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; I think it's good that we can exchange views & ideas like this; it's a learning curve for all us ...

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Old May 28, 2009, 1:13pm   #106
Joined Oct 2008
I think it's good that we can exchange views & ideas like this; it's a learning curve for all us newbie FlagTraders at the end of the day. Thanks for the update Andrew - COO was one that I also spotted, but I'm glad that I decided not to trade it. I agree, taking early profits during uncertain times has got to be the way to go.

I do like your enthusiasm swisdom .. . Good luck to you too.

I think there could be a lot of 'action' coming within the reasonably near future - just my hunch.

And Guy, if you are reading this, please note that your blog updates (e-mail alerts) are really appreciated - . So keep 'em coming, as I for one take a lot of comfort from these regular communications from you.
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Old May 28, 2009, 3:48pm   #107
 
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To start with I am concentrating on Bull flags until I get my head around the whole system - the Bear flags are a little daunting (I know it's just the reverse but I want to be cautious here)

I am finding that it is very addictive and I want to keep checking my progress and thats something I need to curb as I don't want this taking over my life completely!

That said - I might be dipping my toe in tonight.....just for a very low risk taster...
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Old May 30, 2009, 8:58pm   #108
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Italo said:

"Cheers for that Andrew. How early do you take your profits mate? Do you follow Guys methodology in terms of target 1 and then target 2? Or do you just take out profits on target 1 and forget about target 2."

No i'm even shrewder than that! I tend to think i'll take first profits about 70c later !!!

Nothing like being careful.

Someone said that there is a bit of concern with IGIndex regarding no real insurance against sudden leaps in the price. I think this can be managed, as long as you don't trade around earnings or any significant news events + trade during trading hours so that you are not hit by any leaps when the market opens. Guy said this is quite rare using the FT methodology but I can't vouch for that to be honest.

Actually I wonder if Guy got round to asking IGIndex to try and incorporate a tool that allows you to put in a limit for trading in IGIndex so you don't get caught by a big jump? I think he said he was suggesting improvements to IGIndex themselves.

Andy

P.S. A good thing to do is look through historical patterns and see if you can spot flags etc and think would I have traded that, what would have happened etc?

Last edited by andys280176; May 30, 2009 at 9:03pm.
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Old May 30, 2009, 9:08pm   #109
 
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what i'd like to know is, what does it have to do with Freemasonry?
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Old Jun 10, 2009, 3:53pm   #110
 
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Well I am delighted to say I had my first day trading yesterday and ended up with one of my 3 trades becoming active and netting me a small profit. Admittedly I am only doing £0.10 / point but even so thats more than enough to keep me on my toes not being particularly wealthy at this moment in time!

I am keeping an eye on things though and it's really exciting stuff - just looking forward to finishing work on Friday and having plenty of time to myself to really concentrate on it (my other 2 trades are a million miles away from becoming active at present so I'm thinking I was a little too cautious on them!)

All in all I am going to continue with this and hope, between us, we can come out on top.

for what it's worth I went with IGIndex as it seemed more straightforward than Options Express - but haven't yet got TC2000 on my machine but might give that a go tonight

happy trading lads and lasses!
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Old Jun 10, 2009, 7:42pm   #111
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Got two trades on today. Having a bit of a sticky patch, nothing really breaking out. I am very cautious though and tend to cancel trade after one day if it hasn't broke out from the flag. No losses but no gains.

Andrew
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Old Jun 16, 2009, 9:41pm   #112
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Well today I got my first virtual profit using optionsexpress. It was a trade I had kind of forgot about really. I put it on to buy 100 and then after a very slow move to the upside I moved up the stop and sold at a higher price. I could have potentially made a little bit more had I kept a closer eye on it but in hindsight...?

ACF

Bought 100 at $11.19
Sold 100 at £12.75

Because it is virtual trade I couldn't put on one triggers two so couldn't take half-profits. I probably could have put on two half trades and one with limit thinking on it now. This is what you do in IGIndex.

Andrew

Profit of about $122
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Old Jun 18, 2009, 11:09pm   #113
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Quote:
Originally Posted by andys280176 View Post
Italo said:

No i'm even shrewder than that! I tend to think i'll take first profits about 70c later !!!

...

Actually I wonder if Guy got round to asking IGIndex to try and incorporate a tool that allows you to put in a limit for trading in IGIndex so you don't get caught by a big jump? I think he said he was suggesting improvements to IGIndex themselves.

Andy
Hi Andy

Just a quick note to say, well done on the caution ... my blogs have been urging the same recently. One of the ways to accomplish this is to tighten up our first profit target, which it sounds like you've been doing.

Secondly, yes, I have been on at IG to get a stop limit order capability going - I'm continually pestering them about it as it's a serious weakness in their platform. Amazingly, they tell me I'm the only educator who has asked for this ...

Anyway, keep up the good work. This little down draft in the markets could be interesting if it consolidates and sparks off bear flags in lots of stocks like in June 2008. Remember, only play what you see, not what you think you want to see ...

Recently we've been seeing a bull run that has been stuttering for a few weeks now. IF we're now at the start of a bearish phase, the best opportunities will be in the next week or so.

All the best

Guy
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Old Jun 19, 2009, 11:22pm   #114
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Hi Guy

Maybe I should phone them up and ask suggest they put in a stop limit facility? They might do it if more people ask.

Interesting to see a lot of stocks seem to be swinging about the 200 day moving average - have you noticed that? The Dow can't seem to break away from it!

