Update Jan 4 2011: I and several others have spent time researching this guy and we've concluded that there is nothing of substance there. We can't find anything useful at all and certainly nothing to pay thousands of dollars for. I write this so that others may avoid wasting their time trying to figure out what this guy is doing. Proceed at your own risk and keep your wallet close to you at all times.
I'm only briefly familiar with this guy but from what I've read he's very highly regarded. The basic idea is he is an older pit trader and is now trading on his own. He started his blog when his 25 year old daughter asked him to teach her how to trade.
There are some interesting posts on his blog... one where he extols the virtues of watching 1 chart, 1 timeframe and not getting confused by using multiple time frames for example. But I attended the webinar and, like most webinars, it was mostly a waste of time. Unless something magical happened during the last few minutes of the session, most of what was discussed was very basic, very generic and not particularly beneficial to anyone who has been trading for awhile. For example, he doesn't provide any of (apparently) 18 different setups that he has for entering the market. Rather, he suggests that each trader find his / her own setups. I'm not saying that is bad advice - but I doubt if he told his daughter to find her own setups. Another gem is to be sure you have enough money in your account before you start trading or else you'll probably lose it. Again, I'm not saying that is bad or wrong advice, just that if you don't know that, you're probably not ready to trade anyway. His take on exits is pretty vague too. He likes to scale out in increments of 3 but where to scale is not disclosed. From studying the trades on the blog, you'll see that sometimes trades are exited at his outer Keltner, sometimes at Market Profile areas of significance (value area highs / lows and poc's for example), and sometimes the exits seem to be primarily discretionary. I love the premise of the blog - follow along while a legitimate and successful trader teaches his daughter how to trade. But from reading the blog and attending the webinar, I didn't pick up too much that seems trade-worthy.
Now I'm concerned. I looked at his blog briefly and I kind of had the same impression but I thought it was just due to me not having read the entire blog.
So are you saying that he doesn't give some setups in his blog? If not then I think I will skip it.
I understand about exits being discretionary, but he could at least give some guidelines. I usually decide in advance when I'm going to exit, it can be different for each trade, but I try to think of what would cause me to exit and what would not cause me to exit. It'd be good if he listed criteria like that, like when to exit on a keltner band and when to exit on the MP thingie.
throughout his blog he is emphasizing a lot the use of market context.....he says that understanding the market context allows him to pick and choose what trades he takes, which makes sense.......in my opinion, he should spend more time explaining how is he evaluating market's "big picture" because one could perhaps get clues from his screen captures what are entry and exit triggers...but in general I find his blog informing.....on the other hand i am not sold at the moment on market delta since NT can reproduce the same information and add more if needed.....I did not feel guilty spending 2 evenings going though all his posts
Last edited by zikonc; January 18th, 2010 at 06:27 PM.
I listened to the webinar and thought it laid a very nice foundation for his daughter or any beginning trader. I particuliarly like the fact that he told all of the beginners that 90% of people who attempt trading fail. Hopefully drawing attention to this fact will give aspiring traders pause........
So, did anyone notice his momentum dots ?????? Are there any bright programmer types that are intrigued enough to want to take a shot at them??? I can't find anything like them on the Ninja forum or on futures.io (formerly BMT).
Several other points of interest.......he likes range bars....the 33 ema.....the 99 ema and of all things the CCI. My interest in the CCI indicator was recently rekindled by Ben Harrell on his CL thread. It's interesting that he uses a 45 and 6 setting on the CCI and makes a point of saying that he doesn't know anyone who uses the CCI like "Woodie" and makes any money. So, his use of the CCI is unique. Of course volume played a very big role with the cumulative delta and market profile.
There is no way this guy is going to teach thirty years of trading experience in one webinar.....or even two or three. I'm sure that this process is just starting and will yield a tremendous amount of information over time. All in all......a nice start.
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I do believe that you are correct........here's my take on the basic "Electronic Local" set up. The CCI is tweaked as a histogram and paintbar study. I just paid a programmer $ to create this for me so I will not be giving it away.
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