In all honesty, there are some bloggers out there that give away stuff for free that is far superior than any of these vendor educational sites...It might not involve the hand holding aspect, but the analysis and/or "bias" in so far as where to short, where to go long will work if one can figure out a way to take advantage of it...For many traders, the razor sharp margin of error of trading futures is part of the problem...Yes, there are some remarkable traders who do very well with it, but the leverage, potential for over trading, the emotional aspects are still a major obstacle.
Thanks for the replies. I was hoping to find a former student who has taken his course that might lead more insight of what he teaches. I'm still unsure what his teaching Is based off of. I know he mentions using MACDBB along with multiple Tick Charts to get his signals. Along with Fibs. I just am unsure on it all. I remember that was a debate or issue with his course on Big Mike's board and thought it was him pumping his site but I can say I posted on there inquiring on those that have taken his course and immediately they thought I was either him, working for him or something along those lines but I am definitely not. It's a course I've been debating on taking for a couple of years based on his videos I watch on YouTube. It's pricey at $4750 so I wanted to ask others before jumping into it. If it was a a couple thousand thats a different story but almost 5000, I was to do some due diligence prior to paying that much. Is it just teaching you how to utilize MACDBB plus Fibs to get pivot areas? I have no idea. His videos show him making money on trades but not specifics of what he uses to get those signals in a more direct way. Not teaching how to use them but what exactly is used.
That is quite steep a price to pay for someone to share a couple of indicator based set ups with you, imo. I didn't read his offerings, so maybe he provides more than that, e.g. ongoing support, live side by side trading, ect. But if it is just "here is how I use fibs and this indicator," well, that is quite a high price to pay. Of course, if those set ups turn out to be what sets you firmly on a consistently profitable path, that $5K will look very small in hindsight. His website says he looks for 2 to 3 points per day. That isn't much, but at the same time it is more than enough. But if you were to put in some dedicated screen time on your own wit an indicator or two that you feel comfortable with (i.e. you understand how it is derived and what it is therefore "telling" you about the price data), you should be able to identify a set up or two that will allow you to achieve what it is you wish to do.
I agree, that's true. But just because some people may be successful traders, that doesn't mean they are automatically great teachers -- and vice versa. Trading is kind of a funny, odd world. -- It's not like a science or formula, or something that's black or white. There's so many constantly changing variables in play that can affect one another's outcome.
You need first to establish the teacher trades (successfully) - then you can assess if he's the right teacher for you or not. I think trading has many similarities with the fitness world - you have to find a style of trading/training&nutrition that suits who you are and then have the discipline to follow it.
At $3000-5000 you're gullible to even be considering it, unless you have huge amounts of cash lying around, which I take it you don't, since you're interested in becoming a trader. I'm not saying it's worthless, but as a rule of thumb, educators in trading aren't successful in trading. If they were, they wouldn't be doing this. If there's a money back guarantee and you have a lot of cash, try it, but if not, I'd steer away from this. I do understand why you'd want to sign up for something like this though. Trading is HARD to learn on your own and who wouldn't want someone to hold their hand and show them the way?
I am however not opposed to pivot levels. I don't currently use them myself, but I wouldn't be surprised if it were possible to create something worthwhile out of it. Probably not as a sole system, but they can be useful guidelines for daily targets. Of course, you would need to know whether you're shooting for the S or R levels. Having price targets is very nice, but they're only part of the plan. Is price heading up or is price heading down? I just ran the numbers on 1876 trading days of an older sample I have (2005-2012) and the number was lower than I expected. The pivot point of the prior day is printed on 59,2% of the days. I thought it was considerably higher. For some reason I had the number 70% on my mind. I'm drunk now, but what this means is probably that many days are up days or down days from the open, meaning the pivot is left behind on those days. Hence why it's not touched on 40% of days. You could run similar statistical tests on S1 or R1 levels. Not very hard to do in Excel and I'm sure it puts you miles ahead the guru on eminitutor in no time. I did this while drunk in less than 10 minutes.