I bet that was the LOD. I wish I had been watching the TF that day. I rarely trade it but my guess it would have made a great long once those 852 were gone.
Their "secret" indicators are something you can duplicate in TradeStation and they try and sell them for something crazy like 2k. I guess the buyer is the bigger idiot.
LOL. They are already pumping the blow up/draw down http://www.tradethemarkets.com/public/Learn_from_Pros.cfm
i am surprised people here are so intimately familiar with the site they refer to as Scam. did many here actually subscribe? i have never heard about these people
How glad i am. I've been on their trial about 5 years ago when i started looking at trading and having coded some of their systems have seen what kind of crap these guys were selling for hundreds of dollars. Infact the systems they were selling were copied from some board online; dont recollect where; probably on some old metastock board. Every time i see that John Carter guy talking up stuff i feel sad; because he's got so much following. Now their operation is busted.. what a news . And the other guy; was a complete scumbag shouting on the live call all the time. -gariki
could somebody summarize the essence of the method that was profitable for 2 years? what went wrong on July 14?
He placed a small initial trade which seemed to always be in the wrong direction and aggressively and heavily added to it to get a better average and would usually exit with a few ticks. I was in his room for a short while before this streak started to offset the doldrums of the day.
what will always go wrong when you employ above strategy, the market will not always come back and when you do not understand the meaning of risk management your broker locks you out and closes said trade.
... and once you actually experience that type of forced liquidation into a big net loss, it changes everything in your mind. Now that it actually happened for real, you know it can happen again. At any time. No doubt the same general tactic has worked out in the end literally dozens of times before. TF is spiky enough to make counter-trend moves that would "bail out" many bad situations. Surely he was deep red a ton of times before that eked out slight gains in the end for another "winning" day. But all it takes is one time to make the wrong decision or one time of a flash-crash going against and your account is pixie dust. People who cannot trade resort to average-down tactics. Whether they are lazy and don't want to pay the dues necessary to understand price action or honestly think they can martingale forever and block out statistical reality is debatable. It's a sure thing this guy is emotionally changed forever now. I've known traders who wrote naked options and lost two - four times that much intraday. None of them ever recovered, all of them quickly washed out of trading soon after. Maybe this guy will be different, test of time tells.