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 all I have now watched through the CDs for FT and all it looks quite a reasonable and impressive ...

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Old Mar 9, 2009, 2:59pm   #81
Joined Sep 2006
Hi all

I have now watched through the CDs for FT and all it looks quite a reasonable and impressive way to trade. What I am looking for is something where I can have input and control into trading and Guy actually states something to this effect that Black boxes are to be avoided. I also want to start small and compound profits and learn and have fun along the way.

I have never traded stocks before and although I have watched the CDs once I think going over them again would be very advisable so that I can firmly establish what EXACTLY it is I have to do on each trade.

I felt that I never picked up the part about the 'Cost' of the trade very well so I will go and concentrate on that again. Maybe someone could help me by explaining that?

The options and spread betting bit went over my head a bit too but I would need to watch it again. I do not think this is mandatory for FT but Guy included it just to introduce it in case you want to use that - or know about it - as well.

Now that I have finished the CDs I was kina thinking right how do I get the charts, what is best account to open etc? Is it IGIndex or something? I think there is a bit on that in the CDs but is that the charts Guy uses in his presentations? The other charts I have seen don't seem as specific.

Still a bit stuck on the actual getting the ball rolling after using the software to find flags.

Andrew
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Old Mar 12, 2009, 11:04pm   #82
Joined Sep 2006
Hi

Bit of an update on how I am doing with FT. Well I am now watching the videos over again and getting used to using the software to find flags. I have set up an account with optionsXpress who are recommended by Guy. It also seemed to me a lot simpler to use than IG Index. It is a bit of a pain setting it up and you have to fill in a few forms etc. and send of a photo ID and proof of your address etc to open the account.

A W8-BEN form has to be filled in if you are not a US citizen and an explanation is given below:

W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding)
The W-8BEN is a IRS document used to certify that an individual is not a U.S. person and to claim reduced withholding when a tax treaty exists between the U.S. and the individual’s country of residence. Most applicants must complete Part I Sections one through five, Part II Section 9A, and the signature line. If the account is a joint account, a W-8BEN must be supplied for each account holder.


Some of the terminology of the application for setting up an account is a bit daunting but most of it doesn't really apply if you are just setting up an 'individuals' account. Instructions are given on the parts you have to fill out. You have to give your passport number and with the final application you have to supply:

Finished application
WB-BEN
photo id
Utility bill

The TC2000 chart software allows you to import the list of flags you find into TC2000 with the FT software so you can analyse the charts a lot more easily rather than clicking on each individual chart from the FT software. This is easy to get and you get a 30 day free trial and then $29.95 after that. Link is below and just sign up by clicking the large green button at the top centre of the page.

WORDEN TeleChart 2007 & StockFinder 4.0

Please note if you are signing up for TC2000 and you are not in the USA it still asks you to put a state in i.e. Alabama but I am in UK and application kept failing, and assume this was why. It tuns out you pick the null part out of the drop down list. I also kept getting a lot of errors when trying to complete application and I do think the application form could come in for some criticism, especially from me being a software tester/developer!

Telechart is 741MB so make sure you have some space to store it, broadband to download charts etc. and decent memory on board.

In saying that I do not see how you would need any other stuff on this than your own list of charts imported from FT (i.e. the watchlist) so I will see how that pans out. It might have the other charts as default and you can't clear them out?

I am due to get my account up tomorrow hopefully so I hope to be looking to start a small trade this week and see how it goes.

Earning season is up in April so I want to get my skates on.

Andrew

Last edited by andys280176; Mar 12, 2009 at 11:10pm.
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Old Mar 15, 2009, 12:15am   #83
Joined Sep 2006
Account is not going to be on till at least Wednesday now. Bit of a hold-up with optionsXpress. I have a few paper trades on just now so wait and see how they go. Really annoyed at the bureaucracy to get an account open but process is now up and going.

Anyone else got any feedback on how they are doing with FT?

Last edited by andys280176; Mar 15, 2009 at 12:22am.
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Old Mar 22, 2009, 10:32pm   #84
 
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Joined Mar 2009
Hi
I got e-mailed information about Guy and his FT system and a search led me to this site and thread. I am a single degree educated working mum who needs serious income, doesn't have much time and has not got a clue about anything financial. Reading through it seems like Guy is genuine, the product is solid but I would so welcome your advice on if I am throwing money away doing this. I am a total novice and most of the language i have read on here might as well be martian. If it seems too good to be true it probably is - is ringing in my head....

Any advice much appreciated

Caroline
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Old Mar 23, 2009, 12:09am   #85
Joined Sep 2006
Hi Caroline

The FT system is not something that will make you a million overnight, now that would be too good to be true. From what i've picked up so far the FT system gives you a good trading plan to enable you to make ok returns from the markets. The trading plan is the essential part of the system as you do not just jump in and trade with no plan. I have had the course for a few weeks now and I am feeling ready to start trading although earnings season is coming up (Apr-May) for the markets and being a novice I think I may stay well clear this time around.

Key as well is compounding returns as you may only start with a little cash and build on the profits you do get by putting your profits together into more trades to make better returns. Returns on the trade finder CDs seems to be typically 10-30% although this isn't a quoted value, I just think that is a rough estimate.

You will need to invest time and patience in this if you are going with it. Read my experiences with it above and you will see what I mean.

The theory behind flag trading is - basically - a certain stock price may be going up or down and a flag is formed i.e. a long bar up or down and then a consolidation. The consolidation then gives you safe entry and exit points with which to trade your buy and sell trades (or sell and buy if bear flag). There is more to it but not really a lot, just that you have to check a few other things like news, open interest figures against the current price and whether that company is about to publish earnings + take into acount what the wider market is doing.

