I am putting his three courses for sale, since I have used them about all I can. For anybody who doesn't know who Andrew Cardwell is, he is the RSI "king", and he used to give seminars around the world on trading primarily with the RSI technical indicator. This package comes with his Beginner, Intermediate, and Advanced course. Each course contains and binder of cassettes, and a binder of printed material to follow along with while listening to the cassettes. Amazing stuff - using RSI as an overbought and oversold indicator is just baby stuff compared to the other things it can be used for. These seminar courses were sold for around $6000 off his site. I know know he has consolidated his courses from three to two, but still sells for about the same. I will sell for $750, postage included. All cassettes are in good working condition. Send me a private message if interested or if you have any questions.
Well, since RSI doesn't work, then the king of RSI does not mean a whole lot. And I certainly don't see why it is ever worth $6000. Your carefully chosen wording implies that you were not one of those paying the $6000, so I have a feeling you are either selling a bootleg copy or got it cheap off EBay... I noticed you also didn't bother to bubble over on all the profits you must be having. Like Mr. Vantagepoint salesman, I will swap you a pack of chewing gum for it...
Since RSI doesn't work for you, then obviously you don't know how to use it. I'm sure you just look at it as an overbought/oversold indicator as described in most TA texts. There's a lot more to it, but since you felt compelled to flame me, my integrity, and the indicator itself for no reason at all, you don't seem like the type that would undergo such a study. Sorry, this is not a bootleg (illegal) copy. Nor did I buy this off eBay. I purchased it from a retiring trader who DID pay full price for it. As far as your last jab, only people who cannot trade and are losing money "bubble" on this forum about their big profits. I have been trading for 15 years and have tried hundreds of indicators and techniques. In the end, the RSI along with the add-ons to it that this course describes, is part of my final toolset that I use day in and day out, successfully.
RSI doesn't work for anyone, according to serious studies testing it. But of course, I am sure this profitable method has been independently tested, at least on FuturesTruth, but preferably TimerTrac.com or TimerDigest or Collective2 to show that it works... No? Getting around to it? That is usually the answer I hear from vendors of useless materials. Of course, look at our wonderful (cherry-picked) testimonials...
What does "doesn't work" mean anyway? Buy when it shows oversold, reverse when overbought? Buy when positive divergence, reverse when negative divergence? Of course it doesn't work for these people - they deserve to lose their money, because they are just plain lazy.
An indicator does not work or not work. It's success or failure lies in the hands of the trader applying it. The RSI is essentially a fixed range tool, ideal suited to a market that is going nowhere. It needs to be completed and taken to it's obvious conclusion and made adaptive. By this I mean, that when the price is rising, so the mean (50) of the RSI rises with it and correspondingly eases on a falling price. Once you accept is premise the RSI becomes far more useful and can be extended to do even more useful things. Do I use it. No! regards f9
Quote from fearless9: An indicator does not work or not work. It's success or failure lies in the hands of the trader applying it. The RSI is essentially a fixed range tool, ideal suited to a market that is going nowhere. It needs to be completed and taken to it's obvious conclusion and made adaptive. By this I mean, that when the price is rising, so the mean (50) of the RSI rises with it and correspondingly eases on a falling price. Once you accept is premise the RSI becomes far more useful and can be extended to do even more useful things. Do I use it. No! I dont accept any premise, indicator, trading methodology or other. RSI has been heavily tested and found useless. There are plenty of studies and reports; it shows little promise. An example is the "Performance" section for any commodity on FreeCharts.com (owned by barchart.com). If someone finds a way to use it and markets it, then get INDEPENDENT testing via collective2, timertrac, futurestruth or open an account with striker or attain brokers. Show strong performance. Otherwise, it remains on the same level as casting chicken bones before placing a trade. And Bones is Bones, regardless of the Trader applying it...
Hmmm, independent testing. Let's see, way back in 1984, when you were dreaming about getting your finger wet, Futures Magazine, not to be confused with John Hill's Futures Truth, conducted a test of (12) systems upon (12) commodities over (7) years. It's debatable whether seven years is statistically significant, but probably a longer duration than you've done on your own. Probably as "serious" as rags with the flavor of the week. Systems were: Channel/Parabolic/Directional Movement/MII Price Channel/Buy & Hold/Directional Parabolic/L-S-O Price Channel/Reference Deviation/Dual Moving Average Crossover/Directional Indicator/Moving Average with % Price band/Alexander's Filter Rule. Instruments were: Corn/Cocoa/Copper/Cattle/Bellies/Lumber/Soybeans/Silver/Sugar/Pound/D-Mark/T-Bill's. Nope yen wasn't included. And the winner was: Drum roll please: Gross return: Channel Ahhh, but ............NET and mean % return: Directional Parabolic. Essentially two systems confirmiing each other. Funny thing, IF directional movement uses closing prices only, such as a mutual fund, it would be identical to the RSI. Any oscillator will transcend to an over-bought (or oversold) state. Stochastics. CCI, %R even a Bollinger Band. Problem is , over-bought can remain over-bought for extended periods. Scant predictive qualities. RSI is basically a normalized oscillator. As such, it has a defined ceiling (and floor) regardless of periods employed. Accordingly, it will eventually diverge from the underlying price. Gain or loss of momentum. Stated another way, potential reversals. Before the lemmings. The RSI "works" when used as Wilder intended, DIVERGENCE. The wider the divergence, the more meaningful. Entails unquantifiable attributes. Such as paitience. Or discipline. Hence discretionary rather than purely mechanical. Ask any carpenter (or mechanic) about using the right tool for the job. Of course with your number of posts (vs duration), it doesn't appear you ask anyone anything.