Guy Cohen - Illuminati Trading System

This is a discussion on Guy Cohen - Illuminati Trading System within the First Steps forums, part of the Reception category; Hi I have been doing well using the short term trading methods that I have learnt from the Forex Traders ...

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Old Oct 14, 2009, 2:09pm   #151
 
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Joined Oct 2009
Flag Trader - My Opinion

Hi

I have been doing well using the short term trading methods that I have learnt from the Forex Traders Clubs DVD's so I started to look for a longer term system that I could operate alongside and I to was also impressed with the Flag Trader claims and Guy Cohen seemed to be an OK sort of guy so I brought his Flag Trader system but I did return it after just two weeks as all I did was waste a lot of my time and lose money (on my demo account). I can see that if you follow Guys rules regarding stops and where to set them then you might win a few trades but setting a stop at over 500 pips away from your entry is SUICIDAL in my opinion because if you are triggered into the trade and then it starts to reverse it will take your 500 pip stop and pretty much wipe you out. I think you all know that to become a successful trader you need to keep your losing trades to a minimum and work to a strict stop to profit ratio for every trade you enter or at least use a stop amount you feel comfortable with.

I do also agree that spending £000's on trading courses can be an expensive route to take but FTC only charge £275.00 for the box set and you are getting 3 short term trading methods for that. You would not start driving a car without having some lessons first so WHY do you think you can be a profitable trader without any formal training. I do agree that it is a bit of a minefield to find the right course but if you do find a system that works and does not cost the earth I can almost guarantee you will not lose as much money over time and you will have more fun learning your new trade!

Regards

Paul

P.S I apologise for the lack of punctuation but I am a trader (sounds flash) and not an English teacher.

P.P.S I have spent quite a lot of money to get to where I am and a lot of people have said that all I have paid to learn is available on the internet for FREE. I think we will always question somethings value if is free and how do we know what information we should trust.

Last edited by traderpc; Oct 14, 2009 at 2:18pm. Reason: Added Text
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Old Oct 14, 2009, 9:41pm   #152
Joined Sep 2006
My first paper trade did turn a profit and I had spent a lot of time learning the trading system, going over and over it till I was sure how to do it. I think the basic mechanics of flag trading is nothing new and it is probably a trading style as safe as they come.

In saying thay I have not used it for a while and I started using IGIndex to trade and although I never lost anything all the trades I had put wither stalled or turned the other way so at least I never lost anything.

There is a trade off (excuse the pun) with using spread betting (IGIndex) as opposed to normal trading (optionsxpress) in that you usually have to put up a much bigger spread between your back/lay trades than a conventional trade but the flexibility of IGIndex is a good bit better than optionsxpress, which is a pure pain to join and you need a huge starting bank to cover sells.

I am not not using it now because it is bad or anything like that but I am so busy with work and saving for a deposit that I have no real spare cash, or time to put into this just now. I hope for that to change soon though once I get over my threshold for saving up a deposit. I do always keep an eye on things to keep my memory fresh.

Andrew
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Old Oct 15, 2009, 9:23am   #153
Joined Oct 2008
Quote:
Originally Posted by traderpc View Post
I can see that if you follow Guys rules regarding stops and where to set them then you might win a few trades but setting a stop at over 500 pips away from your entry is SUICIDAL in my opinion because if you are triggered into the trade and then it starts to reverse it will take your 500 pip stop and pretty much wipe you out. I think you all know that to become a successful trader you need to keep your losing trades to a minimum and work to a strict stop to profit ratio for every trade you enter or at least use a stop amount you feel comfortable with.
Quote:
Originally Posted by andys280176 View Post
There is a trade off (excuse the pun) with using spread betting (IGIndex) as opposed to normal trading (optionsxpress) in that you usually have to put up a much bigger spread between your back/lay trades than a conventional trade
Andrew
RIGHT ON Paul and Andrew ..

.. and that's THE single biggest disadvantage of using IGIndex as a trading platform for FlagTrader IMHO. I would like to discuss this aspect in more detail privately .. ideally WHEN Guy C eventually gets this promised exclusive forum off-the-ground ..

I just don't think it's appropriate to elaborate further on this subject openly right here in the public domain.

