I joined the room in Dec, 2013. It's a scalping system based on moving averages and stochastics, etc and other typical indicators. The moderator, Mark, has created a system to trigger the entries. So, when this line crosses that one and this stochastic are over 80, then the entry is triggered. It's that kind of stuff. He trades gold, crude, russell, natural gas, and nq sometimes. There were more good days than bad days at first and then it just went downhill fast which I now believe will be the case with any indicator based strategy. Once the market changes, the system stops working. The method was so precise though that it was very difficult to get the correct entry. If the market was moving at anything but a slow pace, you'd miss the entry. There are all these crazy rules, like "if price is within 3 ticks of the S1 pivot, wait for it pass through the pivot by 4 ticks to enter", etc. If the trade doesn't activate within 11 bars, close the entry. If the dot appears within 1 tick of the channel, take the entry. You had to keep all this stuff in mind as you're trading in 4 markets, it was nuts.
I'm certain the results on his web site are based on getting perfect entries based on the system, but that's impossible. He'd miss the entries all the time and say he got distracted. You couldn't even get the correct entries while watching the screen like a hawk. It's extremely difficult when you're watching 3-4 markets and scalping to get the correct entry. Even just watching one market, you'd miss entries when the market moved fast.
Here's the real reason to stay away. I joined in Dec, 2013. By Feb/March 2014, he'd introduced 2 new systems to trade and everyone had to pony up more money to get them. He gently pressured people in the room to get the new system so he could discuss it, otherwise it wasn't fair to those who'd paid for the non-payers to see the new system. I was suckered into it once again and the new system was even more complicated than the older one!
He has a new website now called xmatrading.com. It's a new system he's created recently (April/May, 2014). So, that's 4 systems in the past 6 months. BIG RED FLAG!! He's doing webinars on online traders central to get new subscribers for the new systems. He does offer a 30-day conditional money back guarantee. So, if you want your money back, you have to show your entries to him and if you took the correct entries but didn't make money, you get your money back. I didn't try this as I'm well past the 30 days, but it's impossible to take all the correct entries. I don't know anyone who tried to get their money back, so I don't know if there was ever any issue for anyone trying to get a refund and if he was accommodating or not.
Mark is kinda gruff, not the most personable guy around, but I think he wants everyone to do well and he's not a bad guy. He's seen a business opportunity and is taking advantage of it just like many others out there. However, please save your money and don't join. This room will not help you to make money. I can't stress this enough, do yourself a favor and stay away.
I'm by no means an advanced trader, but after dropping many dollars on different systems and now starting to really learn how the market works, I'm now a strong believer that the only successful way to trade is discretionary. You have to learn how the market works. Indicators will never give long term success. They may give spurts of success, but it won't last in the long run. Sucks to hear that when you're looking for a mechanical system, but that's just my humble opinion.
The following 3 users say Thank You to gtrader for this post:
When I originally saw the 30 day guarantee i know it would be trouble. Trying to trade 4 markets at once is impossible anyway. Other vendors who have this guarantee should be avoided from the start. Thanks for the review.
GREAT REVIEW..... I had the same experience with bounce. I was cut off from room after 30 days because he had new system/ indicator he wanted me to purchase. The indicators he uses are from the indicator store. The results posted on site are not based on trades taken.