Ok, back to a serious question. First of all, I 100% agree for the need for backtested results of any system to trade it for any length of time. I have the results for the system I trade 5 years back (I wish I had 20 years). However, I think there might be a more interesting question here. Can Oscar legally post backtested results? I believe he's a broker, but is he a CTA? Can he use his website legally to procure a client base to manage funds? Frankly, if I was Oscar I'd be way more concerned about the possible legal issues at hand here. He's giving specific trades, he's a broker, he's using a website, he's asking people for money to manage when they call him, he's not representing himself as registered that I know of. I'm no expert in this but it seems like there are some gray areas of concern. However, again I am NO expert in this area but I'm sure some of you are. I'd also be interested in a judge's response to Oscar when a new trader who opened a $5,000 acount and his first trade was taken on June 8th sues Oscar (the professional of 25 years) for taking a day trade with a 24 point stop that got hit that day by adding to a losing position. And since that day has drawn down the account another 10 points which means in 4 trading days the account would have had an overnight margin call from most brokers. Finally, I think I mentioned this whole issue as a major concern in a post I made on June 7th if I remember correctly, the day before it happened. (Alright, my comments are probably uncalled for and am sorry for that but the June 8th trade about made me sick to my stomach). Of course as I said on June 7th, I stuck to my guns and luckily didn't take the trade!
Well, here we are again. This is at the crux of what I personally find implausible. Years ago I went through the "predict the market" phase, which is essentially what he is doing. Calling the market direction yesterday then trading with that bias today in general cannot work long term, unless there is an edge to be had via stop placement/money management. But if that were true, then who needs the OMNI? So, there isn't anything workable I can find. My conclusion is the same one I reached on my journey to profitability. Trade the pattern in front of you, regardless of what you think the market should do. Today was yet another example of a fairly easy day to trade; yet, the omniacs sat through the pattern all day on the wrong side?? In my contract, a clear rejection of yesterday's low and up we went. Move stops appropriately--got hit once but got right back in--and the cash flowed. Finally, I know things happen. I personally blew out a couple--one 5 and one 6 figure account--on my way to figuring this game out. But it seems to me, if you had _25_ years in trading, and you could actually trade, someone who knows you would spot you the money to get things rolling again. I mean what, he knows no one that can pony up 50K to help him? Or maybe they just know he'll blow it again on shitty laptops (get a thinkpad next time) and more fucking clocks?? Just too many facts that don't fit what I know about the market. He should be in tall green by now, but he's over at youtube. Hmmmmpf... And that's all I have to say about that--my favorite gump-ism which simply seems appropriate just now.
The main reason I don't favor his way of trading is because he advocates a policy of taking profits whenever a person trading his call feels like doing so. That is totally wrong. If win/loss remains positive & consistent, then OK, but times like now prove that he should not be telling his followers to take early profits considering his wide stop levels.
Absolutely correct. It's plain to see why he is shilling his goods to newbies over on U-tube instead of basking in the sun on his yacht. The guy simply hasn't a clue. st
LOL!! You'll have to excuse '2penniless to pay attention'. He's like a love struck puppy who merely barks to get attention. All noise, no substance. st
st You`re absolutely clueless. I`ll say as much. Not that my2cents needs assistance from me or anyone else.
So here comes a point of no return - "format change". OMNI will be just giving out direction for that day, not entry/stop levels. What I find interesting is that Oscar's followers have expressed their view on the matter on his forum - they don't want any format change. But Oscar, in his latest video, is saying that after "reading literally thousands of e-mails" has decided to change the format of OMNI calls.