It's not a niche style of trading, it's an idiot's style of trading. You don't average down and then take small 3 tick winners with 3 point losers. That is just plain stupid. "Cut your losers short and let your winners run" isn't a trading phrase for nothing - that's how you make money.
I'm sure you could go back and do the math on what he has made on average per day over the last few months, then go back and figure out all of his big losers. If he's much better than break-even, I'd be surprised.
Just curious, which room are you paying $ 300 per month that keeps doing these stupid trades? I guess the other option not mentioned here, is you could also scale out if you are not sure that the trend is going to continue in your favor. I got a free e-mail from Jack, so I woke up early today with a bias to the short side, took a short scalp using some confirmations of my own, and went back to sleep. So basically Jack called a trade and was right and I did not have to pay anyone $ 300.00. "Tomorrow will be great trading on the ES. The market will roll short on the open. See below End of Bull retrace FYI The four FTT's were put in on ES 5 min bar 77 today. On the monthly fractal of DJIA we have a two month hitch (identical bars); it diesn't look the volume on the current bar will exceed the prior bar. We conclude that all bars following the current will have lesser value that this bar top. Kind of a great date in history. Notice that no one has a clue that it happened. regards, Jack."
the exact numbers brandonf uses are probably wrong - how does he know exactly what his competitors make? but i agree those sites can make you a millionaire easy when well marketed. professional looking sites don't convert always that well, amateur sites are much better. For example amateur webcam sites convert better than professional made webcam sites. When you go into marketing, you learn, things aren't always what they seem. Right now, I still wonder how much money the guys from Fapturbo made, that absolutely horrible name with horrible product. But the marketing was excellent, so they probably made millions. I would say, he makes money not because of his trading style, but because of his money management. Trading the direction of a short term MA, incorporating MACD, entering in pullbacks isn't uncommon. Alot of traders do that. But the way he makes money is by taking a few ticks and having a 3 point + stop while scaling in more and more size. Do you see what's going on here, this is a glorified martingale strategy. It seems to make money, but only does so, because of chance, and because of the supposed "with trend" trades. Robert hoffman is a shrewd marketer. fyi, I subscribed my e-mail to his weekly levels and he always talks about how he is visiting a trading subscriber and how they are so nice. The word nice gets overused, while his subscribers like Jreality keep losing money after paying $300 a month for a trading room without much trading going on. It's all one big happy family, but who is the person that benefits the most? I feel sorry for the people that paid $2500 a year non-refundable so they could save 2 months in costs
Jreality, do you ever wonder how it's weird that he keeps adding new stuff to his trading? I bet alot of new subscribers were shocked when they learned he also used the 30 min chart. They paid $1000 for 4 webinar videos and he suddenly changes his trading style. And one video of those is in particular eerie, the one where he shows his brokerage statements. You can clearly see how much money he has in his account, and supposedly the statement is audited by his broker. Question is, how did he made his money with his current trading style? What if the money he shows he has is fake? Is the broker in on it? Do you find it weird he talks about accumulation/distribution later-on, and right now suddenly talks about trend trading? Have you finally found out how he makes his support and resistance levels, after 6 months? If the answer is yes and no to the 2 above questions, has he actually educated you or just held you on a string as a sheep paying money for nothing? Do you think he wants you to have learned something by now, or do you think he will teach you more of his "secret" stuff after 12 months, after 18 months, after 2 years? He should imo have taught you ALL his stuff by now. Didn't he trade for 15 years... :eek:
the problem is when you adjust you entry by a tick, your risk-reward setup decreases not by a tick, but by 2 ticks. not only does you stop increases a tick, you exit decreases a tick too! being a dick for a tick can be a good thing sometimes
Perhaps, but it still makes sense if the market is heavily trending and you expect a run of at least 3-4 points. On a choppy day on something like ES, you probably shouldn't cross the market as I described... but there should be no reason not to do it on a retracement when the market has been running all day. Of course, this is exactly why I don't trade the ES anyways... there are other instruments that have a much better ratio of slippage to daily range, so you don't have to worry about one tick here or there.
I don't have that video. Wondering how much was in the account? Of course, he could always add to the account from the money he makes from the room, and from selling videos, doing seminars, etc. He claims he gets no special deals from his broker when he mentions how much he likes his broker, although on the other hand he talks about how the broker treats him like an institutional trader and he deals with the guys in the back room when he has a technical issue. There is also someone from the brokerage always in the room who approaches new traders about potentially switching to the brokerage. I suppose it is possible the brokerage helped him setup the website.
Well....it's getting close to noon EST, and he made 1 /ES point so far today, with 2 contract position for a $100 profit. He said it was very risky and he was planning on scaling in but his profit target was reached first. He previously tried to get in at a higher price but his entry was missed by 1 tick. I actually made more than him, $375, on that trade because I took 3 contracts and got better entry and exit. I'm not saying I can do that all the time though.
Uh... dude.... the ES dropped about 20 full points in the first hour of trading. 20 POINTS. It was crashing like a stone. He took two trades for a point each? And you actually followed him? Can I ask you why exactly you are still logging into this room and learning his stupid useless techniques when this guy has proven multiple times over that he couldn't trade his way out of a paper bag? Wouldn't today have been better spent watching the market on your own and figuring out your own way to trade this move? It's obvious that he has nothing useful to teach you. You do have free access for another few days to this room so you can continue to log in... but it's free access to CRAP, and it's taking your attention away from REALLY learning how to trade. Think about it.... it's teaching you nothing but stupid techniques while wasting your time. I would stop logging in and start figuring out my own way to trade the market if I were you. I have attached a chart to this post to show you how STUPID his trading method is. Take a look at it in context. See how far this thing dropped, and then see how much profit 1 ES point is on a day like this. Anybody who can't pull out more than 1 point on a day like today royally S-U-C-K-S, and you shouldn't even be listening to him or waste one more minute of your precious time. There are ways to easily catch 70% of this move once you detect that it's running, which isn't that hard to do. Here's a hint: use a constant volume, tick or range chart, set up a long and short moving average on it, and buy/short when the averages cross in the direction of the trend. DO NOT do this on a time-based chart, they do not work well with MAs. When you detect that the market is running which it OBVIOUSLY was this morning, open up this chart, take a look at the MAs, and get in where appropriate. Then exit on the reverse crossover. There are slightly better ways to get in and out to catch more of the trend, but this is good enough, and will make you a hell of a lot more money on days like today than 1 stupid friggin' point. Go over today's drop and figure out what length of MAs would work well on the ES (if you insist on trading that instrument, I would suggest FDAX or TF personally), and then the next time we start getting a run, USE IT. Your time would have been a lot better spent this morning doing this instead of listening to your so-called "teacher".