Discussion in 'Index Futures' started by mureese, Feb 12, 2007.
wondering if any one is using hindsight trading from hindsighttrading.com
I am INCREDIBLE at hindsight trading. I mean, the bomb.
hindsight trading is a software program. not just looking back in time
I looked at there site, it looks nice but looks can be deceiving. See if they offer a free trial and see for yourself.
In there video they show all these profitable er2 trades, but no where does it show the initial stop. That would be a red flag for me. Each trade went for a .6 or .8 ( i cant remember) but if it took me risking 1 or 2 points to get that, I wouldn't be interested. It seems all these types of sites only focus on the money made, and never risk controls. However, risk controls is what keeps traders alive (imho).
If they don't offer a free trial, I would ask A LOT of questions before giving them any money.
Do they offer hindsight brokerage?
I have always found this to be the stumbling block, otherwise I would be placing my MOO at market close every day.
My opinion on hindsighttrading.com
I have taken the Advanced ('Platinum') course offered by Hindsight but took a break from it about a month ago. I am not sure if I will continue.
While Sean and Jason are very helpful and want everyone in the course to genuinely succeed, I think they are lacking in a few key areas:
1. So many discretionary rules, especially for beginners, makes it extremely hard unless you've already got some trading experience.
2. Risk/Reward that they preach is effectively 1:1 (or slightly less) meaning someone has to have a lot of skill with the approach to be long term profitable.
3. Trade/risk management is very discretionary as well, and too often I hear them say 'you won't go broke banking profits'. I know some of their students are taking profits at 0.2, 0.3 pts without being scolded. Truthfully, I think they as traders have skill but have not realised that their skill is not as easily transferrable as they would like.
4. This my biggest gripe, their sales tactics are going to lead some poor people to become broke. They say, because you can trade 10 ER2 contracts with 5000 USD only, then a 1 pt gain is 20%. Sure, it's 20% on the minimum margin requirement, but what kind of fool would recommend trading 10 ER2 contracts with 5000 USD? Just because you can, doesn't mean you should. This talk in percentages drove me insane, and really made me wonder what their motivations were.
5. Finally, the system itself is so very basic. 2 moving averages, 2 out of the box indicators, but of course they hide the code for this (meaning they expect you to use their platform of choice, ProphetX, unless you can work out the indicator settings, which is not hard). End of the day, the system could be described in a few paragraphs, and the rest of the time they just spend reviewing each day and where you 'could have' gotten in and out.
To be honest, I don't really know if they trade the system. I believe they do, but I don't have proof. The unfortunate thing is, they keep making it out to be so easy, but in the end they only take one or two trades each day. On big movement days, they'll point to a move and say 'look, an easy 4 points here' without describing how it could be spotted in real time, or showing us that they did it real time or anything. Was very frustrating.
Also, for 'legal' reasons, they wouldn't let us sit in (over telecon) on any of their own trading sessions.
Hope this helps. Not really worth the money paid, could be good for much much cheaper.
I trade with the hindsight system every day. It takes a lot of self control, however, the key to the systems success is it's simplicity. We execute a suite of 6-10 standard trades, when the correct criteria exist there are even buy/sell indicators to assist in the assessing the position. This is by far the most simple system I have come across.
Don't make the mistake that all they teach is the Russell 2000 e-mini contracts. The system works in every market. It's a system that teaches a handful of simple to read trade indicators making it possible for anyone with any amount of knowledge to trade successfully.
I know others using Hindsight Trading who actually work for another company that coaches students in the stock market.
Also, when you put on a trade with the Russell 2000, it yields at 20% for every 1 point of movement. Why not use a high leverage futures contract when you can predict movement with such a high degree of accuracy? I do.
Tuition. Yes, it is expensive to start, however, the 6k I paid is negligible compared to the money made with the system. Are there cheaper systems, probably, don't forget you get what you pay for.
My stats this week with the Hindsight System.
9 trades, 7 won, 2 lost, UP 3.2 points. Thats 64% return. Hindsight for life!!
Care to show your sheets for the last few months.
Separate names with a comma.