We hope so. The two-week build-up to the excitement of what you may come up with in the future is palpable. Seems almost a segue into your nickname here. Hmmm?
Hi Ouch1963, The IDTA uses a lot of price action in their system. Let us know how you go with your price action ... always interested to learn Cheers Garry
All this quest quest quest stuff, you make it sound like a fantastical video game. Lead on adventurer!
Hi Overnight, I understand you expect things "Overnight" but this is a journey so I can explore and learn along the way. I don't have the answers and have put a lot of homework in over the years for this challenge. Cheers Garry
Apparently you've been exploring things for 20 years. If this latest blip in the market chain doesn't jangle you and get you on your feet, how can these current "courses" do it for you? That is the bit I am not getting. Did we have this action 20 years ago? 30 years ago? Before electronic trading? Before the market tanked 30+ percent in a month? You are funded with TopStep...So why not trade with TopStep, instead of trying to find other prop firms better than Top-Step?
Hi Overnight, This journey is totally separate to my trading with TST. This Quest (yes I like the word) is part of enjoying learning and exploring new things. Life is about learning and exploring ... or at least I think so. The markets are always changing and that is part of their attraction. We need to be open to change to keep up. You picked on one statement I made about TST ... Do you just accept everything or are you open to the idea that there could be better things out their? I like TST but new companies with better ideas come out all the time. Did you know that one company is willing to pay the funded traders 90% of the profit after one year and possibly up to 95%. The rules they have are a lot less stringent then TST. I am not saying I will use them but I am open to look for better things. Cheers Garry
PART A - Winning Trading Course and Why! I thought this would be easier! Deciding between the final two Trading Course contenders for my first 90-Day Challenge has been harder then I expected. Can you pick what one I have chosen? Just remember: No matter how good a course is … I must put the work in! No course is perfect, so choosing one is about finding the one that is the closest fit to what I require. In case you missed the last two posts, the two courses I am choosing between are: IDTA International Day Traders Academy – Futures Website: https://www.idta.com.au Apex Investing – Futures Website: https://apexinvesting.com/bootcamp/ Let’s review some of the criteria I require in a course and how these courses compare: Trust and transparency After discussions and observations with the Owners, moderators, and students, both these companies appear trustworthy with a high level of transparency. Are they trading what they teach, successfully? IDTA has a number of strategies that the students use based on their experience and risk profile. The moderators and owners do exactly the same, if the setup meets the individual’s trading plan then they trade it. So, yes they do trade what they teach and achieve great results (observed). Apex Investing has two moderators who use the basic setups and some slightly more advanced setups. The advanced strategies are slowly being introduced to students as they become more competent with the basics. Are their students achieving good results using the system? IDTA has a number of students who appear to be outperforming the moderators. Apex Investing has been around for a number of years but the Sniper Bootcamp focus has only been around since mid-2019. The main focus is for the students to achieve 3 net winning trades and then stop trading. Most of the students within a short period achieve this goal. The owner has some very impressive trades on most days. If I was to achieve what the students achieve, would the results meet my goals? From all my research and observations, It would appear that if I put the work in then I should reach my goals using either of the courses. Can I see myself doing this course and trading this way? The strategies from both of the companies appear to be relatively easy to learn and implement. As long as I put the work in, I can see myself using either company. The strategies are very different from each other. Is it possible to be profitable in 90 days using this system? From all my research and observations, It would appear that if I put the work in then I should be profitable in 90 days, using either of the courses.
