@colin: I am not saying, it's a fake. The only advice I would give is proceed with caution.
@Braulio: A post from someone who took the training would be helpful, but only a small part of the statistics and it would be really hard to tell which one. He could be someone who failed (the only one) and wants to blame the trainer for it or it could be some trying to increase the sales Difficult to tell.
Trying to stay neutral, a couple of comments
- A few important questions weren't publish on the blog. And the answer would have been really interesting.
- His method might not work for everyone. Theoretically it works, I found a couple of setups and did the backtesting. Even with a probability of 70%, can you wait for a signal for hours an have a loosing day, because the signal belongs to the loosing 30%? Because those signals in the right context are pretty rare.
- I found parts of his methodology within different systems. I mean not only indicators or trading philosophy, but teaching method, too. He is definitely an integrator, the question is, what kind of?
- I understand he is doing backtesting with Multicharts (uptick/downtick, because bid/ask is not available) and trading with MarketDelta (bid/ask). It seems it works for him.
The money: he is offering the DVDs for about 2000-2500 USD. The question: can you afford to lose it or not. For a lot of people, that's serious money. Ironically, buying the DVDs is similar to a trade, maybe not to a day trade but to a position trade.
Even if it's affordable, I would try first to get a proof of it, make it work for me.
I looked in on El' a few times over the course of this year. If he can't trade he certainly can spin a good tale. Teaching his daughter to trade. "Kiki" that's a nice name, and a programmer, what luck. She's a quick student. Then of my, there's a son? He's very ill and lives in Australia. I don't know if he's been cured or still exists. This website is not about selling anything. Oh, why not, potential students have pleaded for help. Why you have to get your name in right away so that you won't miss out. Everything is starting to perk along. Now we have a new website and El' is visiting Chicago. There is suddenly a class. Soon we can take a week long holiday at his farm in France and combine that with a European ski holiday.
It's convenient that he's got Kiki to help him and program this new automated trading system which is doing great, but it still needs a little tweaking. He can't ignore that other daughter. You didn't know he has a daughter who just happens to have majored in marketing? She's a real slave driver. Now El's got to get those CD's out as she plans new seminars, etc. "puff, puff, puff."
I was a bit nervy and posted a question about his classes. Trading is just so godawful easy and there's never any mess. He felt sorry for me because I'd obviously suffered and posted selected portions of my post so that his students could ponder my naivete and incivility.
I followed with a more challenging response but that was disregarded. Why do these people engage me? I waste time and stay up late. There are more profitable ways of using my time, like sleeping and putting those guys in a little box and ignoring them. He barely spoke about market flow. I'm such an idiot.
At least his marketing approach shows some skill. Unfortunately there are so many bad websites and system vendors. His website is not bad, I admit that I had some fun reading the Electronic Local Blog. The chart setups are no-nonsense, although he does not show his exact setups.
I have learned something from reading his blog. So I do not blame him for having told me am entertaining story, even if it is not true.
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Yes, but is 10% of the money really going to a charity? Did you look at the days which were something of a challenge? El never seemed to break a sweat. Infinity sponsored this guy in Chicago or so I believe. It would be a novel idea if a broker would partner with only proven educators.
I have been following EL for some time... If you follow his posts and the charts where he shows his entries, you will immediately notice that there are hardly losses... His entries seem to me a little bit too perfect...