Cheers

KEITH
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Old Oct 15, 2009, 9:29am   #154
Joined Sep 2006
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Originally Posted by traderpc View Post
Hi
I can see that if you follow Guys rules regarding stops and where to set them then you might win a few trades but setting a stop at over 500 pips away from your entry is SUICIDAL in my opinion because if you are triggered into the trade and then it starts to reverse it will take your 500 pip stop and pretty much wipe you out.
Hi, I thought it would be a good idea to respond to this as it's not completely reflective of what we do. Of course a stop that is 500 pips away is a long way away, however, you would only do this in specific benign circumstances, ie (a) if the stock is a very high priced US stock; (b) if the markets were trending strongly and (c) if the chart pattern is "neat" as described in the CDs. You'd never have such a large stop for low-mid range priced stocks. There's a bit of discretion required in most trading methods, and while the software does a lot of the legwork, the CDs teach you how to distinguish between good and bad.

No question that the last month was punctuated by the steep retracement in mid-late September which was unhelpful to continuation/trend traders like me. The OVI Index will help with that as it was clear that the market had run out of puff by that time (the 17 Sept bar on the S&P saw a doji type breakout bar while the OVI turned down sharply on the very same day, signifying caution for bull flags. The market promptly formed a bull flag while the OVI slipped into negative territory). The OVI will be released (free for the S&P index) in the next few weeks. It really is a neat indicator that I hope will be very helpful. I'll put some more up soon about it.

Of course trading is all about having an edge. Many of my students feel they have an edge and do very well. That's what I'm here to help with. But you do have to use discipline in knowing when's the right time to go for it, and when it's time to be quiet.

I think it was Smudger on this board who summarized it pretty well when he said that he waits for a plethora of good looking flags to appear and then he gets busy. That's the way to trade with this method and that's the way the most successful students are trading it. It does require a bit of patience at times but it's so worth it when the market makes a good run. Many of the best traders out there are trend traders who follow explosive breakouts. They too understand that you have to pick your moment and not to trade just for the sake of it.

Of course, when evaluating a system you want it to work immediately, I understand that. But staying out of trouble is a key component of Flag-Trader and when you follow the rules you won't get into trouble.

More to follow, but I hope that's been helpful for now. The OVI will certainly help, and like I said, it's free for the S&P, so you'll have a feel for the overall state of the markets, particularly during breakout areas. Right now it's back in the positive zone.

Regards

Guy

PS - regarding an earlier post about our marketing page - I'm not a marketing guy and I know it's "strong" but the headline was simply taken from a testimonial who wrote in to say thanks!

Last edited by guyko21; Oct 15, 2009 at 9:35am.
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Old Oct 15, 2009, 9:46am   #155
Joined Sep 2006
Quote:
Originally Posted by Keith-H View Post
RIGHT ON Paul and Andrew ..
I would like to discuss this aspect in more detail privately .. ideally WHEN Guy C eventually gets this promised exclusive forum off-the-ground ..

I just don't think it's appropriate to elaborate further on this subject openly right here in the public domain.

Cheers

KEITH
Hi Keith

As we discussed, we do have the Forum scheduled in by the end of this year. A lot of other chunks of urgent programming are first in the queue though - and you know what software can be like! But I have promised it and will deliver (hopefully on time, barring any software glitches!).

Regards

Guy
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Old Oct 15, 2009, 11:47am   #156
Joined Apr 2006
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Originally Posted by AmateurTradersOnline View Post
All I can say is having been stung several times on such systems to me they always look a little too good to be true.
Hi AmateurTradersOnline,

For the benefit of others reading this thread, would you list the systems you have been stung on and what were the problems with them? You might help stop somebody else making the same mistake. Thanks.

Regards - Brogden
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Old Oct 15, 2009, 12:37pm   #157
Joined Oct 2009
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Originally Posted by Brogden View Post
Hi AmateurTradersOnline,

For the benefit of others reading this thread, would you list the systems you have been stung on and what were the problems with them? You might help stop somebody else making the same mistake. Thanks.

Regards - Brogden
No Probs

I got stitched on a couple of signal systems when I was first starting out. Truefxsignals.com I found to be a load of Bo***cks and all it did was lose pips. I thought I had learnt my lesson however I saw Forexsignal.com and was suckered in by their shinny dashboard thing which had lights on (ooohh how exciting) this to was useless. If I gave you a tip on a horse you wouldn’t back it so I don’t see why these signal services are any different. Most short cuts to riches are scams and I have found that the money back guarantees are pretty useless as well. You are better of spending your hard earned cash on educational sites rather than golden goose systems and even then you need to be careful.

