I took Wills course many years ago and learned a lot about market context. Most days are winners for him but no method is perfect. I he took a couple of losses in a row he would change to Sim and see how the next couple turned out before resuming live. This would help shake off the feelings of losing money and bring back confidence. You don't need to make several $K per day to be successful. At the end of the trading day he would go over every trade taken and examine what happened, with the room. This is something most traders never do. The daily tally of wins and losses are accurate.
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I have been with Will for several months now. His system is very unique to anything other trading I have done before. More like Elliot Wave but not really. Anyway, I enjoyed his classes and learned a lot. Not only does he teach you his method but goes further into market structure, trading plan, etc. You can re-attend as much as you want. He does have a mIRC room where he calls out his trades in print. But you need to take his course and have your own charts up to understand the calls. Will is a really good trader. I cannot achieve the same results as him because he has a great feel for reading the tick charts to refine his entries and exits. But I am still happy with my results. But as @Cristian pointed out, he is not for everyone and limits the number of people he accepts into his program.
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Cristian, sounds like in your first quote above you are recommending finding mentors who let you try a week or a month to see if their results are valid, and then in your following post from Jaguar Trading Club thread you seem to contradict yourself by saying that paying for a trial is a hook to eventually rip you off (my words). Kind of confusing.
Sorry it sound confusing. No doubt you may ask for a trial but the trail can be free not only paid. TraderShark has free trial and TheTradingClan too.
In case you paid for trail keep eyes wide open during the trial period because if you will pay further the full course you may have hard times to get a refund.
An work around for these, which I advice, is to use a second CC for the trials (ask a friend, or use one from another bank and other financial services -Visa vs. Mastercard) this way the two payments can not be linked.
Another point to look for into a Trading room is to see if members can freely speak at the mic or at least chat to each other privately (not only to the moderator or only to Everyone chat). This one show transparency. This only characteristic can give you 95% chances to be in a authentic trading room.
Last edited by Cristian; October 27th, 2014 at 12:53 PM.
So with the Elliot Wave reference you are talking about his patented indicator Serial Sequent Wave Method? In some of his videos he mentions that he believes he is not a real good trader. And that he has taught others to be better than him with his method. Do you find this to be true? And when he does his recap is it right after he is done trading for the day or later on after the market close?
Correct about Serial Sequent. And Will is a great trader. He makes few mistakes but readily admits them and will note them in his journal. He normally posts his journal after he is done trading for the day.
His market knowledge is great, I like his support and resistance indicators. I will post a more in depth evaluation when I have more time. So just a quick eval and recommendation. DO NOT SPEND YOUR MONEY. yes he has a chat room that he kind of calls his trades out ahead of time. This is an example of how it sounds when he makes a trade call- "selling the next push up" then next reply something like this "Filled at 10.09". OK, so i am looking at the chart (my chart) and thinking how did he get that fill at the top of the bar to the tick and it was only there for a split second. Then his next reply "out at 10.01, + .8. Well this is all great except you never see him make the trade, he just calls out trades very close to the example I gave you. Very rare VERY RARE does he say will sell at 10.09 limit so you can actually see if the trade really works. He never actually lets you see him trade. Anyone with good market knowledge can do what he does in terms of making calls like that. I want to be certain here that I am not accusing him of lying. I will say this, at the end of almost every day he states he is up 2, 5, 9 points in the TF, and also some trades in ES and YM and NQ. Only a few, very few days of tiny losses. If you could make 3, 5 9 points in the TF almost every single day would you be tradeing 1,2,3 lots for a trade room or trading 5, 10 20 lots from your beachfront balcony? After you pay your THREE THOUSAND DOLLARS for his course, he will tell you he does not care if you don't believe him. Before I took the course I was led to believe that I would be able (with certainty) to observe via chat room, or see that the trades he was making were real---NOT. You never see him trade, you never see an equity run, nothing. There are so many holes in this that I could go on and on. I put every waking moment, hundred of hours into his method, listened to all the other comments from other traders in the chat room, and some traders that had come back years later, and it sounded to me that the only one making any money was Will Scheier. PS: I guess after this post gets around to him, i will not be allowed in the room or the course again I have been touching base on this site(Big Mike's) for a few years now, and am so happy that I finnally have something real to offer. Became an Elite member yesterday.
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I agree with kburks. I took his course, you get a lot of dos and don'ts, most of them useful, but you don't need to pay 3k because they are all in his book "Pivots, Patterns, and Intraday Swing Trades". The only thing that isn't is his Elliot Wave version of swing counting (which is not a true or fixed science, so take it for what it is).
Regarding the chat room, the only guy chatting is him, he doesn't allow free chat, if you do it he'll pull you aside and give you a speach on how the other members joined his chat in order NOT to hear comments like yours
a) You will never see his trading screen, you trade on your own charts based on the calls in the chat room.Like kburks said he many times the call is a bit general "selling next push up", "buying next push down". All those calls can be done with if he broadcasts his screen. During traning session he's more than happy to broadcast his screen, only during live trading he's shy of doing that
b) Some of his fills and stops are ...pure magical
c) When i stopped joining his room the set of indicators I received from him stopped working, and I got a popup messages saying to contact his e-mail address to enable them This is completely against the agreement I signed but didn't want to have anything to do with the guy anymore so I just uninstalled them. Be warned!
d) TF moves sometimes 1 point quickly, the 5-7 ticks stops are a bit hard, I tried. Could be done but I don't think they are enough, even on tick chart. You are better off trading on 1 min in the direction of 15 min swings, and using something like VWAP which you can downloaded freely.
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