re Todd Mitchell

I suspect there is a direct correlation between the number of useless testimonials, and how bad the system is...

 

I have a goose that lays golden eggs. Seriously! About one a day, sometime she skips a day. All I feed it is regular goose food, and if I can't get that then just old pizza crusts.

It took me decades of selective breeding geese to finally acheive this miracle. So many geese that fizzled and just laid copper eggs or silver eggs or even lead eggs. So much dissappointment, then finally success!

If you just send me $2000 I will share my secret of breeding your very own goose that lays golden eggs.

 

Have you guys that were too lazy to learn to trade, ever considered simply counter trading the system offered?...

Of course that is if you have any inkling as to what proper, sensible money mangement is....:eek:

 

exactly.

And to those who mentioned his 'after-hours' results, yea, he would often claim a trade was filled after the market just touched his limit order but of course, the market will not generally fill you on the bid. Bottom line is, anybody can post robust after market results; but how's about posting earnings statements for the year or at the very least, a brokerage printout of your year's trades minus the private information? Now *that* would prove the claims you make, but of course, this will NEVER happen in a million years.

 

Here's my $.02 on Todd and his course....your mileage may vary, etc.

I bought his course back in 2006 when the vol was completely dead. I learned a lot at the time about intraday trading from this package, however the ATR of the ES at the time was less than 10 points and much of that was premarket, so I'm not sure if it was the system or just the general market conditions, but I found the going tough and moved to a multi-timeframe system after about six months that featured much more frequent intraday entries.

Now here I am six years later and I've found myself gravitating back to the lessons that I learned from Todd. His presentation on MFAM (price action) might be one of the better sessions you'll ever see from one guy with a whiteboard. The longer that I trade, the less that I want to depend on indicator-based systems....and rely on price action only.

So at the core, I believe in his message and his methods, but it's definitely a multi-year journey that I had to take to discover that.

 

Howdy!

This is from a person who purchased a lot of books, trading courses and live trading rooms memberships. Take it for what it’s worth. This is not specifically regarding Todd Mitchell course, but trust me, they are all the same.

1. No course, mentor, trading room or a book can make you a trader. This is the task you have to accomplish yourself.
2. Trading involves significant risk. Any course, book or room that tells you they can minimize your risk are lying to you. If you are trading with $50 stops you will blow your account. Death by a thousand cuts. Average reasonable risk for one contract is about $500. If you are not comfortable risking that amount (per contract, per trade), then you are not ready to trade. SIM and save the money.
3. Learn some simple concepts. If by standing three feet away from your screen and looking at your charts you cannot tell whether the market is going up, down or sideways, then you are not ready to risk you hard earned money. Save your money and SIM until you can.
I’m not saying you should not purchase a training course, a book or a trading room membership. You have to start somewhere. But do not go chasing every course and guru and spending a lot of your money. There is no holy grail, there is no magical system that will make you a profitable trader. Trading is really simple once you learn to read the market. Granted, some tools help.

By reading the information below you agree to immediately wire $5,000 into my account with no guarantees or refunds due to the electronic nature of this message.
LOL! Hope you have a sense of humor. But that’s what they do! They take your money and you cannot have it back even if their “system” is a complete hokey.

OK, here’s my system, and for a limited time you can have it for free. You agree that you abide by the rules religiously.
1. Remove all indicators from your chart. If you have been trading or SIM’ing for any reasonable time, you have noticed that MACD will cross and uncross, Stochastic will hook and unhook, Woodies will reject and project, trend lines are broken all the time, and regression channels will turn against you just when you entered into a trade. So, what’s the point of having them? They just confuse you and detract from the main message.
2. Main message: market can only be in one of the three states: up, down or sideways.
3. How do we identify that? Higher highs-higher lows mean up trend, lower highs-lower lows mean down trend, and about equal highs and lows mean sideways, or chop. Speaking of Todd Mitchell, that’s the basis of his teaching. I am not breaking any copyright laws here, this is a common knowledge since the market was born.
4. Learn support and resistance. There is plenty of material on the internet regarding that.
5. Learn some candle patterns that project, not guarantee, that the market is turning in your direction. Again, Todd Mitchell teaches engulfing, harami and hammer. These too are available from the internet for free.

That’s it. Really simple.

No matter what system or principle you are trading, here’s the most important process to make it successful:
1. Once you identified what your system is supposed to do, find 300 setups on your chart and write them down. That’s just by looking at the chart. Granted, to find 300 setups will take about six months worth of data, that’s if you are looking at no higher than one hour chart. Log into Excel or something like that at least the following: Lost/Won y/n, ticks won/lost, risk amount in ticks or dollars, lost/won ticks or dollars.
If you find that your system was at least 60% win/loss rate and actually made you money, then you have a viable system.
2. Now, click candle by candle on the right side of the chart trying to identify your setups and “taking an entry”. Work that over and over until you have the same success rate as in #1. Log all entries as well.
3. SIM the same 300 trades until your success rate is the same as #1. Log every trade.

This whole process will take about 6 months, dedicating two to three hours per day, but it’s worth it. By the time you’re done, you would be pretty mechanical in your trading, so when you start trading live you would not fret because you have learned how to live through ups and downs of a trade.

Fund your live account with at least three times max draw down from the above process. Start trading live logging every trade and keeping analyzing your progress.

Since we are reviewing Todd Mitchell, here’s what he teaches. And you can find all that information for free by googling or on youtube. He gives these videos for free, so no copyright is violated.
1. Verify that trend has been established.
2. Wait for a significant pullback, not just a pimple on the chart. He states that a pullback should involve at least four to six candles, or a pullback to 50 to 60 percent Fibonacci retracement.
3. Watch for a candle reversal pattern: engulfing, harami or hammer. Enter as advised in his videos with the stop and fixed exit as he teaches, on one contract. On more than one contract, take portion of the profits on a fixed exist and trail the rest.

That’s it. Backtest and SIM for as long as you find yourself proficient trading this and being profitable.

By no means I am not advocating not purchasing his course. The sole intent of this post was to inform your that there is no substitute to learning and hard work, that learning to trade will take a long time, and that no system will make you rich, and holy grail does not exist. Save your money, learn the basics, backtest them, paper trade them and be willing to risk a lot of money.

 

Totally agree with @fttrdr

I would further add:

1) All methods work during trending markets
2) No methods work during chop

It's basically just that simple. Trade with the trend, stay out during chop.

 

@fttrdr, thanks for such a great post!

You mention "If you are trading with $50 stops you will blow your account. Death by a thousand cuts. Average reasonable risk for one contract is about $500."

So, are you saying that average stop for e-mini should be 10 points? What risk/reward do u recommend? If it's 2, then the target should be 20 points? Want to make sure I understand what you wrote. I was wondering whether one can day trade with a 10-pt stop loss and 20 pt+ target. So if I am interpreting your post right, day trading e-mini should be avoided and only swing trade?