I also had a little punt on some custom built indicators they to proved to be fairly useless. Sorry if that all comes across as a little cynical, there is good stuff out there on the web just for me anything that claims to make you £££ for 39.99 a month is going to be a con no matter how appealing it may seem. Hope this helps
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Old Oct 15, 2009, 12:46pm   #158
Joined Apr 2006
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Originally Posted by AmateurTradersOnline View Post
You are better of spending your hard earned cash on educational sites rather than golden goose systems and even then you need to be careful.
Hi AmateurTradersOnline,

Any recommendations on educational sites then?

Regards - Brogden
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Old Oct 15, 2009, 1:22pm   #159
Joined Oct 2009
Quote:
Originally Posted by Brogden View Post
Hi AmateurTradersOnline,

Any recommendations on educational sites then?

Regards - Brogden
Fx street is good. It has lots of useful info and there are live webinars from various guest speakers who give lessons. A lot of that is them advertising to join their pages but least you get to see what they are all about first and get the chance to ask some questions with the massive bonus that its free.. I did join FX bootcamp a while ago however only held my subscription for a month. Itís a fairly good service especially if you are new to trading and itís nice to have someone online that you can ask real-time questions to but for me I just didnít get on with their trading style, I got frustrated with it very quickly and its mad expensive.

Babypips.com is also a really good site if you are looking at learning the basics.

I find that I read a lot, I usually check out Amazon for titles but Iíll be honest I end up downloading them for free via torrent or whatever (o well sh*t happens)

I donít take on board everything that I read but one thing that really has helped me is that every time I do come across a strategy or a tip that I like I re write it and stick it labeled in a folder. Then when things unfold in realtime all I got do is flick to it and I got the guidelines/rules laid out clearly. Saves madly scrolling through books and websites and builds a good arsenal of weapons ready to go at your finger tips. I hope all thats useful.

Happy trading
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Old Oct 27, 2009, 8:10am   #160
 
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Joined Oct 2009
I'm a newbie on here but Iíve been a Flag-Trader subscriber since January. Although I personally havenít traded much with it as I'm more into FX, Iíve had a good experience of Flag-Trader and can certainly vouch for Guy Cohen being open and amenable.



Something of a wacky coincidence, I happened to be sitting in the seat in front of him at a conference recently and recognised his voice behind me. I introduced myself and weíve since struck up a good banter (football related of course!) but Iíve also been liberally asking him all sorts of trading questions.



What prompted me to make a post here is that this weekend I asked him specifically what his new indicator, the OVI was saying about the US markets. The OVI isnít yet released officially but here was his response:



ďThe OVI is pointing down, so a break of the low for the last few days is a trade, however, be ultra conservative with your first profit target ...Ē



I have to say I'm impressed that Guy gave me an unambiguous answer, and even more that the answer was right on the money. He also wonít mind me saying that he actually suggested I make the post here too, which I'm very happy to give.



Guyís methods are completely authentic, no question about that. Heís obsessed with improving his applications and I think the OVI looks like a very promising addition to his impressive stable of applications.
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Old Nov 24, 2009, 2:52pm   #161
 
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Joined Nov 2009
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Originally Posted by pjchalmers View Post
Hi All
This can easily with little practice take over from your day job with the financial rewards to whoever wants to do it.
Paul
Your feedback is very interesting, Paul. On your point above, are you confident that the system can produce a reliable long term income stream of decent size? I am working in IT, making an income which most people I think would be pretty happy with. Trouble is, I no longer get any satisfaction from my job, which makes for a miserable life. The thought of doing trading full time has a lot of appeal, but am I being realistic? Getting trading profits tax free obviously helps a lot, but I would want to make typically £1000/week before jacking in my IT job. What do you think?

regards
Nick.
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Old Nov 25, 2009, 1:52pm   #162
 
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Joined Nov 2009
Re: Guy Cohen - Illuminati Trading System

Quote:
Originally Posted by Brogden View Post
Hi AmateurTradersOnline,

Any recommendations on educational sites then?

Regards - Brogden
Hi, I'm new to these forums, having come here to see if Flag Trader has proved successful. Against my wishes, I had to return the software within the 30 day trial period, but hope to return to it in the future.


