If you purchased the 6 months package, did you learn it and follow it as is, or did you try to mesh it with other things you thought might be useful from past experiences?
The reason I ask is that it seems his instructions use basic, familiar concepts of identifying certain levels to trade from, then considers certain qualifiers, including the floor traders’ probe, to determine whether to trade from that level. He then suggest to exit half your position to manage the risk to create a free trade situation, while looking to achieve the larger profit target.
The very few days I have participated in a trial, he identified good levels to enter from, and the directional bias correctly. Since I don’t have extended experience with him, I don’t know if that is typical. His trades are clearly from support and resistance, not an indicator-driven pullback or breakout strategy which is often represented by vendors. I can see if someone was still in the indicator mindset, they would have to change their perspective completely to effectively trade as he teaches.
When you reference the need to have a lot of money to be successful, do you mean that a multi-lot trader that scales out as he promotes would fare better than a single-lot trader or an all-in, all-out trader?
Regarding his live student teaching, does he simply reinforce his strategy, over and over? It seems if it is relatively simple with a small learning curve, one could grasp it quickly and just need practice and confirmation that he is properly applying the strategy. When Ace is short with students’ comments and questions, are they asking about things that he teaches, or are they asking about the usefulness of including their own ideas and indicators to what he is teaching? Is he simply strictly teaching his strategy alone, and has no comment or much patience with a student turning it into something else?
How did you determine if he trades his strategy? I never heard him say anything about his personal trading, or show a DOM. If he does trade it, would that change your perspective of his strategy?
Thank you for any insight you can share. I am genuinely interested in your experiences and thoughts. He is certainly a unique character, and how he loudly operates his room is very different from any other I am aware of. I know it is annoying to some, but offering an effective strategy for making money trading would help most overcome the annoyance.
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I will try to cover some of this but you have a lot to respond to, I may not cover everything. Ace says forget indicators, so, that is very clear, I agree with him here. Some indicators help a little but only in certain situations, maybe 60% or so is not uncommon. Ace is about like this, maybe 70% of days he has pretty good calls, but you have to figure out his calls that can be vague or misleading at times. It can be hard to figure if he is in or out, when he said get out, then the price goes back down he rejoices that we are still in, but he said get out! This is what I am talking about. This does not always happen, but when it does I lost confidence that i could really trust the calls. Also, he will often say, " we just have an odd small stop". when I just found four or five stops then he says sell again, it can be hard to keep hammering away at your account unless you have a very large account. If you can hang in there you often can come out ahead, but without any real stats or record, I cannot say for sure. Who can?
Also, there is no indication he is trading this, if it is so awesome, again, no record is kept, why would he not trade it himself??? I was in the room for a number of months and never heard him say anything about being in a trade himself at all.
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I would like to add that I thought this room was one of the better rooms, in that people are making money in this room. Not everyone, but some really are. He does get the direction right on a regular basis, so I think someone who is prepared for many small stop outs could do well, if you can trade at least 4 contracts at a time. He will say cover halfs, at around 3 or 4 ticks, then he will say, take some profits, so you will need to have another contract for a runner to keep the trade running. Many people are not ready to take a lot of 3 tick stop outs with 4 or more contracts. If you are able to do this you could probably make money with this, but again, no record so I am not real sure. Of all the rooms I have looked into this one seems to make profits a fairly high percentage of days, despite all my reservations. So it is a mixed bag, but I believe better than most, in that most rooms don't regularly make much profit at all. This room is worth checking into, I would advise at least taking a trial if this does not scare you off too much. It can be good for some traders, I believe. Just not for me, until I get a lot more funding. I did learn some good keys to trade in this room that i may use myself at some point, so I don't feel it was a waste of time and money.
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I recently attended 1 AceTrades traderoom trial session for 1.5 hrs. Agree with most of the red flags posted here by others. Shows a blue line above the then market price, saying it's a resistance, a sell. Later when price moves above the line, say become support, a buy, then price came back down, calling to sell again. Saying should have made many pts, which I don't understand how as he does show any trade, no orders or trade positions on the chart. Some room members say they made few pts.
If I want to spend few thousands $ to learn, I'll pick somewhere else where I could at least see how the trades are executed. I believe most trading platform now have something like a chart-trader where orders & positions are shown on chart.
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Pros: Sitting in a trading room can be quite boring. At least Ace, with his colorful language and carnival barker style keeps things interesting.
Cons: Ace does not trade. And he admits it. He just talks about how great his system is. And that his system works in all markets, and in all time frames. Ace provides no proof of trading success whatsoever. Ace records raw market footage. Then he records a "live" trading session over market footage. Total nonsense. Charlatan.
