Healthy skepticism is always good, but I think the best thing is to really contact the person behind any site, and inquire as to their offer.
Better yet, ask anyone one this forum if they had experience with him and if it helped their trading.
Some sites are not very aesthetically pleasing, yet have some real traders behind them.
Personally, I always come across sites with free blog hosting but offer a wealth of information.
PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
Discipline, focus, patience and a determination to succeed. You must be able to follow rules. The problem as I see it is that many of these "indicator" methods are not reliable enough to put you in a consistent profitable mode. Like they say" if you continue to do what you are doing, you will continue to get the same results". & "What else do you need to become a successful EMINISCALP trader? You need a reliable charting package and reliable data. I use Sierracharts with Transact. Why? because I know it works. I pay a total of $260.00 per year for charts and data. There is an "item" that Sierracharts has that we use. As crazy as it sounds, there are charting packages available that cost over $100 per month that does not have this item."
"The EMINISCALP Method is NOT Market Profile, Market Delta, breakout trading, indicator trading or anything to do with crossing lines such as MACD's, RSI's, Bollingers, moving averages, etc. It is something so simple but absolutely effective. It would probably take someone years of searching to discover, assuming they knew what to look for. The setups are exact, simple and highly successful."
What You Can Expect
WHAT IS EMINISCALP?
One chart, no indicators, with specific, high probability successful setups for the entries. Visual, no guesswork. 13. Indicators:Don't need them and don't use them
On the Method Page it has:
“NO INDICATORS - Although some indicators may have a purpose, and I will talk about their use if you purchase the eminiscalp method, in most cases they are a distraction.”
I won’t give away the setups but what is used are the following, 17 EMA, Intraday pivots, on an 89 tick chart. The 17 exponential moving average I found in the indicator part of my trading platform, and the Intraday pivots ("item" above) once I loaded it was also found with my other indicators.
I wonder how Al defines indicator(s)?
I would also consider his method a breakout method, but in the quote above, from the website it is not considered as such.
I hope this helps in the evaluation of EminiScalp.
Last edited by Ben16JP2; December 6th, 2010 at 02:06 PM.
Reason: to make clear
The following 6 users say Thank You to Ben16JP2 for this post:
if you have traded (or even papertraded) it can you put up some details of the results you got - if you had a trade log, however brief, you might post it
- how many trades a day did you take (trading it for how long each day)?
- what was entry, initial stop loss and exit for each trade?
aside from the problems with the description on the website you pointed out above, how did you find the guy who sells it - is he as good a teacher as he claims to be?
I understand there is a yahoo voiceroom - how did you find it
Once I learned what the method was and how ambiguous it is I did not bother trading it.
How is it ambiguous?
1) The EminiScalp Method starts out with a 5 tick Stop Loss and a 3 tick Profit Target, and if you wish to trial your Stop use a 3 tick trail, once it goes 3 ticks in your favor. When the trade sets up and you are in the trade, you can get another setup in the opposite direction before the profit target is filled. One of the things that I requested Al to do was to post his trades with the entry price and the time of day so the group could compare and ask questions the following day. This was never done while I was in the chat room.
2) The Method seems to require your 89 tick chart to look exactly like Al’s with “x” number of bars to have equal highs, then the high to break before going long, or to have "x” number of bars to have equal lows, then the low to break before going short. One of the things that happened while I was in the yahoo chat room, is that there was a fellow from the U.K. who also was using Sierra Charts, this it what Al recommends, and he had a setup that turned out to be a loss. He pointed out the entry price and the time of day to Al, but Al did not have a setup on his chart and did not recognize the loss.
3) The voice room I found inadequate, many times myself and others would lose sound, not realizing it till many minutes later. What I feel is needed is for Al to have a room where you can see his live chart, so anybody can ask questions using his chart for a reference.
I hope this helps.
Last edited by Ben16JP2; December 6th, 2010 at 05:55 PM.