I recently had a site recommended to me that not only offers some very straightforward educational information and some free intraday and daily trading systems absolutely free. I hope it's of interest.

http://forexmoments.com/forums/
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Old Nov 30, 2009, 2:55am   #163
Joined Nov 2006
Re: Guy Cohen - Illuminati Trading System

Quote:
Originally Posted by Marc City View Post
I'm a newbie on here but Iíve been a Flag-Trader subscriber since January. Although I personally havenít traded much with it as I'm more into FX, Iíve had a good experience of Flag-Trader and can certainly vouch for Guy Cohen being open and amenable.



Something of a wacky coincidence, I happened to be sitting in the seat in front of him at a conference recently and recognised his voice behind me. I introduced myself and weíve since struck up a good banter (football related of course!) but Iíve also been liberally asking him all sorts of trading questions.



What prompted me to make a post here is that this weekend I asked him specifically what his new indicator, the OVI was saying about the US markets. The OVI isnít yet released officially but here was his response:



ďThe OVI is pointing down, so a break of the low for the last few days is a trade, however, be ultra conservative with your first profit target ...Ē



I have to say I'm impressed that Guy gave me an unambiguous answer, and even more that the answer was right on the money. He also wonít mind me saying that he actually suggested I make the post here too, which I'm very happy to give.



Guyís methods are completely authentic, no question about that. Heís obsessed with improving his applications and I think the OVI looks like a very promising addition to his impressive stable of applications.



Like all will Ask, r u Guy Cohen No2? If not, could you or possibly ask your Guru, Mr Guy to create a webinar and show some concrete proof of how he is making his living on IG INDEX? Trust me, he WILL never be able to. All he possibly can is to cherry pick some charts and trail the stop loss- hey he speaks very well and he is a smart Guy left right center- PERIOD! He will be a teacher in my University anytime.
# Back to the main issue, OVI, AMBUSH or whatever Bushes he will try for next October (2010), kindly show the strenght of your charisma on your IG AC (plz plz)... If he can I cud possibly consider to pay around £10-15k for this course, unlike the £1997+VAT- which is very fair, but paying £2K to entertain him climbing mountain n enjoying life at my expense, U must realise that I am one of not the Gullible mate- sorry for thise who fall for Mr Cohen and many others.

Waiting for the Statement.
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Old Nov 30, 2009, 6:19pm   #164
 
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Joined Oct 2009
Re: Guy Cohen - Illuminati Trading System

Hi leritz,
I certainly am not Guy 2 but have met him once. I mainly trade forex for a living but every month i take a look at US shares for which i use Flagtrader. The indicators generated are excellent but still need individual interpretation and an overall consideration of the general market condition. When i bought Flagtrader Guy did show his IG statement, unsure if he does now though. Once filtered the indicators give me a good view and i have had a lot of winning bets. Equally i have had losing bets but these have been small and quite a few down to me getting stop losses wrong. I don't believe any system will be infallible and you must generate your own instincts to make any tool work. If you are looking for a black box system which will generate cash without you having to do any work it doesn't exist, but if you are keen to get indicators then this has worked for me. You should visit Guy's OVI webinar (it's quite long though) as it is well worth watching, particularly the Goldman Sachs prediction. I don't know of many who will stick their neck out to short the mighty GS.

Quote:
Originally Posted by leritz View Post
Like all will Ask, r u Guy Cohen No2? If not, could you or possibly ask your Guru, Mr Guy to create a webinar and show some concrete proof of how he is making his living on IG INDEX? Trust me, he WILL never be able to. All he possibly can is to cherry pick some charts and trail the stop loss- hey he speaks very well and he is a smart Guy left right center- PERIOD! He will be a teacher in my University anytime.
# Back to the main issue, OVI, AMBUSH or whatever Bushes he will try for next October (2010), kindly show the strenght of your charisma on your IG AC (plz plz)... If he can I cud possibly consider to pay around £10-15k for this course, unlike the £1997+VAT- which is very fair, but paying £2K to entertain him climbing mountain n enjoying life at my expense, U must realise that I am one of not the Gullible mate- sorry for thise who fall for Mr Cohen and many others.

Waiting for the Statement.
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Old Dec 26, 2009, 7:46pm   #165
Joined Sep 2006
Re: Guy Cohen - Illuminati Trading System

Just a quick message to say we are working on the Forum and will slot it into the new site design where we're integrating everything. We've chosen the Forum software and shouldn't be too long now.

Happy Christmas and New Year to everyone.

Regards

Guy
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