Andrew
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Old Jun 24, 2009, 7:26pm   #115
 
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Hi Chaps - It's been a while but I've been meaning to let you know how things are going with the system. Not as successful as some on here BUT I take consolation in the fact that I haven't lost any money....so I guess that means I'm half of the way there! In fact I have only got £20 more in my betting pot after 3 months of trading which is pretty disheartening :-(

I would have been a few hundred quid up if it wasn't for a few mistake along the way that I now recognise (having bets open over a Ben Bernanke address i.e NEWS, which moved the market quite a bit the wring way and cost me dear) I also think that I've been too aggressive with expectations of how far a stock will move, so when it reverses I haven't taken any profits...

Some words of wisdon I picked up on another trading forum - no matter how confident you are that you are being honest with yourself when paper trading, it's a lie! As soon as REAL money starts draining out of your account, it's VERY different! Make sure you keep to amounts within your comfort zone or it'll make you change your trading plans, possibly at a loss - I only risk £45 per trade now (total betting pot £2,500) and I'm OK with losing that.

If anyone wants to share their commonly experienced mistakes I think that would be useful. Also, now I'm a bit wiser (from breing a total n00b in March) I'll see how things go for a month or so then check back in.

Cheers
Chris
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Old Jun 25, 2009, 10:13am   #116
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Originally Posted by Chris_P_D View Post
If anyone wants to share their commonly experienced mistakes I think that would be useful. Also, now I'm a bit wiser (from breing a total n00b in March) I'll see how things go for a month or so then check back in.

Cheers
Chris
This something that I tried to get off the ground over six weeks ago Chris. See my post #100 - earlier on this thread - dated 13-May.

Anyone else up for this, eh? - A weekly round-up from all of us newb FTers should be hugely valuable for all concerned, surely? Ideally this could be conducted on the FlagTrader site [Member Area/Inner Circle pages perhaps?) - and I dunno why Guy doesn't sponsor this idea himself .. ??

If we cannot discuss our experiences privately on the FT site, then out here, in the public domain - and I guess this T2W site is as good as any - is the only way forward.

Responses please ..

Cheers for now

KEITH
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Old Jun 26, 2009, 8:23pm   #117
 
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Quote:
Originally Posted by Keith-H View Post
This something that I tried to get off the ground over six weeks ago Chris. See my post #100 - earlier on this thread - dated 13-May.

Anyone else up for this, eh? - A weekly round-up from all of us newb FTers should be hugely valuable for all concerned, surely? Ideally this could be conducted on the FlagTrader site [Member Area/Inner Circle pages perhaps?) - and I dunno why Guy doesn't sponsor this idea himself .. ??

If we cannot discuss our experiences privately on the FT site, then out here, in the public domain - and I guess this T2W site is as good as any - is the only way forward.

Responses please ..

Cheers for now

KEITH
OK, I think that would be of great benefit as well...I would love to do a daily chat about how we traded for the day.

Put me down as interested and please PM if any progress is made.
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Old Jul 24, 2009, 1:20pm   #118
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Any updates on FT?

I sent Guy an email asking a few questions, seems like a nice bloke (but then again, i'd be nice to someone about to give me a grand) Email response from him was within a day, encouraging start.

I dont want to plough too much into this Flag Trader so was thinking of putting £1k in an account to trade with using the system. Does anyone using FT think this is enough? Guy mentioned that it would be hard to stick to his plan / money management with this low amount but IG will let you trade 10p points so £1k should be enough....... shouldn't it?
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Old Jul 24, 2009, 5:31pm   #119
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On, say, margin of 10X then 10p per point = the purchase of 1 share. If you limit the shares in which you trade to those priced at, say, $50 or less then you buy 1 share for a maximum of $50. At that rate you can have a minimum of about 30 positions open at any 1 time at present rates of exchange.

Not going to get rich but better than paper trading.
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Old Jul 25, 2009, 3:02am   #120
 
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Dear all

I have been trading the FT since March (6 months) now and would certainly be interested in a weekly if not daily discussion how things are going, poss market directions etc.

Advice I can offer thus far would be patience is the key. I hoped to be trading a little more frequently than I am but after making a couple of mistakes I can now see the value in waiting for good opportunities to present themselves. By this I mean sitting on your hands until you see a good number of them. I look at the wider market first i.e. watch the for Dow/S&P to make a definite move or breakout before consolidating - then hone in on flags that have a high chance of prevailing in the market direction i.e. up trending index = bull flags, down trending index = bear flags. Apologies if this seems obvious. It may take six weeks or so for a good number of nice chart patterns to materialise since the last lot but it's worth the wait. Profits for me have come hard and fast during these times and if you can avoid trying to squeeze out trades in between than you should be able to really grow your account.

One bit of technical advice is being careful when trading 'tighter' patterns. By this I mean I want the consolidation on a flag to be a definite retrace of the initial move consisting of no less than 3 bars. Tighter patterns might look tempting as current price is closer to your entry but it increases the chance of getting triggered into a false breakout by normal market movement. I want a definite break through resistance or support.

JayZ - To be honest £1000 is not ideal for trading this method. You will prob be trading US shares the most which costs .24p per point on IG at the lowest. With stop losses around 100-300 (x2 as you set up two trades on each share) points away from entry, your initial risk on any one trade would likely be £50 - £150. This is of course around 5 - 15% of your bank which is far over and above the 3% (which is the high end) of sound money management. Your call though.

Anyone who has been trading the FT and has any technical pointers or tips they want to share I'd appreciate also.

Happy trading
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