Ace has no tested indicators or formula, or anything else that will give you a market edge. However, if you watch his hand crafted, after the fact, post market trading video’s, you will clearly see a reoccurring pattern of being able to perfectly call a market top and a market bottom. The level of deceit is admirable and actually quite entertaining. Most of the time, I would just sit and watch the screen recordings with disbelief than anyone with even the most minimal amount of intelligence could not spot the fraud...
I was referred to Ace Trades by a friend. I read all the reviews before (and after) enrolling in the course. The reason I signed up is because I like my stops tight and wanted a little help with my entry technique in keeping with my stops.
Here are the facts:
1. If you attended a trial version, you do not have access to the training material as do the paid members. Without it, you might think youíre getting a gist of what is happening, but donít make the mistake of thinking you know what heís doing. He clearly states in the trial course that he does not use indicators, Fibonacci numbers (I have for years, and sometimes the fibs line up, sometimes they donít because he is using different criteria), and a bunch of other stuff he deems useless.
2. Yes, it is very simple Ė everything not necessary to make money in the markets has been essentially thrown out. Many of us would do well to follow suit.
3. You are expected to study the training material and attend the classes in order to put the material into context. It actually comes together rather quickly and within a week or two one could easily anticipate where the entries and exits are. For those who havenít been through the course material (and are attending the trial version), the commentary may seem late, but itís actually supporting what should already have been learned and it flows well in the room for members.
4. Every detail is explained in the course material, and the Keys/principles are repeated, as appropriate, in the daily sessions. Do NOT come to class and ask questions that are answered in the course material Ė it shows you havenít done your due diligence, and thereís not much tolerance for it. On point questions for clarification are welcomed, so save your questions for class time. There is a distinction between commentary/trading time and after trading time class. Ace keeps to the task at hand and doesnít let the conversation get too far away from current market action. If one will be observant and give it a little time, the answers become apparent. It makes us realize where we try to add stuff in (and DONíT bring it to class!). When action is slow between Keys, you will enjoy the camaraderie in the room. Everyone is helpful and respectful, and is freely sharing their results.
5. Stops are very small Ė targets vary according to market conditions. Recently he called a 35 pt short target (that hit) with a 1 point loss; there are many times when the completed targets far exceed the risks. Position size is covered during the business plan class time. Entries are explained in the course material. The explanations are simple and effective. I think thatís part of the problem people experience Ė it is so simple that it can be easily dismissed, and they think the question hasnít been answered.
6. Most of the people who are complaining about Ace Trades havenít actually taken the course. Traders who have signed up and done their homework, followed along in class, learned and applied, and donít keep or add a bunch of other stuff in, should become consistently profitable traders in a relatively short period of time.
7. Defining a ďshort period of timeĒ Ė some traders work hard up front to learn and within a few days to a week or so are coming off sim and putting on live profitable trades. While I was in the room, a trader who had been in the program for about a month made 81% of his monthly income during that particular morning session. Since, he has been reporting similar consistent profits. The average seems to be a month to six weeks, but this is about the shortest learning curve youíre going to get anywhere. Some have taken up to 6 months to unlearn years of bad habits or techniques Ė there is no judgement about how long it takes to make the shift to the Ace methodology. But without putting in the time to study, or making a commitment to a consistent morning routine to get into the room, it would be difficult to expect positive or timely results. The room is open daily between 7:30 and about 10:30 EST. There is no pressure to be in the room at 7:30 EST, get in when you can Ė but be in as early as you can. I aim for 8am EST; Iím on MST. If good trades have been taken and the market is slow, we may wind up a little early Ė many times we go later. Ace doesnít try to make trades happen that donít exist. With that said, each trader has their own internal timeline, and should stay true to themselves when going from sim to live Ė taking oneís OWN time is stressed by Ace. Iím certainly going at a pace compatible with my other obligations and timeframe, and Iím pretty sure it is slower than most.
8. The Keys keep it simple, and easy to remember. I personally have an index card cheat sheet that helps me follow along Ė after less than 2 months, it is no longer necessary, and hasnít really been necessary since the second week. But donít expect to learn it in a day or two and jump in like some have and then blame the system. It isnít the system that is broken. No successful trader I know learned to trade in a day.
