I realy liked the book, though trade my own set ups. One idea which I found very usefull was to identify chop when keltner channel gets inside bollinger bands. I will sign up for their class during NY TradersExpo becuase it costs measly $200. Just curious to meet them.
Victor, I could have been clearer, so let me try again: The book has very good chapters on market internals. Some of the very best descriptions I've seen. Also very good info on how to build a trading plan and what it takes to succeed. The systems presented, do not test out well on their own. At least as far as I've been able to program. So use the "systems" as inspiration - i think the concepts generally are sound.
i learned a lot about trading from carter (and to a lesser extent - hubert). a big part of their methodology is reading market internals for example, i have been very successful using the bollinger/keltner squeeze indicator (i don't have tradestation, so i programmed my own in quotetracker), but even hubert admits it backtests poorly that's because backtesting doesn't take into account the trades you don't take whne they are contrary to market internals if there is one thing that is extremely important, and that i learned from them - it is the value of reading market internals
Just to confirm what the other posters are saying, I have also backtested Carter's price action entries from the book and they have no edge. As Acrary says, there are plenty of edges but you won't find them in the OLHC data. Carter goes on to say you have to know when to take the long or the short setups! If you know that do you really need a fancy setup?! To be fair, the chapter on reading internals is good and I think is how they make a profit trading. Having said that, surprisingly (to me) I can't get $tick systems to test well either ... its hard to beat good old S/R in my book. Tom
Although I have a competing site, I've read his book and its obvious that he knows what hes doing. As far as his room goes, I'd like to see a track record or report on the day trading signals but was unable to find on the site. I think his partner manages the room.
I have attended the personal mentorship. Not only JC and Hub but have also taken training with 3 other gurus during my 5 year apprenticeship. Most of the time the results were frustrating. But an interesting discovery was made. There are no "secrets" that one will learn. The common thread was developing a great sense of inner discipline. After making numerous comments in the rooms I have attended, I listened to my fellow members---their likes, dislikes, personal frustrations and triumphs. Perhaps it goes back to the day I hired a former Naval Top Gun instructor for my instrument rating. There is nothing more satisfying than trying to outperform the instructor. Setups are only as good as one can muster the personal fortitude of following the plan. I have seen talk about the 90% winning trade that my cofounder trades. It has looked great on paper. But I have only started to put real cash into it 2 days ago. How is that for being a skeptic? And I am going to trade it small enough that it is like paper trading. The message is: Don't believe everything you hear and see. Even from me. Test it for yourself. Alex L. Wasilewski Co-Founder & Head Trader Trades That Work www.puretick.com