Yep. I posted an "Exteme RSI" system back in WealthLabs beginnings, and it was one of their top systems. Then it was duplicated, replicated and ripped off. Nobody bothered to even say "thanks"...including WealthLab's owner and developer...so that was my last work with WealthLab. What a racket he has going. His users post all the info and systems development, and he then includes the systems in his package, with no royalties... while he rakes in the cash. He should receive an honorable MBA just for his business model.
TradingMarkets is really turning into a marketing machine with these emails touting high win rates. Has anyone bought this product, or the RSI 25 mentioned previously? Do they have anything new to add to classic BB strategies?
They upped the price for the Bollinger Bands system - $495! If I remember correctly, the RSI25 system was around $250. I did not try it. If anyone is interested in splitting the cost, PM me. If anyone spent money on either system, let us know your thoughts.
I looked at the details for both of these systems. What is key is that - looking at the chart examples - what constitutes a winner? Some of those moves were very brief in favor of the system, with a quick and violent reversal. If you would have taken a quick profit, sure it would be considered a winner. But, how would you know to take the quick profit and avoid the violent move against you an hour or a day later. Like anything else in trading, it is the exit that counts. And, from what I see these do not take into account an exit. Hell, I probably have a system that is 95% winners, because 95% of my entries are green for at least a few minutes and a few cents...but, does that mean I can market it as such? As long as these "systems" focus on the entries, and do not account for what a winner (or how much a winner) is, you will keep getting these emails. But again, it is the exit that counts.
haha even the entry is not clear cut. However looking at the system performance this is 1 hell of a good system with a profit factor of 13.11. I have tested many system and are currently trading some of them. I don't have anything more than a profit factor of 3 most of them is just around 2. Personally here is the problem I think. 1) The system must be over over optimise. (if not the author must be a very very kind soul to sold us the system I will pay $10000 for it) 2) See below statement. Result did not say if it is based on today closing or next day opening. It will be very misleading. They suggest either place order at market close or next day opening. This would totally give 2 different result. I guess the best way would be. Since it is newly launch. Check with them 6 month later to get this latest result, if it still perform at 70% (that is good enough) with a profit factor of 5(that is good enough) I will be glad to purchase the system. But doubt they would bother to show us the performance after 6 month. *******TAKEN FROM THE WEBSITE**************** Each day near the close youâll be able to see when the RSI 25 Explosion System has triggered a buy signal. Simply place your order near the close, or on the next morningâs opening. *******TAKEN FROM THE WEBSITE****************
I've been a sub to Tradingmarkets for about four years. I think this will be my last. I only re subed to use some of their fund screeners. It has always been a vendors site, but now it is more so than ever. Almost all of the Trader Commentry is 75% recap of what happened that day. Too bad, it use to be a lot better. Or I use to be a lot more naive. Best, Mike
Thought Id post to this thread as it caught my eye. Trading markets have a new Training CD on there now called 'Squeeze Play Strategy': http://www.tradingmarkets.com/galleria.site/courses/main/?full=1&id=6199&fwww=1 Now have a look at this link on the Tradestation site where some guy knocked up an indicator a while ago: http://www.tradestationworld.com/discussions/Topic.aspx?Topic_ID=14439 The thread on Tradestation talks about someone who has bought that strategy and displays a chart from Trading markets and found it to be identical in looks to the charts in above tradestation thread. I leave you to make up your minds!
Why does everyone Think backtesting is not accurate?, and makes for a failty trading system?? You cant forward test, so what else are you going to do?? As long as the back testing is tested in the current market condition or one close to being the same then it should prove to be faily accurate. Please tell me how you test a strategy with out looking at historical chart? This will be interesting.
I used to believe that backtesting was only necessary for the preceding six months, but since the Tripack Journal, I have changed my mind. It can't hurt to get as many "price movement instances" as possible to see how the system handles it. A by-product of this produces wider stops and narrow targets if you are trying to maintain a high winrate. The more robust systems a few years back all but failed. The successful ones seem to have a low Winrate and a high Average win to loss ratio, but in these lower range days even those systems are not producing. It seems the farther back you go the safer it is, but in my opinion you cannot find a system that always works all the time. The only conclusion that I have arrived at and can say for sure is: Price Action is not Random, because there are trending characteristics within. Michael B.