though it is simple enough that anybody could learn it. It's been mentioned here that if you just stayed in the trading room long enough that you could / would figure it out. That's almost true. You will get the jist of AWT, as I did, but you will not learn the entry rules! They are simple but some of them are very subtle and they are what makes AWT work so well. Those come with the course.
After three trading rooms, most of which was wasted money, losing money trading in those rooms (That really was wasted money), I said I would never spend any more money on trading rooms or expensive indicators again. I put together several winning indicator based trading systems (Thank you again Big Mike's) that worked for awhile, until the market changed or a new version of Ninja Trader came out that killed my indicators and ended those systems. After watching AWT as stated above for a couple of weeks, I joined AWT simply because I was tired of relying indicators to tell me what was going on. I've never been good at reading the market or trading patterns as they were developing. In hind sight, I'm the best trader in the world but as the bars are being printed on the charts, not so much. I wanted to change that and I could see that the AWT system would give me a leg up on understanding price action. It has. I've not regretted spending the money or the extra money to be in the continuing education room. Jonathan's CL trades pay for that. The Advanced Trading Course ($499) was a no brainier. One trade could make that back for you easily.
Alla is very European (and Russian?) in her teaching methods and demeanor but I've had friends from eastern block countries that escaped to the U.S. and they spoke and acted the same way. Sometimes there is a language problem. The words and phrases I use are not normal to her and vise a versa. Sometimes, I've seen her get frustrated with questions in the Trading Room when people are trying to get her AWT secrets. She has asked the students in the Education class after dealing with an obnoxious person or two what she should have done and they have always been supportive of her. Personally I think that she should have removed a couple of more people that were being very disruptive, so everybody else could get back to trading. For the most part, I think we are talking about cultural differences and a harder edged teach philosophy that is old school. I believe that Alla has a good heart and she truly wants the best possible outcome for her students. She does spend extra time with those students that put forth the effort to learn the system, but if you slack off, you get no sympathy from her.
Alla states up front that the hardest way to trade her system is with 1 contract. Buyer beware. Anybody that's been in her trading room has seen the pop-up's that give her rules about trading. She repeats them verbally many times a day. If the newby chooses to ignore those rules, or if they are just learning but trading real money, well they are going to learn a valuable lesson, just like you and I have in our pasts. If you take the aggressive trades that she calls in the trading room, there are going to be stop outs. In fact, we all know there will always be some stop outs. The AWT course teaches you the rules that separate the the high percentage trades from the riskier trades and if you only take those high percentage trades, your profits are much better. Those are the trade I shoot for. I still have loosing trades but most of them are due to the fact that I'm not concentrating (multi tasking), I let my emotions get the better of me or I didn't apply the AWT rules correctly. 90% of my loses are my fault.
A few of the other mentioned problems:
Small profit targets: Use longer term charts for bigger targets. AWT works on all charts.
Big stops: All of the systems I've seen for sale lately have huge stops, 20-30 tics, far bigger than Alla's if you compare. Her smaller stops were a positive point for me when I bought the system.
Kick backs: Every room I've been in has kick backs for bringing in new students.
Alla doesn't trade live: How many rooms does that really happen in? Lots of Sim trading going on in other rooms, usually with one market at a time, but with as many people asking questions of her while she is trying to watch the charts, read the text questions and point out trades, it would be impossible.
Win / Loss trade count: I know there is a question about this. I've seen trades called that I know I couldn't have entered in time. I don't know if her count is accurate or not. I don't keep track. I don't take a lot of trades she calls either. I'm looking for low risk trades and most of the trades in the room are "aggressive", higher risk trades. Now that her percentages have been questioned, I'm thinking she will have someone double checking for her because that's how she is. All I really know is, when I was thinking about joining and I was keeping track of trades and Profits, she had a lot more winners than losers. The bottom line profits were very impressive.
Students that teach: Every room I've been in have student teachers or student helpers. AWT students that can teach AWT, prove that her system works. If it didn't, they wouldn't be teaching would they?
Not all of the trades are called in the trading room: Most of the trades ARE called in the trading room for the three markets Alla is watching. The exceptions are the Advanced trades and other trades that the students themselves see and call in the Education room which can be in any market, not just the markets Alla is watching. The CL trades are also shown on charts in the Education room.
Talking about off trading subjects: I believe that Alla thinks of us as part of her family. She shares a lot of "stuff" when the markets are slow. Personally, quick pictures or subjects are ok but then lets get back to trading. I do not listen to most the chatter in the trading room or the EDU room during trading hours but I keep the AWT charts up on the monitor, listen for called trades in either room and scan the typed texts from the other students from time to time for trade setups that are coming up or ones I might have missed. If I listen to the chatter, I get distracted and that kills my trading concentration. That's just me. I'm one of those "Ghost Members" that doesn't talk much. If I can make a quick comment that will help another student, I will but sorry, I'm not there for talking, I'm there for learning and trading and I never miss an education class (I have a lot of bad habits to break).
The Alpha Wave Trading system is like every other system that is available, the system and it's teacher has to fit your personality. If it doesn't, it will never work for you. There are short cuts that you can take to limit your risk, but they will also limit your income. I like a bigger target and because of the lower risk trades I take, I have a tendency to push the first target out past the standard AWT 1st profit target a little. I run my stop a little closer too, because I have to. For me, most of the time, it works but when my account is where I want it to be, things will change and I will stick to the rules I have found out the hard way, take ALL of the low risk trades regardless and you will be big winners in the long run.
For those of you that think this is a scam, I've been watching and trading the commodities markets since 1976 when I started drawing my charts on 20 X 30 in. grid paper and figuring my fib numbers with my engineering slide rule. In 36 years Alpha Wave Traders is the best thing I've found that is understandable and more importantly, Easily Trade-able. Wished I had this back then.
The following 5 users say Thank You to grinder for this post:
I'm glad the system is working for you but at a cost of over $3000 for the beginners education it is quite steep.
I do take issue with your comments about other rooms though. I have been in many trading rooms as well and the size of the stops will vary with the instrument traded but I have yet to see many that use stops of 20-30 ticks for anything other than CL. Most of the rooms I've been in do not use student trainers or assistants or whatever you want to call them. If the moderator is sick or away then the room does not operate for that day - this has happened in the vast majority of rooms that I have been in.
My biggest problem with Alla is that she is not trading live or SIM and as a result when she enters a trade she will be in that trade until either 1) her profit targets are hit, or 2) her stop is hit. I witnessed a trade several months ago on NQ that quickly went against Alla but rather than identify that the trade went against her and advise everyone to get out she stayed in it until her stop was hit. It was a loser of almost $300. There are times when you can identify that a trade will not go your way and it is just good money management to get out of the trade as quickly as possible rather than wait for your stop to get hit. You don’t realize that Alla is doing this without being in the room and observing several trades. For anyone that is trading live based on her calls you need to ensure that you have your own methods for exiting the trade when you deem appropriate.
I also have an issue with Alla selling my email address and I too am now inundated with emails from other vendors selling their systems or promoting their webinars.
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