I purchased this course in the latter half of last year 2010. My main reason was that although I am not a new trader, I didn’t really have much Futures experience coming from a Stock trading background. I did some research on the Web, looked at some reviews and went to free sessions. There weren’t really any adverse comments about the course that I could find….so I went ahead with it.
If forced to sum it up briefly I would say that there are a lot of good things about this course especially if you are a relative novice to the trading game. That is not to say that you are guaranteed to be profitable though.
The price you pay depends on how much access you want to the Live Trading room. A higher price membership will allow lifetime access. Or you can pay a lower amount and get the course plus 3 months access to live room.
Once you join you are a member for life, so if they ever make enhancements to their setups etc then you will always have access to them for no extra charge. This was one of the things I looked for when searching for a course, as it allows you to be kept up to date of any changes to the strategy based on market behaviour without having to continue paying monthly for a live room.
The course is structured in online format with a mixture documents and videos.
The core of it all is the mastery curriculum consisting of about 15 chapters. This covers everything relating to trading the Emini:
contract mechanics (e.g. 1 point is 4 ticks and is worth $50)
A good thing about how they do it (IMO) is that there is an online live class to actually go thru the curriculum chapters. So you are not left to read it on your own. This class is over 5 days and covers a few chapters per day. So you can read thru the course and sit the class and ask any questions as they occur to you. Sometimes there are even some live market examples of setups which may be occurring at that time.
You can retake this class as many times as you like as it comes around every month.
You need to have Ninjatrader or Tradestation as their indicators are coded to these to patforms.
Depending on which platform you use (NT or TS) they send you the indicators to set up the charts exactly as they do so you are seeing the same signals they do in the live room. There is also a video showing you how to do it step by step.
Another good thing about this course is their advice on doing your own homework.
Once you have gone thru the course there is a section where they ask you to go back thru the charts and identify their setups and where you would have entered, your target, your stop etc.
In effect they are asking you to backtest for yourself that their setups work. For example you need to identify 25 cases of a BT setup. So as well as getting comfortable with the setups you are looking at charts to see if your understanding is correct. You can email your setups to them and they are very good in giving you feedback on whether you have identified things correctly or certain nuances you may need to consider with regard to price action.
Feedback and Communication.
Can’t really fault this aspect.
As mentioned above they give good feedback on your emails about your setups. If you have problems with platform setups etc then they are ready to help.
Sometimes the reply is via a video where the instructor shows your chart and marks on it where maybe you were too early in your entry..that sort of thing.
They will also review your trading plan and offer advice on it.
For obvious reasons I am not going into detail of their setups. But briefly….
They are essentially trading the trend and have different setups which are designed to enter a trend a different points : near start, once you get some further confirmation and as the trend is coming to a possible close.
Their indicators (macd BB, channel bands etc) all combine to provide a view on trend strength, direction etc.
They use two timeframes (tick chart based): one to identify and area to trade and one to fine-tune your entry. There is a strong element of momentum in their trades so that for example even if price is at an area you still need the short timeframe momentum on your side before you can enter a position.
Their risk is max on 1.25 points and their target is usually based on an ‘area’ 2 points away. If this target is less than 2 points then they would not consider that a trade. So their risk-reward is on the good side and if you catch a trend it is a good chance you will make 3 or 4 times your risk.
Targets are Fib Extension based as well as area based.
The Live Trading Room.
The live room runs 3 or 4 days a week usually the morning session and sometimes one afternoon session.
The instructor will have both tick charts open and identify potential areas to trade and also invite comments from the attendees. So for example how is momentum looking here ? is this a BT trade setting up ? that sort of thing.
You have to be on the ball to get your entry on the smaller timeframe otherwise you are likely to miss it.
One thing I should make clear is that this is not a live trade room. I.E You will not hear the instructor say “ buy ES at 1235.75 now “ for example. So for the purist this is not really a Live Trading room. They are just going thru the market and identifying the setups and possible targets.
There is also no display of their trading execution screen or DOM. You will not see them trade the ES in front of you and see the P/L as they move stop, exit etc.
I’m saying this as there is a school of thought that a Live Room room should show a trade being made with corresponding P/L and exact entries, exits etc. ..you won’t get this here as it is more of a educational room.
As the morning unfolds the people can send in their charts of trades and the instructor will review them online so all people can see and make any possible comments.
At the day’s end there is a video which shows all the day’s setups and you can compare this to what you took or did not take.
So can you make money with it?
So finally the crux of it. I’ve rambled on above about some obviously good points about the course. And for sure they are not scammers…but can you make money with it ?
My view is that you can, but you need to be able to incorporate the following:
Assessing market behaviour is a big part of this course. More specifically if the market is stuck in a range and or channel then trying to trade retracements in a trend is tough going . Looking at support and resistance etc is vital. I know that some trades I took were correct in terms of setups but the daily review identified a S/R channel which invalidated the trade.
You have to be quick on entry (on smaller tick chart). Any hesitation and price can move quickly away meaning the r/r on the trade is no longer favourable. This takes practice with the DOM etc.
On the flip side of point 2 you have to be careful not to enter too early when the momentum is still slightly against you. As with a 1.25 stop it can be hit quickly.
On the trades which work out, ideally you need to let them run to the full course (usually 2,3 or 4 points) to make up for losers.
Am I trading it?
Some days I do….I’m not a full time trader as I have a job as well. And also I am more leaning towards price action trading (less indicators), so I don’t trade it every day. There are parts of the course I have incorporated into my own trading E.g . Use of tick charts, DOM trading etc.
Anyway ramble over..hope you didn't fall asleep...
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jitasb, thanks for that awesome review - it was extremely informative!
At the end you stated that you don't trade it every day and are leaning toward price action trading. So after spending $5K, you don't seem to be thrilled - which is usually result of poor profitabiliy of the trades... Your review mentioned the stop and target amounts - so we know the risk-reward, but would you mind posting your results as far as average win and percent of trades profitable? Just trying to get a better idea of the real vs. expected results here and why you're still looking for better...
Thanks again for taking time to write in such detail.
Here are my results. They are in two parts: backtesting (i.e. I went back thru the charts and looked at each day in turn and ran thru the trade entry, stop, exit etc): very time consuming I can tell you. And also my actual real results.
My figures are not as good as the website ones: as they have win rates in region of 65 to 70%. A lot of this is due to reading price action and market behaviour > there are some trades which I took and they did not. So it's not all about just following the signal and taking the trade based on the setup parameters lining up.
The other thing to bear in mind is that on taking the course I was a complete novice to futures. Having been trading stocks for a few years I am more comfortable with that, so am not really ready to throw all that away and concentrate solely on Futures. Addtionally price action trading is still a part of trading the EminiAcademy system so I am still looking for ways to improve.
If you said that my results were ok and I haven't really given it a chance...then I wouldn't argue with that.
On the live room, there are people making money (in as far as you can judge by their charts) and there was a recent bootcamp in Texas which was fully subscribed...So people seem to be ok with the system and willing to spend more for more advanced training.
Hope that helps.
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