1.you bought his program 2 months ago correct? 2.which program did you buy? 3.did you take advantage of the information that he is selling? 4.did you start trading on the simulator already?
The above statements seem to contradict each other. You are saying that one can manually back/forward test his strategies, but it would be very hard to automate it, right?
exactly, you can backtest manually but can't use a bot for it and therefor can't use a bot in live markets.
Regarding Oliver Velez, I have read his book Tools for the Master Day Trader, which I thought might have potential, and then a week later I was watching some of his recorded "live" trading on youtube. I know a lot of time has passed since he wrote that book, but he doesn't seem to be following his own advice from his book. Most shocking for me was that he was averaging down on losing positions repeatedly in multiple different sessions. Now those averages down happened to work out for him in the videos he showed, but I did notice that the uploaded videos did not match up and certain days were inexplicably missing. This leads me to wonder if he was manufacturing wins for the sake of the audience. It's like he HAD to win on the day regardless of whether the method he was using was a profitable long term or not, and maybe on the days he blows up he just doesn't bother to upload the videos. Averaging down on losers isn't an "advanced" technique right? It's just bad trading? I read in a different trading book that averaging down will allow you to get your money back as much as 85 percent of the time, but the 15 percent of the time it fails you will cripple your account. Basically similar to a martingale system. Also, even if averaging down were acceptable for a pro trader, why would he include such a dangerous habit in an educational video geared toward novices? Furthermore, in a different video, he declared that you should NEVER use a stop order. NEVER he said. In his book he said to use them. In the video, he says NEVER. I mean, maaaaybe for a longtime disciplined pro, but for novices, not using a stop just seems reckless as heck. I was kind of on the fence as to whether he's a fraud or not because Toni Turner had good things to say about him in her book, but from these red flags and Velez's shady controversy filled history with his partners, I am now inclined to think he is indeed a fraud.
Not if it’s part of your strategy’s position sizing. One concept he teaches is trading on left side vs. right side of the chart. He is not averaging down randomly, he is accumulating position at locations where he is anticipating a turn. When you trade large size, you don’t have the luxury of getting in and out exactly where you want. Also, for large spread stocks you are much better off using passive orders that capture spread and earn rebates. One thing which confuses people is that he often shares “advanced” techniques but doesn’t always mention that they are not to be used until you get the basics down.
Well, I suppose it's good that you're still a believer in him. I genuinely hope you are able to get your money's worth from Velez's program and you post back here in a few months or a year with a success story. I love reading about success stories, and genuine ones seem to be rare and hard to find in this field. Like you, I've also taken a look at Ross Cameron's program, and he seems like the real deal to me, especially with audited results which I really appreciate, but the high pressure time sales pitch to enroll in his program NOW for a LIMITED TIME OFFER from his webinar gave me the heebie jeebies. Like, if your product is good, why go with questionable sales tactics? Sometimes a product can be genuine and decent, but overpriced and overhyped, and that was the feeling I got that I would be buying for the DISCOUNTED PRICE OF THOUSANDS OF DOLLARS. It was insulting to my intelligence that he was telling me I had enroll right then and there for "limited" seats. Come on. Funny thing was I could hear the nervousness in Ross' voice when it came to the high pressure part. It was an abrupt departure from the calm authentic vibe from earlier in the webinar and from his youtube clips. I'm kind of a do-it yourself guy and a learn on your own guy in general, but after reading 30 books on trading and the markets so far, and deciding finally that yes, it actually is possible to make money daytrading (I was leaning toward swing trading in the beginning), I think I'm ready to invest in an educational program of some kind to accelerate the learning curve. I just want to watch a proven professional in action, with both their wins and their losses, before I start mucking around in a simulator even. I don't care whether he's the best or not as long as he (or she) is making a real profit. Not looking for the holy grail. Just a real genuine grail of any kind.
Only you can create your own success story, as you know. I just try to pick up bits and pieces where I can to help me get there. Value and success are very subjective. While I admire Ross as a very skilled trader, I think trading momentum low floats is too difficult for a beginner.
It's not photoshop. I said "audited" results. Ross Cameron was audited by a real accounting firm. Even with audited results, I suppose there's still a chance something is wrong, as we've seen even billion dollar corporations pull shenanigans where they either fooled their auditors or got one of their auditors to collude with them. But an audit is the most we can reasonably ask for and a pretty good safeguard.