i vaguely remember a guy named JACK CARTER,,,,,he sold lots of expensive info but i decided it was all unprovable bs,,,, dont know if this guy is related to your guy.....??????
The key word with any system is consistency. You could have recoded the system for the opposite trades and there you have: a winning system! "Show me a consistently losing trader and by taking the other side of his trades, I will make millions."
These guys are honest. They have said that if you back test their indicators alone... it will loose money... it must be used with market internals.... which is what these guys are secretly very good at... reading the mkt internals. They're indicators alone will not make you money.... and they openly say so. The second method why they are very good... is they don't try to hit homeruns... they're method is just go for a few points a day... but being consistant. They use the mkt internals along with their indicators for small points.. on a consistant basis. ( i have been in their live trading room 2 weeks..... Hubert calls were always dead on... he makes 2 - 3 calls / day...some calls didn't work out.... but during the 2 weeks... NEVER had he a loosing day!) I will be using their chart room again soon. They're methods are completely new to me but i wanna learn more. IMPORTANT: Unlike some other services where all the instructors / head traders must follow and teach the same rules.... John and Hubert are different traders and use slightly different techniques.... thats important to know! I found them through the CBOT website.
You are absolutely right that indicators alone will not work, and will require looking at market internals to pull the trigger. They also stress tape reading. In the end, trader skills is critical in sucessful trading. Only in the garbage infomercials like "wise trade, teach me to trade, etc." will they make it look like that all you need to follow is the green light. Trading does not work that way. I have been on their free video newsletter list for over 6 mos now, and find it very informative. Their advice on you have to trade what fits your personality is so true. I found out that chasing different Nasdaq stocks does not fit my style, and will most likely focus trading YM this year. I am interested in joining their live trading room, but on the website it says you have to be "voted in" by the members. Do you know how that voting process works, and how many traders are in the room? Any feedback on your experience will be appreciated. Thanks
John Carter's a good guy, I've followed his work for some time. I can't say his style is the most mechanical or the sloppiest of discretionary styles, but he tends to be really streaky. He'll go through runs of great wins, and strings of consecutive losses that can really damage your account. To trade his style, you need to really minimize the leverage used. His Forex newsletter is now approaching or perhaps has exceeded a 50% drawdown, for what it's worth (assuming regular, not mini, account, with starting balance $10,000).
Its a little unusual..... Its not up to John or Hubert....after a certain time, all the current members vote if they want the new members to remain in the live trading room.... if you are voted not to be accepted... then thats it.... you're out. You just cant pay for that service like most other web sites. (They only way you would not be accepted in.. is if you're a prick or hassle everyone else in the room. John and Hubert say they do this to keep the paying members in a clean focus trading environment.) The voting is done live in the open for everyone to see. I saw a few being voted in... didnt see any being rejected. There is anywhere between 100 to 200 members at any one time... and about 60,000 that get their newsletters... free and paid ones. Let me also say again.... IF you think you can buy their indicators and make $$.... you will loose your shirt. They stress all time that there are rules you have to follow in order to get any edge from the indicators..... mainly being well versed in how to read the internals.... and controlling your emotions. They are also big in tape reading and pit noise. Hubert doesn't even use any moving averages while day trading... none! John likes the 8 ema and 21ema for intra-day mkt direction. John is more for swing trading.... and he has institutions that follow his opinions. Hubert is a scalper. I am always waiting for the other shoe to drop... I.E. the bullshit lines to hook you in.... so far these guys have been passing the smell test................... so far.....
Thanks for the info. Day trading is a tough profession, and probably only a few % actually make money on a consistent basis. My goal is to join the trading room to learn the subtle nuances that "master traders" are able to see while they are trading. This is hard to teach in a textbook. I think I will take more of a scalper approach, with tight stops trading the YM. Entry points will be critical with tight stops, so as you mentioned, reading market internals and the tape will be important. You are right that just buying the indicator will not make money. As Hubert says, you have to put in a lot of screen time and lot of hard work.
I haven't heard of him, but anyone looking for a good website (which I will personally vouch for) should check out the one I use. They do Intraday Market timing and they post the results of every call they make, good or bad. The calls they make are simple enough for this old geezer to understand. I know your not supposed to pump Websites here but I encourage any serious trader to check it out. I know someone is going to do a post complaining that I'm spamming, which is hogwash, I'm just a happy customer. If you want to know their web address just private message me and I'll be happy to pass it on. ...Rennick out
The rule about not linking to rooms websitesÂ@is discretionary. Obviously the room owner isn't allowed to link, and new members are suspect. But I think there is leeway for members in goodstanding to pass on helpful info. roberk (not moderator of this forum)
I know John took a $5,000 forex account to $50,000 in 4-6 months or so. Hats off to him for that. But I also remember him saying around the same time tht he was starting a $5000 S&P account. After a few losses, that account was never mentioned in any of the videos or discussed on their website. Correct me if I am wrong but the S&P challenge to my knowlege has never been heard from again.