9. A newbie starting with Ace Trades wonít even know how lucky he/she is to not have to unlearn a bunch of useless stuff, and waste a LOT of time and money finding that out. Without a mentor Ė good luck! It will be like wandering around in a dry desert seeing water where it doesnít exist. As a seasoned trader, I find it refreshing; the hardest part is throwing out the stuff I thought was important that wasnít Ė and it was keeping me from entering trades. (Too much ďgoodĒ information)
10. Ace Trades may seem expensive, but itís a lot less expensive than incompatible trading systems and trial and error losses. Some traders are making up their investment in a week! The 2 top paying jobs in the U.S. are Physician (avg annual salary $165,570) and Dentist (avg annual salary $133,700), and Iím pretty sure they paid more than an Ace Trades subscription price in dollars and time to become successful. With that said, the best trading system in the world isnít compatible for everyone; if you canít follow rules or directions, if you need a lot of reassurance in the way of indicators and other stuff on your charts, or you arenít trading intraday, this is not for you. For those of you who are successfully consistent traders, you may not need or want another system, but if youíre open-minded, you might learn something that could make it easier for you. One good idea is a never-ending gold mine.
11. Since Iíve been in the room from October 28th, 2015, there has not been one losing day. Many ďolderĒ members (1+ years) report theyíve never had a losing day.
12. It is abundantly clear that you are responsible for your trade decisions and you have to decide if the market conditions are right for you to take the trade. This is actually easier than it sounds if one studies and follows along/simmed for a period of time. You will also be quick to get out of one that isnít working Ė you might have one or two during the session, if any, but most of the trades are for many more points in profit. He does NOT discourage scalping, contrary to one reviewerís comment, as some market conditions lean more toward scalps, and his tight money management rules make the most of both scalps and intraday swings. If youíd like, I can report my stats in about 6 months Ė I am a caretaker for family members and Iíve had a recent bout of numerous interruptions. Iíve been simming to learn in between emergencies and trading live on the couple calm days Iíve had. (Up $362.50 on 3 live trades as of 12/22/15 and Iím just getting started). My learning sims have been better than anything Iíve done in the past with any system (including my own), I have doubled my sim account in the last 2 weeks, and am just now returning to live trading.
13. You can use the Ace Trades methods in any markets, at any time. You can trade the entire session if you want on your own after session commentary and class time. Most of the members have made their daily goals shortly after market open, if not before, and go on to enjoy their day. The chat room has definite hours, but if thereís a lot of action, sometimes Ace will keep it open longer. Class is held on Tuesdays and Thursdays after market commentary for members, but almost every day is like a live class. There is a daily review, which cements the Keys in. Not a day has gone by where the Keys have not been central to market action, and for me, the simplifying has gone a long way to making entry decisions painless.
14. Since Iíve been in the room, Ace has provided commentary for the ES, 6E, NQ, CL, GLD, CAD, and others I canít remember off the top of my head. I am focusing only on ES for now, but he encourages other markets, especially when the ES is slow.
15. For some of you, Ace may come across as loud, arrogant, boastful, intolerant, egotistical, etc., etc., but to know him is to love him. He is also kind, encouraging, delivers more than expected, and shares bits about himself as appropriate, so you get a sense of who he is. To those who would take offense or judge, I would just say, donít let the messenger get in the way of the message. If youíre serious about learning a simple and powerful trading method, stay on point with your learning, and donít let your opinion of his personality and delivery get in the way of your making money.
16. Bottom line, the Ace Trades System works Ė really well.
The following 6 users say Thank You to bandtasia for this post:
Yes Ace gets very excited and raises his voice....but wouldn't you when you make 5 ES points day in day out and then 10 points and then 20
Then you compound your account and do the same but with 3 to 5 contracts.
Ace does call the market and levels using his 9 Keys and to be honest who cares about his account size? Who cares about his fill price? Ace always tells the students and free trial members not to worry about a tick or 2.
Personally for me this helps a lot because I donít have to be perfect. Ace is sharing his method and he demonstrates off the charts every single day ÖYes every single day how in fact the keys unfold. This helps me a lot. In the end Iím going to be watching my own platform and thatís all that matters. Ace Teaches right from the beginning how to rely on our own charts not anyone elseísÖ. he sure does do a fantastic job at demonstrating the keys time after time.
What i have seen in the room during the trial period that everyone is making points and not ticks. The members are willing to share their experience.
As far as the videos go that you say Ace posts? I would suggest going to one of his live three day trials. I am sure you will change your tune after you do that.
He calls the levels and then calls the target well in advance and yet again he uses his Keys to predict measured market moves and he also taught the Floor trader probe.
What i can say as the saying goes "Buy Low and Sell High" and yet 90 percent retail traders Sell low and Buy high and get stopped out.
But there is a method that ACE teaches how to buy Low and how to Sell High..This is a real eye opener and yes works with all markets and time frames...
Give ACE 3 days and he will show you his method for free and who knows 2016 could be the year that changes your trading goals for better.
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