daytradetowin

[Futures Trader 501]

Here's the problem.

When he gets stopped out - he shows a 5 point stop loss.

When a trade moves 5 points against him & comes back, he says he had a 6 point stop loss.

He's either really good at reading the market & deciding how to set his stop loss or he's putting in his results after the event.

If you read my previous post, i have been making money since NOV. I purchased the course and I choose to place my stop at 5pts. Because I am making money using his system, why do I care what john posted on his performance. The bottom line is, I am making money because his system works.

This is what i do not understand. There are 30 pages in this thread and people are complaining about his system. Why? Could they be:

1) Looking for freebies
2) Have not read the course well


My broker told me most people lose using the system because they got to greedy by increasing their leverage.

 

[jitasb]

My Review

Hello

I don’t post much, but in the hope that it may help people who have bought this course or are thinking about buying, I would like to write what I think of it. Before I start I would like to confirm that I have bought the course and have no affiliation with daytradetowin.

Initial Impressions.
I liked it. The method was simple and easy to follow. It uses price action without any indicators which IMO is a good thing and is similar to how I trade my own method (stocks). On the whole you can be in and out fairly early in the day and then that leaves you the rest of the day to other things.

Stops.
This is a bit of a mess unfortunately. I agree with previous posts which say that the performance history shows 5 point stops, whereas in some posts he is using 6 point stops., so why the discrepancy? I don’t know to be honest, but the course does stipulate using 5 or 6 points stops so there is an element of discretion there. From a trader’s viewpoint, the question probably is how many of the winners got past 5 point loss but didn’t get to 6 point and then came back to give you a profit. You can probably do this backtest yourself on the trades from the website. For what it is worth I used 5 point stops

I think someone posted a comment about why use 5 point or 6 point rather than 2 or 3 for example, and the answer seemed to be excessive volatility. While I do understand this, it potentially can cause a problem down the line. Because in the future the volatility will change will it not ? Say it decreases and we are ok with using 3 points stops, how is the user going to determine that? Will they inform all purchasers of change in stop strategy, or perhaps it is up to each person to use there own discretion and knowledge.

Stops and Psychology.
Whatever your preference the current situation is that you are using 5 or 6 point stops. There is no getting away from the fact that when you are stopped out then it is a big hit and it will take 3 or more profitable trades to get that loss back. What if your next trade is also a loser? The bottom line is that you are going to have to take these sort of losses. If you take a monthly view then you are probably going to come out ahead. But it can be hard to think like that in a live situation if you are staring at 3 consecutive losses and are 15 points down. Someone posted about the high success rate, which is fine, but there is nothing to prevent the possible situation that at the 25% losers might all come consecutively. So IMO you really need to assess yourself here and decide if you can stick with it.

Exits.
Agree with various previous posts about the slight quirk on website with using 2 and 4 point stops, it is a bit misleading. However, more importantly (in my opinion) is that exits also have an element of discretion. A lot has been written about amending stops etc, but I think you can make exits work better for you. There was a previous post on this thread about this method trying to catch an early trend (good post). There is some value to be had in trying to run part of your position for bigger gains if this trend plays out. If you only get a few days a month where you are on the right side of a trend then potentially you can get 15 or more points on a partial position. This will bring the R/R to a much better scenario. I’m not saying that this will always happen every month, but the odds are it will happen at some point.

Performance History.
Taking into account what my views are on stops and exits etc, here is my opinion on the performance history from the website.

The overall profit figures per month are impressive and it does give you a guideline on the overall success rate of the system. However forget that for the time being… the use of 10 and 20 contracts…the 2&4 points …forget that as well. You need to start small: trading 1 and 2 contracts for example. You have to decide yourself what size you are going to use, what stop and then how you are going to exit. Having done all that then you can look at the Emini chart and see how it plays out.

Ignore the bottom line on the performance history: you have to be honest with yourself on how you are going to trade. For example the history may show 2 losses on a day and then a profit on the 3rd trade of the day. Are you definitely going to enter that 3rd trade as you are down 10 points already? Or perhaps you are better suited to just doing one trade and if it loses then stop?

Price Action Exits.
Part of the course is about exiting your position and amending stops based on price action rather than the sticking with the 5 or 6 point hard stops. The people who have bought the course will know what I am referring to. There was a previous post about a day in Feb where the results did not match the Emini chart. This was because of an amended exit…I know because I emailed them about it myself as I had taken that trade. So there is an element of judgement in trade management of an open position rather than a view that it will either hit your predetermined stop or your pre-determined target.

Summary.
Overall the course has merit in my view, but you have to be the right kind of person to trade it. Some people have posted about using it as a confirmation signal for their own system so that is also a possibility. I would also like to add that as per the website, I did not make back the cost of the course in a 30 day period and applied for a refund. This was granted after my trades were reviewed, so I cannot say fairer than that.

I am still using the method but tweaked with my own preferences.

Seemed to have got carried away with this as post is quite long now...but hope it is of some use.

 

[joe11]

Please do not buy!

