profitprophet, To answer your questions, as a consultant, I can trade several times a week, sometimes more, sometimes less. The BJT system plays out in the first part of the morning. I don't think I was averaging that many points, but I was not trading every day. If you trade full-time and follow the rules, I think you'll like it. Happy Holidays.
PartyMarty, I have the BJT system as an ebook sent to me from a trade. If you have trading books, ebooks, videos, methods and whatnot, are willing to part with such and I'm interested in the material, I will trade you BJT if interested. Save yourself 1K and make room in your closet. Whaddya think?
Hey Profit, I sent you a PM. Ive used either this system, or one very similar and it does have good results. There are alot of retraces to sit though though.
No, I havent looked over the entire BJT page, but I do know that a very similar strategy works. Im not sure about 20 points a week, but it is pretty profitable. Im not sure what kind of indicators the BJT uses either. I'll shoot you an email back, I just got yours.
I like his results for this day: (copy and paste from the BJT site)... "3-8-07.... It was another strange, erratic, wide range trading day. The initial gap down reversed and the S&P e-mini shot up to a high of 1411.75. The BlackjackTrader buy trade gained 4 or more points. Great Trading, RJ" Looks like ES "gapped" up on 3-8-07...
That's about right based on what I've been told, though it wasn't 3 ticks but a minimum of half a point before a signal is given. I looked really hard at this type of one hour breakout system; for what it's worth, here's what I have found: There is no definitive market bias based on breakouts beyond the one hour morning high or morning low; true, in long situations, more markets tend to follow the direction of the upside breakout than not, but I wouldn't bet the house on it. Often, there are substantial drawdowns before the market eventually turns around and gives you your profit objective. Are you comfortable trading a system that asks you to use 4 pt, 5pt or even wider stops which occasionally will come close to, or WILL stop you? I suppose if you have 50 grand to splurge and don't really care, then your tolerance will be high. But for the average trader, this doesn't sit very well. Another problem has to do with different breakout scenarios which aren't addressed. For example, I found that when one hour morning ranges are 7-8 points wide, the breakouts are often less than a few points---if that---and often turn in to fading markets. Another big issue is that while upside markets might move higher more often than not, the same rule can't be applied to short markets. Look for yourself and tell me if you see a strong downward bias with markets that breakout below the one hour low; it just doesn't happen. More often than not, those markets---which you are supposed to short---turn right around and bite your a@@. This is crap shooting and not logical trading. I looked at just about everything possible to try and find a way to tweak such as system; linear regression, Bollingers, 65EMA retracements (ad infitum), using price lines instead of candles to look for bullish or bearish patterns before entering---you name it. I haven't found it. Bottom line: you can probably make a little more money than not trading such a system, but not 20 points a week. If someone has done so, can you please tell me how?
Traderon, Did you test the profit-taking strategy promoted on the website? 9 contracts at entry...6 off at 2 points profit...remaining 3 stop to break even? Just wondering. Thanks. The following is from the website: The BlackjackTrader method trading style is to trade multiple contracts and to take some profits when the trade goes in your direction. The below example Trade Results are based upon a reasonable trading position of 9 S&P e- mini contracts. It is assumed that when the S&P e-mini moved into the 2 point profit area, profits on 6 contracts were taken. The remaining 3 contracts were held in anticipation of a bigger move, with a stop around breakeven. If the 3 contracts were stopped out, the trade may have been re-entered with 3 contracts, if warranted by the current market conditions. If more contracts are traded, the total points would obviously be increased and if less contracts are traded the total points would be decreased. The day trading margin requirement for 9 contracts could be as low as $4500.00, or even less.