I also took this course in 2007/2008 when I was just starting out. I did not have any success learning this method, mainly due to the absurd complexity. The basics of the post-entry trade management can be picked up by doing tick replay in NT but the system is "all or nothing" so you have to learn the other components. The most difficult part is trying to identify which of the 10 or so different setups are "low risk" and which ones should be avoided and make that decision in seconds. Since this is a scalping methodology, you need a rather high win rate to overcome losses and commissions (4 contracts yield $150 per winning trade on average).
Bill McDowell states that the trader must develop the skill to "read the bars" but he is rather vague about what that actually means. Unfortunately, he does not discuss potential trades in a live market so you are left to guess when he is considering a trade, whether he actually took a given trade or he was already in a trade in one of his other 3 markets, etc. He enters each potential trade into his trade 'log' whether taken or not, occasionally even in hindsight.
IMHO, his method of teaching leaves much to be desired and this is the weakest point in his mentoring. While he seems sincere in his intent to help, he tends to ramble and go off on minor tangents not directly related to the question at hand. Overall, I found his mentoring to be a rather frustrating experience. After talking with several other students last year, the general consensus was that the system showed promise but no one was actually following it. If anyone has had some success, I would be interested in getting a simplified explanation of what Bill is trying to teach here. A great deal gets lost in translation. The same for Al Brooks - why do these guys have such a hard time explaining what they do?
To answer your last question, I would not recommend this course for anyone just starting in trading. Stick with the simple concepts and develop your own methodology, and then test it and modify it as you progress. If you get down to it, Bill McDowell just developed a unique method that fits him and his beliefs. If you really want to follow in his footsteps, then that is the actual path you should take.
The following 3 users say Thank You to ddnut for this post:
i am the sponsor of this thread. i should say that, with all due respects to my fellow billsroom students, disagree with the negative sentiments expressed here. Yes Bill makes a lot of noise about making 2000 trades, as he think that would arm the trader enough thru repeated exposure. I have never heard about 11 trade setups. I have been in billsroom in december 2010 and i am now outside as I want to pick up in February with oil mentoring. Bill could doctor his screenshots from nt7, but his winrate is 90%. As the thread starter, I have personally not come across anyone with a better winrate
That was a very comprehensive post. Thank you so much for sharing your experiences. I've talked to a couple other former students now and they all seem to agree that though Bill maybe successful at this..his teaching of the methodology leaves a lot to be desired.
Even based on his seminars and free videos, I did get an inkling that it would be difficult to replicate these results. Even when he was doing a market replay on Sim it was difficult to comprehend what exactly he was looking for. I was under the impression that in live trading it would be easier but based on what you are saying it would be very similar.
His stop management was very active and aggressive and seemed a bit arbitrary at times. I know it is a skill he honed over many years, however without clear explanation of how and why, it would be difficult to learn.
Your input was very much appreciated!
How has your trading journey progressed? What methods have you continued to research and study? It is a difficult one indeed..
Best of luck!
The following user says Thank You to mavinwiz for this post:
Ahh Nqcruiser - so you are a current student? So you are on the 2nd month of the four month course? Do you feel his results are repeatable?
I don't understand what you mean you are outside but picking up Feb with Oil Mentoring? I do know he has a further $1500 course for Oil and Gold mentoring but that's after the initial 4 month course is that correct?
I'd like to hear the other side with a new student. Can you please elaborate on your experiences so far? He seems like a nice man, and I don't doubt he is successful. I guess I fear that I won't be able to pick it up if others have not as well. Though he has been doing this since 2006 so I imagine he must be doing something right!!
i have been with bill since december 2009 and yes,i did the 4 month course. in my case, i have moved on to cl course without proving success with tf anf 6e. bill did allow me to subscribe to this even tough he had misgivings. i am happy for this as i am really successful with cl trading on my own. I am scheduled to start the cl mentoring in february, having had almost a solid january with simtrading cl.
there seem to be a perception that bill's method in real trading is difficult and that few students have made it to be successful. the last i heard he had around 37 successful students. i have yet to meet a negatory naysayers in the room. those unsucessful once may be here on this thread but i dont know of any1 who has failed at his method.
once u do cl course, u can clearly see that bill's method is all about reading momemtum and watching price action to be able to jump onboard a move that is unfolding
The following user says Thank You to nqcruiser for this post:
Well, I have, so I can believe people like that do exist. It's kinda funny though that everyone is so quick to denigrate them without actually doing proper DD first.
Yes, good reliable trading methods can be complex. The same can be said about what I am using and I got it from another trading wizz with remarkable results that were hard to believe. No, I am not doing as well as he is, but I believe I can do much better and I am already very good.
I am not trying to endorse Mr. McDowell, as I know nothing about him. That's just a general comment about related matters.