Andrew
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Old Mar 23, 2009, 1:18am   #86
 
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Joined Mar 2009
thanks so much for your reply Andrew and your explanation of flag trading is very clear and informative - i get it now.

The investment in time and patience is something that is fair enough and is more believable than making 7k a month in 20 mins a day almost from scratch with something a 12 year old could do. I will keep watching this thread and will be really interested to hear how yourself and others are doing with it. I am half wanting to go for it and half thinking don't. Perhaps that indecision is not a great trait for a trader?!

Caroline
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Old Mar 30, 2009, 12:37am   #87
Joined Nov 2006
Hi Caroline, I am in the same boat as you are. My "in a nutshell" advice would be to buy it, open it, n test drive it for the 30 days you are offered on the money back scheme. Consequently (lol), you will be our next expert in reviews... (I do appreciate your guts in coming into this financial drama with all the life stresses around you- Best Of Luck)
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Old Apr 1, 2009, 9:30pm   #88
Joined Sep 2006
Ther seems to be a market rally on just now and it seems the small rise will turn in to rounded tops i.e. retracement of rise, so imagine the trend going up then a flag forming them instead of breaking out upwards it just goes down so it looks like a rounded top almost. Good thing is even if you had put a trade on here (for a bull flag) the stock wouldn't have risen through the flag and wouldn't have triggered your trade, so you wouldn't have gained but most importantly you wouldn't have lost.

At the moment all eyes are on the market because of the rally and at the moment it has stalled after a small upwards from a lowpoint. I do not fancy trading for real yet because of this rally plus the earnings season coming up is something I might miss out just now as i am an ametuer trader just now. Earnings are between mid jan-feb, mid apr - mid may, mid july - mid aug, mid oct - mid nov.

You can trade in these times as long as your stock doesn't have earnings coming up soon. this is filtered on trade finder and you can even double check it on another website.

I do remember someone else on here was using FT. Any feedback from any of you other guys out there?

Andrew
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Old Apr 7, 2009, 7:18pm   #89
Joined Oct 2008
Quote:
Originally Posted by andys280176 View Post
I do remember someone else on here was using FT. Any feedback from any of you other guys out there?

Andrew
Hi Andrew - I'm now also a fully paid-up FT user - although I have been away and out of the country since February-12, and only returned home last Wednesday, April-01.

Before going abroad I meticulously went through and studied all of Guy's videos, but didn't feel comfortable enough at that time to place any real trades .. just a few 'dry-run' practice attempts, which produced a mixture of results, which I guess was only to be expected.

Now after a gap of more than seven weeks away I reckon that I'll need to go through all of GC's videos again and refresh my FT learning curve. This should be no bad thing in any case.

I did open an IG-Index account back in early February, although as mentioned, I have yet to place any active 'live' trades. However, I do intend to start properly trading within the next few days/weeks - and certainly no later than shortly after this forthcoming round of earnings announcements has ended.

As we're both more-or-less in the same position, then perhaps it would be good to exchange thoughts and opinions*. This surely would be to our mutual advantage? With this in mind, please do not hesitate to contact me here in open forum, or perhaps by way of a PM/e-mail msg at any time.

Meanwhile - good luck with your initial trades.

Cheers for now

KEITH

*PS - is there any other FT users out there who might care to join in discussions? (knowledge shared is knowledged gained! .. etc .. )
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Old Apr 7, 2009, 10:54pm   #90
Joined Sep 2006
Hi Keith

I done pretty much the same as you (except going away for a few months). My first virtual trades were not really meticulously planned; I just went with a few flags I picked up and about half went the opposite way (so nothing lost really). A few more went up a little bit and one or two went up and then broke down to the downside ( a few losses incurred). I hadn't checked news, market conditions or anything like that. It was the second round of bull virtual trades that I planned a bit better and seemed to get a bit better results. One actual loser in about 10 and about 5 or 6 breaking out and these are still on the up. Best one was Hospira. You can see it here with the flag about mid march. I thought out of all my trades that this was one of the better ones and even looking at the chart there was risk of a double top (ish) or a rounded top but shouldn't have lost anything if it did. There's also an upside down cup and handle but that is before the uptrend; I think guy said something abot upside down cups and handles so will need to go back and check - although not trading right after it.

HOSPIRA INC Share Price Chart | HSP - Yahoo! Finance

For me the flag was a good one, it wasn't steep and the spread was only a dollar or so, and the thrusting bars looked quite good too coming up to the flag. If you run the scanner thing over it in the chart you can see it actually consolidates down in the flag, with volume stalling at the flag. Would have pointed out that the volume was dropping as the thrusting bars were going up but more nearer the top so I don't think this was a significant concern.

Out of all the trades this is the one I would have picked as a live trade if I was going to trade for real. It looks like it is forming a little bit of consolodation again so If I was in this trade I would be using the trend line to manage my stop loss and by the looks of it would still be in just now having taken about $3 overall profit so far and first half profits already taken.

Guy did mention that the current overall market condition is or was a rally so this upward trend may not have lasted in the Dow/S&P500 etc, which was more evident in my other trades but the majority I picked did still go up and hit the trading areas I had set.

I'm stil learning so I am not trading yet. I am a bit sceptical doing it so near this rally and in an upcoming earnings season. Once I get plenty of practice I will be much more confident trading around these areas.

Last thing I want to do is throw caution to the wind and let human emotion take over and cause me to start incurring losses. Stick to the plan and never deviate is my motto. Don't trade because it looks good (except a good flag) or you have a hunch just if it passes the plan criteria.

Andrew

Last edited by andys280176; Apr 7, 2009 at 11:01pm.
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