PART B - Winning Trading Course and Why! How much is it going to cost, initial and ongoing costs? Is this good value? This is one of the big separators between the two companies. IDTA The cost depends upon the course and package. Ranges from about $5000 – $20,000 AUD depending on the course. The most expensive is the Trading Business School – 12-month program. On-going monthly costs commence at the end of the package you purchase. Other on-going costs include software and LTR costs. Apex Investing Basically, you could start testing and trading this method for Free in month 1. All tools, training, and support are provided. In Month 2 it will cost US $1 for all the tools, training and support. If you are confident and/or don’t want to risk your own capital, you could sign up with a Funding Company that Apex has just partnered with. This will allow you to pass a trading test which requires you to trade a minimum of 10 days and reach a profit goal based on the package you purchase. The cost is US $160 for 30 days. Apex at present, have discounts on the first month $160 for 30 days, would allow you to trade with up to 8 contracts and the target is $3000. After you pass the test the only cost is approx US $90 per month. They pay you 100% for the first $8000 profit you make and then 80%. If you are with them after 1 year then the profit share to you is 90% The rules that the Funding Company is basically only 1 rule. Nothing like the other Funding Companies that seem to want to fail you and have many rules. Apex Investing does offer more advanced courses but does not push them. They believe you can be profitable just with the Sniper Bootcamp Course. Is the Risk/Reward for the trading setups within my risk profile? Both companies have high win rates which can often hide the risk/reward factor. The risk/reward refers to the risk you have when you enter a trade. So if with a stop of $100 then the risk is $100. The reward is what profit you are aiming for. So if you have a stop (risk) of $100 and a profit target (reward) of $100, then the Risk/reward would be 1:1. A lot of companies suggest that a 1:1 is what people should aim for. Yes, that would be nice but market conditions don’t always allow for that. IDTA uses market action to determine where the stops are placed and as soon as the market supports reducing the risk then they move the stop. I have observed, especially in this current high volatility market the initial risk/reward for IDTA to be in the range from 1:1 to 6:1. What this means is that if you lose 1 trade and your risk/reward is 3:1 then you will need 3 winning trades to be back to being even. This assumes that the risk dollars and the reward dollars are equal in each trade. As you become more advanced IDTA teaches you how to go for longer targets which the R:R. They stress that the higher risk trades should only be taken if you and your account can afford to risk that amount. The other option is to use micros instead of mini contracts to reduce the dollar risk. Apex Investing also uses market action to determine the stop location. Basically, it works out as a risk/reward of approximately 2.2:1. Methods to reduce the risk during the trade are discussed in the course. Trailing and longer targets are taught as you become more experienced. This allows the R:R to reduce. As part of the Bootcamp, Apex Investing has used mini and micro charts for their trades. If I have a problem, will I be supported in a timely fashion Both companies respond to problems in a timely fashion using different methods. It is important to say that in both, it is essential to ask for help if you are struggling. And if someone doesn’t answer your question then ask it again. IDTA uses the course coaching, Live Trading Room, private Facebook group, Hub and directly to the head office. They operate 3 live trading rooms with moderators per day. They are the Euro Open, pre US Open and US Open. The Hub is a group of IDTA traders within a geographical area, who meet monthly or at regular periods. The Hubs can be via the internet or in person. Sometimes all the global hubs connect for meetings. Hubs are only as good as the people and leaders in it. From discussions with hub members, it would appear that they work really well and support is always available form the hubs. Apex Investing use in the course stresses that you need to ask questions and post charts (both wins and losses) to be a success. They have a roadmap to walk you through the start, setup, and sequence to learn. This includes recorded videos, checklists, regular weekly (1 or 2 PW) live training where you can ask any questions, a Facebook group to post charts or questions in and a trading room that stays open 24 x 7. The trading room is where anyone can ask questions and post charts at any time of the day or night. Live charts are streamed in this room at all times. The two moderators are in the room form 930 am US EST until at least 11 am. The focus is usually on one market where they call trades and discuss the reason to enter or stay out of trades. Darrell, the owner and one of the moderators will often be in the trading room at other times of the day or night where he may share his wisdom, answer questions or just be trading. After the first two months and you have joined Apex then you will be invited into a small group (approx 20) where you have skype access to a small group of traders who also share questions, charts, and support. The two moderators regularly pop into these groups to answer questions and give support. So, you always have somewhere to ask questions and get help if needed. Does the course cover things from the basics of running a trading business? Both courses take you from beginner to futures to running a trading business. Does the company incorporate continuous improvement into the business? Yes, both of the companies do incorporate CI into the business. IDTA appears to fully test and evaluate any potential improvements before implementing them. The basic structure has not changed in a number of years, only slight improvements have been made. Apex Investing has only introduced the Sniper Bootcamp over the last year and has made a number of small changes or clarifications along the way. Check out Part C
PART C - Winning Trading Course and Why! Summary of Comparison: In most areas, the two courses/companies appear to be capable of achieving the results I want. The two standout differences are: Initial and on-going costs Risk:Reward These numbers are normally important but are so critical now, due to the current world situation where huge numbers of people are out of work and need an income. It doesn’t matter how much a course costs if it doesn’t deliver! THE WINNER IS … Apex Investing – Futures Website: https://apexinvesting.com/bootcamp/ Will this course deliver? Now, the work begins as I start the course and journal my path to profitability … Feedback If you have any questions or comments then, please let me know Disclaimer I am not affiliated with any of these companies.