I attended their VSA webinar. I learn sth. Signed up for 30-day free trial. So far it is 90% or more sales pitch. Yesterday. I got up early (am on Pacific Time) for their premarket strategy session, it was only sales pitch. Not worth getting up for. Also the guy claims to be in a trade after it has run in his favor. When he called any live trades - he said high risk may be to cover his a***? If he had shown his DOM (even if it is sim), then I am more inclined to believe that his system indicated the entry points. I don't trust it when he said it after the move. I am almost ready to call it quits. It is a waste of time even if it is free.
Well, there you have it... yet another room that doesn't seem to be of use. That's why it's better to just try to go out on your own.
I recall one reasonable room I tried. It is name Trading Authority. The mentor explains the trades as he was taking them. He gives students the heads up before taking a trade. I didn't stay in the room mainly because they trade the Euro most the time. My focus now is on the Index Futures. I didn't follow him on sim to know if the trades were profitable. I like his teaching method - it was not a follow-the-leader type of signal room. The mentor explains the trades he was taking. This is the *earn while you learn* type room I am looking for. Anyone knows such a room for index futures - a room that has fairly consistant profit w/o excessive drawdown?
Quote from FB123: It's funny, but I had forgotten that you had mentioned you had actually tried out the room that I've been subscribing to. That describes my experience exactly, including the missing of entries by one measly tick. Only difference is that, as mentioned before, there were two times where he had big losses (12K one day a few weeks ago, and 17K another day at end of july) that wiped out weeks worth of gains (technical glitches notwithstanding) due to the 3 point stop being hit when loaded up on contracts. Granted he wins most of the time, and he's probably up for the year, but he's likely making more from the room this year. Anyway, on Friday I was afraid to take any trades on my own (market seemed choppy to me, and any trending was short-lived). There were no trades in the room either.
No trades in the room again today!.....surprise, surprise!...(grin)...He didn't get enough of a pullback, which he was looking for in order to be able get in. Admittedly, I was a bit confused as to when to get in if I was going to attempt to trade ES myself today, because the shorter term EMA I've been experimenting with on a 512 tick chart (5 EMA) had already crossed north of the longer term EMA (30 EMA). However, I could have gotten in on a pullback of the ES price itself to the 30 EMA on a 512 tick chart if I had the nerve. That would have gotten me into ES at around 9:38 EST, since the price got very close to the 30 EMA, and if I had taken that as a trade, and exited when the 5 EMA crossed below the 30 EMA later in the afternoon, I would have done okay (around 12 handles) . (easy to say in retrospect) There was a 2nd chance to get in at 10:20 EST as well. I did make a little bit of money today using a different strategy I use that only gives me a couple of trades per week at most on whatever I'm trading. My biggest winner was an ETF trade and not a futures trade.
"Still dont know about http://www.coiledmarkets.com AustinP although he seems to use a kind of indicators (you know how those indicators things works!!) Does any one have real life experiance about him to share?" I purchased one of Austin's teaching courses earlier in the year, and found that it had some value for the price. Problem is, I seem to no longer be able to get a response to emails I have sent him. Don't know if others have this issue, or if it was just something about my personality. Or lack of it.
I'm not surprised.I'm sure he talked about how he kept you from getting "chopped up" and how great things are "going to be" next month.
It can be hard to go with a trending day like yesterday, but one thing you can do is when the $tick hits 1000 and then shortly comes back and hits again, go ahead and look for a long entry. You could also just want for new highs and pop in. Another useful tip for a day like yesterday is to treat one contract like a hot potato. Pop news high, pop 1 in to the long side, give it a couple of points and just wait and see. If it pops down, reverse.
I was in that room first month"five weeks" it opened, things haven't changed much... most days he did not trade, made 2-300 bucks trading 5-50 contracts on a few winning days, but 2 days of losing appx. 2000k each resulted in a net loss for the month. Favorite quote during days he could not find a trade, "If I kept you out of 1 losing trade today it is worth the price of this room" Next month was the same(I was told) I surprised that he can make money trading........