Reason: to make correction
The following 2 users say Thank You to Ben16JP2 for this post:
And the ES is the primary instrument that is talked about in the chat room.
But this brings up another point sometimes the pivots would match what Al has and sometimes they would be off by a little. And if Al does not see a valid setup and you do, Al might not use it to get his quoted 80 - 90% win rate. How he gets the win rate that high was still a mystery to me, since he does not show his trades with the entry price and time of day.
Since having seen for myself, what this method is about, I would say it is at best a break even method, then subtract your commissions. This is of course using the 89 tick charts that is available to me. For my Ninja Trader I have Rithmic Data, I also have TradeStation.
With this information, including the post I have above, even if you had Sierra Charts your 89 tick chart may not be exactly as Al's 89 tick chart, so results will vary from trader to trader.
Last edited by Ben16JP2; December 7th, 2010 at 05:39 AM.
Reason: to make it clearer
Thanks for the evaluation. I talked to him at length, and he made claims about 15 -25 trade set ups per day and high win percentages. Are you saying that after purchasing the system, you did not see or experience that? Are you saying that the setups he uses are not clear as he insists? Are you saying you would not purchase it, if you had to do over? He claims that Sierra Charts has a "tool" that is not on the other platforms that makes the set up very clear, and gives you plenty of time to set up the entry and calculate the target. My concern was the high commissions that one would incur in scalping 2-3 ticks. I really appreciate your feedback. I was real close to buying in.
"Thanks for the evaluation. I talked to him at length, and he made claims about 15 -25 trade set ups per day and high win percentages. Are you saying that after purchasing the system, you did not see or experience that? Are you saying that the setups he uses are not clear as he insists?"
You can have 15-25 trade set ups per day, but as I stated above you can get a set up in the reverse direction before the profit target is hit.
About the high win percentage: Since I have seen many times for myself, that you can get a valid setup in the opposite direction, while you are already in a valid trade, you have to figure out before hand which one is going to be the winning trade and go with that. Al is pretty good at showing the winning trades after they had already happened, and avoiding the losers. But the trick is how do you stick with the winning trades and avoid most of the losing trades looking at the hard right edge. I would like to see Al teach this, not looking back at old data, but under live market conditions with his chart showing so everybody can see it, using his chart as a reference.
Anyone who is tempted at all in purchasing this method ask Al for a few things first.
1) When are you going to have a room with live charts to teach your method?
2) Are you going to post and keep track of your trades, with time and entry price, for later review with those folks interested in the course?
3) The folks that are using your course, that are claiming 20 ES points a day, could they share there trade information (entry & exit price, how they trial there stop, and time of day the trade took place)?
I found on many of the setups you would get reverse signals before the 3 tick profit target was hit
One time when I was in the chat room somebody else pointed out a losing trade that had happened a few minutes earlier, BUT WAIT there was a setup in the reverse direction, while the original trade was still on, that was a winning trade, “You should of taken that trade”. To bad that most of us don’t know when the trade sets up, if it will be a winner or a loser before hand.
"Are you saying you would not purchase it, if you had to do over? "
Out of all the (methods, systems) I have purchased; this by far was the biggest waste of money I have ever spent for trading.
One of the many reasons why I joined Big Mike's was to see how traders, like myself, found the various systems and methods, hearing both the Pro's and Con's, then deciding to try it or not. I would love to see someone else give another write up on this. But knowing what I do now I would never have bought it.
From the description on the website I thought this was something that I had never come across before. So I had to find out what this method was. I was going to learn something new. Well I did learn something, and I am more careful now when deciding to purchase anything because of my experience with EminiScalp.
A couple points I want to make are these.
If you would like to look at a type of breakout method that is far superior in my opinion, and it will not cost you a dime to get an idea how to use it, check out Eminiwatch.com.
I hope this helps.
Last edited by LukeGeniol; December 23rd, 2010 at 08:39 AM.
Reason: Removed some comments as per user request.