It's been a little longer now that you've been using the system. Could you provide an update on your results? Are you still using their methods and indicators? The new indicators look like it will simplify things a little bit, at least for some trades, but it also means it's moving toward more and more automated rather than trader skill based.
I didn't buy their program but I wish I could. I just cannot afford it right now. I think their course is really good and strategy is very easy to understand and use. I get bad reviews from people that just cannot follow those rules and do not work hard enough to make it work.
They have a lot of videos on youtube you can watch and you can also get one free class with them. That is just a live trading room where they are watching live data and asking you questions about set ups and at the end of the session students send them their charts to see what kind of mistakes they've done.
So what I'm doing is trying to use their strategy without paying them. I got indicators that are very close to what they are using. I don't know how to program custom indicators but I got some help from other members. If you watch their videos over and over again you can see how they find their entries and what set ups they are using.
So I had to go the hard way and nobody tells me what I'm doing wrong and how I can fix it. It would by much easier if I paid them.
If you are interested in what I'm doing you can follow me on youtube. My name on youtube is the same with this one. I started my sim trading at April 7. The fist week I traded two days and made $207.50 per contract
the second week I traded all five days but on monday I had only 30 minutes to trade so I took two stupid trades and lost $100 but by the end of the week I made +$437.50. I count the broker's fee also $5 rt, so all my results are net profit or loss. After that I started to pay more attention on MACD divergences and forgot about some other rules I had to follow. Last week we had low volatility on the market and with all of that I lost $365.00. When I looked back I found at least five loosing trades that were not valid according my rules and just from those five I could save $312.50.
So as I said it's all about your discipline. Now they have new version of software that gives you clear entry signals. The only thing I don't like about that software that you stop thinking because it calculates everything for you.
Thanks a lot for the reply. From my research on them, it seems like the method only works well when the market is trending, but on a choppy ranging kind of day, I can see how you can eaten up pretty fast.
Do you or anyone else who has taken the course feel this way?
That's why I lost money last week but there are easy rules that can keep you out of the choppy market and I just forgot about them. That's why they have 30 and -30 lines on the MACD. They give you a signal if market really trending or not.
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Well, one thing I will say is that is definitely a good thing if you can keep yourself out of choppy ranging markets, as I guess sitting out will not cause you to lose money.
However, shouldn't a good trading method make you money during trending and ranging markets?
Again, staying out of the market is never a bad thing, as you will preserve your capital. BUT, you won't make any money either by sitting on the sidelines.
And from what I understand, the markets are ranging more than they are trending.
So just trying to figure out how you would actually make money using this type of method that is geared towards capturing trending moves. If the market gets rangebound for a couple of weeks, then where does your income come from?
If you are looking at 610 ticks charts you gonna have at least 2-3 signals for a session, even if it's very slow 1-2 signals. If you look at higher time frame or tick frame you'll see that it's still going side way. You need just 5-6 pts move to get your 2-3 pts out of the market
All I need is 1-2 winning trades a day. My daily goal is $100 or $400 a week so it might be -$100 one day but +$200 the next day. So all I need is just a couple points a day per contract. I just started to practice but I was able to get over 4-5 points for a couple days even with my poor trade management.
I tried scalping, sideway strategies before and I didn't like it. If you are interested you can check it out at Day Trading | Day Trading Strategies | Free Day Trading eBook. The give you scalping strategy for free and you can test it for yourself. The use 8 ticks range bars at ES and 16 ticks on 6E and you go for 2 ticks on ES and 4 ticks on 6E at the closing of the bar. It seems like a little profit target and you should get it every time but you have stop loss four times bigger than your profit. So you get your profit in 80-83% of the trades but even with that procentage you don't make money. With 80% you only BE and plus you have to pay your broker's fee. It's a good strategy until you get a loosing trade.
They have strategies for any condition of the market but after trading them for a year on sim and real money I didn't make any. The thing is you can be profitable for few weeks and then start loosing money and one of your loosing days could wipe off the whole week of profit or even more.
So I think if you want to make money when market ranging within 1-2 points you can try make some money on smaller time frame (you can see trends there), but for me it's better to stay out for 30-40 minutes and then get one or two winning trades and call it a day.
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I'm a member of the trading authority's triple threat course. Be interested to hear others experience with it. I'm still going through the course and have yet to apply it live. I'm struggling to get through it all to be honest. Seems like every week there's new content. Just when I think I've finished one section... there's a new 2hr video to watch in the last section. It's one step forward two back. Feels like I'll never finish it. The recent change over from NT6.5 to 7 hasn't helped things... just when I thought I had the charts set up... the old ones don't work in NT7 so it's back to recreating the layouts. Frustrates me no end. From what I've seen so far the bigmo strategy is similar to the nexgen, eminiacademy one. EMA cross over, confirmed with MACD cross and trend bars... enter on pullback to EMA. I really wish trading educators could summarize their course content and just give me what I need to know. Who wants to watch weeks of waffle on video pausing every few minutes to make notes. It's trading... not rocket science!