I did have a webinar with Justin and I thought the concepts in their system and what they were looking at in terms of volume and range of the bars as well as things like deceleration, ie narrow range bars, or squat bars all make sense. I can usually spot snake oil a mile away, but their concepts and method seem quite sound. As well, Justin mentioned that the ideas behind their system can work great with other tools such as bid/ask volume or delta which I agree with. I have been watching their promo end of day videos and the trades that are produced sometimes look like trades with great trade location, and others look less great. On some of the videos, Dave mentions that some of their clients only took the long trades on a day they had an upward bias, or that another client just trades for the first profit target of only 3 ticks, rather than using their money management approach and getting stopped out at b/e. This makes me think that the traders who succeed with their method are the guys that use their trader knowledge alongside the system trades and also those who don't require the "to the tick" entry prices can step in front and get a fill if the setup looks strong. Do any of you guys here have this experience? They also mentioned that they calculate volume per tick of the wide range bars, which I am trying to understand conceptually. This is how I understand it: When price moves down on a large spread say 10 ticks, but with low volume, this means there wasn't much stopping volume when price slowed down, which also means traders agree that price is correct in moving lower, because no one stepped in to try and stop it from falling and that a pullback into that wide spread bar could be sold. But, when price moves down 10 ticks and volume increases, say, into a previous s/r area this shows actual support coming in and thus gives a possible buy. Does this make sense? If anyone can expand on this concept or correct me if I am off, I'd appreciate it. I'm considering testing their approach on the European markets such as the Eurostoxx 50...
I find that their posted results are pretty much what you could have gotten if you are smart enough to have committed all of their trades to memory. Problem is, the results so far this year are abysmal, especially once you factor in commissions. The trades are not complicated to understand, but there are so many, and each with a long list of criteria, that it will take months of study and practice to learn to spot them quick enough to trade them. Murphy's law dicates that I seem to recognize all the losers and miss the winners. If they would realize we are in the 21st century and computers can easily be programmed to do this kind of recognition, a trader could probably be very successful over a year of trading since they could actually get all the trades. They also do not have a live trading room. As one is trading live during the day, questions arise which if answered immediately would speed up the learning process by months, but as it is, you have to wait for the end of day recap to see if what you did or did not trade was correct.
Hey Guys, Here's a quick video from Justin of Eminidaytrader that sheds a bit of light on whether their system is solely rule based vs. discretionary. http://www.eminidaytrader.com/Videos2009/VideosApr2009/pr04132009/pr04132009.htm David
Try sending an email to Justin at info@eminidaytrader.com I found Justin to be very helpful and willing to answer all my questions.
TJ, I never used them however I had a 30 min question/answer session with them about 1 1/2 years ago. They didn't sound right to me because like every group they don''t take the trades that they call. They are a teaching service only, and everything sounds great regarding their principles and education but alot of that is built up from hindsight of the market and that turned me off in a way. I had other feedback from another individual who took their program and found out that the entries they claimed were impossible to get into with the ES due to the high liquidity as well as false claims about their profitability. But that was accordingto him. I was wary about the fact that they failed to demonstrate to me what sets them apart from other traders, mentors, teachers however you want to refer to them. On the other hand, I tend to be cynical when it comes to things like this due to the nature of the business, my personal experience about so-called "mentors", and the testimonies of others. They can be legit - every group has their testimonies that claim that their service is the real deal, but are those testimonies for real? I'm not exactly sure, I'm just giving you my feed back.