Austin means well, but his course, or whatever you want to call it, won't teach you how to trade profitably. He is continually tweaking it and it is 100% discretionary. Also, he claims it uses no indicators--only price action--but that is not the case. Fibonnaci and Hull are an integral part of his system and they are indicators by any definition.
Any time you see a trading system vendor mention God or religion or quote the bible, you should run like fucking crazy. It smacks of Jim Swaegert or Jim Baker. "And on the Seventh day, God created the Full Stochastics Indicator" Rufus 12:17:6
<b>HotComm Transcript</b> 09:24:36 {austinp1} I could do without anything on my charts... just plain bars would work 09:24:53 {austinp1} but I do admit it's easier to make decisions and see more at a glance with some chart tools 09:25:19 {austinp1} I have learned that traders will let themselves get into big trouble by using plain charts alone 09:25:36 {austinp1} they see dead people where ghosts don't exist 09:27:32 {P} the reverse is also true AP 09:28:08 {austinp1} traders have a natural knack for getting themselves into trouble :>O 09:28:11 {austinp1} all of us 09:28:12 {JM} ghosts see people, P? 09:28:25 {austinp1} lol 09:28:35 {P} lol............only you JM 09:28:51 {JM} chuckle...that would explain a lot 09:29:20 {JM} well I'm probably not trading today. Have friends over and we're going to enjoy the sun here. Good luck to all. 09:31:33 {austinp1} selling any confirmed breakdowns, seeking gap close 09:31:38 {austinp1} usual m.o. 09:35:00 {austinp1} short 48.75 = stop 50.75 09:35:34 {austinp1} we'll see if they double-pump this obvious break, or not 09:36:19 {P} out NQ...........39...gap fill 09:36:27 {P} +7 09:36:40 {austinp1} NQ is cruising 09:38:05 {austinp1} stop 51.25 09:38:15 {austinp1} -2.5pt initial 09:38:17 {JM} nice trade Pat 09:38:26 {P} thanks JM 09:38:56 {P} just took the breadown in direction of gap 09:39:05 {austinp1} always a good idea 09:39:33 {P} stop sell 1 tick blow the previous low bar 09:40:28 {austinp1} failed inside of (withheld) back below (withheld) 09:40:40 {austinp1} should be good from here... we'll see 09:41:01 {austinp1} stop replaced at 50.75 (-2pts) 09:41:11 {austinp1} had it's one chance to hold against whipsaw 09:42:00 {austinp1} if I wasn't already short, selling that black arrow would have been my next entry 09:42:14 {austinp1} successful 1st pullback into (withheld) 09:42:21 {JM} ok good luck to all today...catch you Monday 09:42:22 {austinp1} albeit a bit deeper thrust 09:42:41 {austinp1} hey... early exits are my job, Jm 09:42:50 {austinp1} tell your company you are busy today 09:43:09 {austinp1} stop 49.75 (-1pt) 09:43:43 {austinp1} should be good to 44 at the pivot 09:44:05 {austinp1} buy stop in place at 44.75 09:44:18 {austinp1} stop 47.75 (+1pt) 09:44:29 {austinp1} one or the other from here... +1pt or +4pts 09:44:44 {P} your almost there AP 09:44:53 {austinp1} almost don't count :>) 09:45:11 {P} NQ bouncing at yesterday's close 09:45:18 {L} XLF is falling. You will gwt there. 09:45:33 {P} NQ need to see 38s 09:45:41 {L} That's right. I said gwt. 09:45:57 {austinp1} gone... +4pts and done for today 09:46:24 {austinp1} Dear ES: spank you very much for the consistent paycheck 09:46:35 {L} See you later..... 09:46:40 {L} Lol 09:47:14 {P} ........that's a nice sound bite for the free video....start at 9:30 and done by 9:46 09:47:45 {austinp1} Simple, clear, concise charts tools that anyone can learn to follow 09:47:54 {P} tell that to corporate America 09:48:25 {austinp1} my #1 written business goal is to book +4pts (or better) ES per day, in managed account efforts 09:48:55 {austinp1} along the way while I'm here, happy to share what I can with others :>) 09:49:09 {austinp1} daily pivot hit, gap filled 09:49:21 {austinp1} high-odds setup completed and fulfilled 09:50:19 {L} Reminder: Mich Sentiment data due out in about 19 min at 10:00ET 09:50:32 {austinp1} yup 09:50:48 {austinp1} plenty of opportunity still lies ahead for those who wish to exploit it. The chart tools still work just fine without me. I'm done :>)
I don't know if Austin makes money trading or just from marketing. Its difficult to say. I also am not putting anyone down for selling systems, its an easy way to make money and in this world I say go with what works. But some warning signs are the always changing system rules, if a system is as universal as he says why change it every 6 months, and I have never heard from a client who has actually made money in the system. In fact, I have read much feedback from any clients except snippets. Also, watch out for the sucker price change because of his retirement to managed money only to return after the special.
This sure is Austin...who could forget how he was going to leave this forum and quit running seminars to manage money.......what a joker!! Those posts are probably deleted.......but we can help him out with some free advertising if he really needs it to make his rental payment on his computer. He's one of the worst offenders out there.......what a shame some of the Mods haven't seen through him yet....oh well, we can't save the world but we can try.....,,,,great stuff,,,ya just can't make this stuff up.......fantastic.....
<i>"I also am not putting anyone down for selling systems, its an easy way to make money and in this world I say go with what works."</i> Who do you know that sells <b>systems</b>? Define the term "system"... it is black & white. A "methodology" is a compilation of tools used to determine probable price action. Good examples of methodology are the AHG thread and Trader 2.0 thread. There you will see continual evolution towards defining shades of gray. Capiche`?
<i>"He's one of the worst offenders out there.......what a shame some of the Mods haven't seen through him yet....oh well, we can't save the world but we can try.....,,,,great stuff,,,ya just can't make this stuff up.......fantastic..... "</i> Bruce, great to hear from you as always. Hope you've been well. Where's your real-time trade blotters? I'll happily post my starting at any point in the future that you post yours in P&L 2008 thread. Is there any walk in your talk, or are you just hot air in this little pond here?