My experience is that on page 142 of his book John writes ".....then you are following the wrong indicators. By the way, all market indicators are the wrong indicators, because they are all lagging. Price action is pure." If John believes "all" indicators are wrong then why would he charge $1495 for his set of indicators on his web site?
I seem to remember someone posting that these indicators are based on indicators that can be downloaded from the Tradestation forum for free....................................
..........................seems that those rushing in to defend JC are new traders or at least new ET members judging by their small number of posts. It also seems that many of the 5 star reviews on Amazon for his book are from people who have only ever reviewed this one book..............................
Snake Oil Salesman is a compliment. Carter lost 80 grand of my money a few years back (out of an account of 200) within the space of a week or so. He completely ignored any risk control settings we had agreed on. Perhaps he has learned how to trade in the meantime (there have been miraculous conversions in history), but at that time, he was definitely incompetent, a crook or both... still don't know which.
Wow! If this is true (and there is no reason for me to believe that it is not) he's a conman and a a big-time hustler of the first order. He certaily paints a pretty picture, got to all the seminars and gives great presentations, and makes it seems like he has a mastery of the markets. :eek: OK, this is called "you've been warned" ...
It is. And I am quite sure I am not the only one. Now and then, when I see his name pop up or somebody says what a great trader he is, I might post my experience. And yes, of course I was stupid not to protect myself/ research better. So- be smarter
Interesting...did you just hand your money over to him? How could he/you lose 80K so fast? Did you invest in some sort of money management he had offered? Wierd
About those indicator. Yes, they are ALL FREE available on TradeStation Website and TS forum is great with programmers helping programers, so if you don't have it to a letter they'll help you. I use all of his indicators and one thing is they don't work unless you combine with other indicators, price action, osicalators...just my 2c
Here is my 2 cents. I did read his book Mastering the Trade. Nothing impressed me. But one of his webinars did impress me. He talked about intraday trading YM in the webinar. A bunch of indicators, market internals...That's fine. There are millions of ways to trade the markets. Then I heard he talked about ...the stop is 20 points, the target is 10 points... I had no interest to go on. Using 10 points stop to make 20 points is OK. Using 20 points stop to make 10 points is surely a loser's game, IMHO. Is he a good or bad trader? Your call.
It actually can be THEORETICALLY OK if you win more time than you lose enough times to cover the losses when you are stopped out i.e at an absalute theoretical non real world minimum of win 3 take one stop = 10 pts, take another stop and you are minus 10pts. I would not consider this ratio with a win rate of less than 10:1 coz sh*t happens in the markets. Think of options writing or insurance writing, and then think of mean reversal strategies in TIGHTLY rangebound markets where you are fading at extreme and expecting to be early on some trades where it test the old high/extreme parameter - problem is you will be dead wrong at the eventual breakout and may not get filled at 20 pts but at 200.