I'm considering buying Todd Mitchell's trading course for $1,097... Does anyone have any first hand information on his material? Thanks...
There has been alot discussed on him already. Try the seach button on the top right. I purchased his course about 1 year and returned it within the 30 day return period. In fairness, I was more interested in Elliot Wave Software at the time. I didn't spend alot of time reviewing the materials. I was brand new to daytrading and searching for the holy grail, which I know doesn't exist now. What I recall was that his risk to reward was inverted. You had to risk 2 points to get 1 with I believe a win percentage of around 60%. I am going off of memory. I now believe that R to R proposition is definitely not for me. Be aware that if you return it he will hit for $50, which he never told me honestly, before he gives you a refund. $50 isn't much, by any means, but it should have been disclosed when I purchased. I basically bought the course, to check it out, because Mike their sales guy kept hyping it and calling me. I think he will let you talk to some of his customers, which can be good. Dan
I pretty much agree with dandxg, and had a similar experience with the trial. I thought the stops were a little too large for the normal profit target. The other thing that turned me off a bit was that he would simulate the trading day after the fact, rather than real time. It's a lot easier to trade when you already know what happened that day. His system was simple enough, but it just didn't work for me.
If anybody has this course they want to trade, let me know. We can do a download even exchange. Let me know what you are looking for. I'm looking for Todd Mitchell. Instant message me on here.
I agree with the above comments. In the course, I found a typical risk/reward scenario as follows: 1-1.25 point profit target/2.25 point stop. Now do the math. The course promises a 75% win ratio---which is far more easier said than done. But let's assume you can achieve that ratio all the time. Let's take an ideal profit objective (1.25) per trade. That translates to 75 wins out of every 100 trades, or 93.75 points. 93.75x$50 on the ES= $4,687.50 less 75 commissions (I pay $9.00 so I'll use that schedule) is $4,687.50 minus $675.00 for a profit of roughly 4 grand. Now add in the losses; 25x2.25=$2812.50 and now adding 25 commissions ($225.00) you have a drawdown of $3037.00. Total profits? $1,650.00 on 100 trades, or $16.50 per trade! Now one can justify these results by arguing that some trades might be more profitable than 1.25 points, and some losses a little less than 2.25. Then when you add in multiple contracts, you can further enhance results. But in my opinion (and based on my own experience), idea results vs. real time results are often two different things. Not to mention that maintaining the type of consistency to always be at 75% is a lot of work, and for not much reward. Plus, you would have to trade consistently and use multiple contracts to mitigate the drawdowns you are sure to face. This isn't my idea of a really good system, and personally, I haven't had much success with it.