Wow, this thread just started today and it is aleady 12 pages long. The OP started out with a negatively biased statement (Why do you think Jack Hershey's method doesn't work?). This of course, was successfull in generating a large amount of dialouge, but not very much action in terms of Proft and Loss Statements (PnL). This is the bottom-line, and the ultimate determinant of whether a trading method does work or it does not work. While there are some talented traders who no doubt make the method look workable ... I'd say that's a result more so of their individual talent rather than the repeatable success of the trading methodology. That's MHO, and while it doesn't matter in the least to anyone here on the board and doesn't have to be proven by the people who trade the SCT Method ... it would go a long way towards establishing Jack Hershey's credibility as a trading innovtor (something that he likes to present himself as here) and shuting-up the SCT and JH critics for good.
So the only live calls that ever occured in the multiple years of SCT existence were during a skype session, that of course no one recorded, that was seen by virtually nobody. way to go guys! Every time one of you opens their mouth you are giving enough material to the detractors so they can feed on it for weeks. and callmate is all like : ''ho we soooo reaped the benefits''. lol Luckily it lasted the ''whole trading day'' so you probably reaped more benefits
Here is something nice for you SCTers Spyder or Callmate or anyone else can go to www.tradingrooms.com and open up a FREE trading room. The platform works very well and everyone can talk on the mike, show and annotate their charts, use a whiteboard to draw stuff on it, etc. Its the perfect place to have a little trading room. There is chat and file sharing etc. you would all be able to call trades and take them at the same time. I would be the first to come in and see SCT in real time. Imagine how awesome it would be to have spyder or jack sharing their charts and see them call trades in real time!
I would like to see this method in a live environment, I have asked for it before, but I was given the usual excuses. I have been using a method (not SCT) for quite some time now & do share with others in real-time. The benefit to me is in the commentary from other posters that do offer constructive criticism on many occasions. I ignore some & welcome others, it's always a learning process, no matter how long you have been doing it ImPO. But as far as SCT is concerned nobody seems to be willing to participate in a live real-time process, I don't even care whether an account is actually funded or a demo one, I just want to see this method of 3x daily range always being in a market in a live environment. Can't a single person spare 1 day in their life to do a live demo, not even Mr Hershey himself? You see now that SCT has been implemented by the RC Group I can't help but wonder whether the sole purpose of SCT is to generate commission for a broker, seems perfect as clients are always in a market, that's a lot of R/Ts. By no means I am trying to bring down the reputation of SCT or Mr Hershey. I simply remember what my Grandfather used to tell me: - "If it smells of BS, then it probably is BS". So I am willing to accept that SCT does work, but only when somebody actually does a live demo and by doing so proves that it actually does.
SCT would last about 5 seconds under those conditions Say what you like about Woodie and his naive CCI method.. at least he called live trades every single day in front of 500 people Of course it's not Spyder doing it for a whole day in front of 10 people
No I think MandelbrotSet has nailed it.. it is very cultlike the kind of people attracted to cults are those that have been damaged by life and want to give up all responsibilty for their lives in the same way we seem to have a collection of traders here who have been damaged by the market and are loath to think for themselves or take responsibilty for developing their own method
Cool, I actually completely agree with you, if I were to put myself in your current Mindset! I'm starting to understand why there were no live calls made by Spyder or Jack. There's no purpose in doing them. Why? You absolutely do not get it. I will say it again, you will probably Never get it, but here's a possible light bulb possibility for you: When you look at the charts, do you not see up and down channels, all the time? You do right? Well, at that critical point you're lost, because you listened to those close minded detractors saying: "HA, did anyone see that channel video on youtube? My goodness, they fanned the channel constantly!" it's so subjective!". From that point on, you are lost, how smart you may be, it's over. However, would you have thought for yourself and said:"Well yes, I see down and up channels constantly on those chart, day in day out!" Then, you may be getting somewhere. From that point on, you may want to learn how the draw the channels correct. Even without volume, you may be getting at perfect 2x the daily range (as they speak of), nothing magical. Usual business. In the process you would, without any doubt, have a dip. A moment where you lost all faith because you do not see the ease off all this. Later on, you pick back up where you left, and try to find certain decision points (within the channels) where you may say:"Well, I see that after a point 3, there is a big probability price will move in the direction which benefits my PnL. THEN you may get to a point where you'd like to remove the probability, to knowing: how fast, how long, how far price will go based upon you current skill (only channel drawing). You move on to the next step in the process, you begin to put Volume on your chart a long with contextual sequences (formation, patterns, ..). You then open you mind and analyze how volume and patterns may help you when price moves from FTT(point1)->point 2->point 3-> FTT. In the process you would, without any doubt, have a dip. A moment where you lost all faith because you do not see the ease off all this. you will see flaws, FBo's and what not! Later on, you pick back up where you left. Then all of a sudden, no shit you will say:" hey! price will go like this and this, and then this will happen!" If all of this still sounds like I'm babbling..Then you just proved to me I'm still not understand why humans beings are so fed up by their ego.