My concern about the system is seen in the historical results. You will note that immediately after each loss there is another trade that is ALWAYS a win - never two losses in a row. How can that be? Also, the results sometimes show +2 on half and +4 on half, then they show +2 on all. Well, that probably means that if it didn't get to +4 he just showed the results as +2 - that is hindsight and doesn't work in actual trading. Also, his stop is -5 so the R/R is very poor.

Please do not buy this ebook. This won't work as shown in the perfromance hostory. I purchased the ebook and lost money. You have 5 and 6 point stops for 2 point gain... Do not believe 2 "and" 4 points sales trick. It is good to show AFTER THE FACT. But this doesn't work in real trading... I lost real money trading this. I checked my real money results FOR A MONTH with what was posted on the web site every week. John Paul has no response to my emails... Think about it. If it worked he wouldn't be selling it for 400. He is trying to make volume sells of ebook by pricing it lower, in effect a losing strategy... In short, you lose the money for the ebook and your trading capital !!

 

[Malus]

I find it worrying how many people have found it necessary to apply for refunds and yet the concerns expressed by Pedro, rgsharp and others are lampooned by many on here, why?

 

[John Paul]

A Real Review from a real person

It's interesting how only the same 2 or 3 people who are posting negative. So many different people have posted real and positive results above and beyond the same tired out drama.... Makes you wonder why?

Read this again for your information. A Real Review

jitasb
Senior Member

Hello

I don’t post much, but in the hope that it may help people who have bought this course or are thinking about buying, I would like to write what I think of it. Before I start I would like to confirm that I have bought the course and have no affiliation with daytradetowin.

Initial Impressions.
I liked it. The method was simple and easy to follow. It uses price action without any indicators which IMO is a good thing and is similar to how I trade my own method (stocks). On the whole you can be in and out fairly early in the day and then that leaves you the rest of the day to other things.

Stops.
This is a bit of a mess unfortunately. I agree with previous posts which say that the performance history shows 5 point stops, whereas in some posts he is using 6 point stops., so why the discrepancy? I don’t know to be honest, but the course does stipulate using 5 or 6 points stops so there is an element of discretion there. From a trader’s viewpoint, the question probably is how many of the winners got past 5 point loss but didn’t get to 6 point and then came back to give you a profit. You can probably do this backtest yourself on the trades from the website. For what it is worth I used 5 point stops

I think someone posted a comment about why use 5 point or 6 point rather than 2 or 3 for example, and the answer seemed to be excessive volatility. While I do understand this, it potentially can cause a problem down the line. Because in the future the volatility will change will it not ? Say it decreases and we are ok with using 3 points stops, how is the user going to determine that? Will they inform all purchasers of change in stop strategy, or perhaps it is up to each person to use there own discretion and knowledge.

Stops and Psychology.
Whatever your preference the current situation is that you are using 5 or 6 point stops. There is no getting away from the fact that when you are stopped out then it is a big hit and it will take 3 or more profitable trades to get that loss back. What if your next trade is also a loser? The bottom line is that you are going to have to take these sort of losses. If you take a monthly view then you are probably going to come out ahead. But it can be hard to think like that in a live situation if you are staring at 3 consecutive losses and are 15 points down. Someone posted about the high success rate, which is fine, but there is nothing to prevent the possible situation that at the 25% losers might all come consecutively. So IMO you really need to assess yourself here and decide if you can stick with it.

Exits.
Agree with various previous posts about the slight quirk on website with using 2 and 4 point stops, it is a bit misleading. However, more importantly (in my opinion) is that exits also have an element of discretion. A lot has been written about amending stops etc, but I think you can make exits work better for you. There was a previous post on this thread about this method trying to catch an early trend (good post). There is some value to be had in trying to run part of your position for bigger gains if this trend plays out. If you only get a few days a month where you are on the right side of a trend then potentially you can get 15 or more points on a partial position. This will bring the R/R to a much better scenario. I’m not saying that this will always happen every month, but the odds are it will happen at some point.

Performance History.
Taking into account what my views are on stops and exits etc, here is my opinion on the performance history from the website.

The overall profit figures per month are impressive and it does give you a guideline on the overall success rate of the system. However forget that for the time being… the use of 10 and 20 contracts…the 2&4 points …forget that as well. You need to start small: trading 1 and 2 contracts for example. You have to decide yourself what size you are going to use, what stop and then how you are going to exit. Having done all that then you can look at the Emini chart and see how it plays out.

Ignore the bottom line on the performance history: you have to be honest with yourself on how you are going to trade. For example the history may show 2 losses on a day and then a profit on the 3rd trade of the day. Are you definitely going to enter that 3rd trade as you are down 10 points already? Or perhaps you are better suited to just doing one trade and if it loses then stop?

Price Action Exits.
Part of the course is about exiting your position and amending stops based on price action rather than the sticking with the 5 or 6 point hard stops. The people who have bought the course will know what I am referring to. There was a previous post about a day in Feb where the results did not match the Emini chart. This was because of an amended exit…I know because I emailed them about it myself as I had taken that trade. So there is an element of judgement in trade management of an open position rather than a view that it will either hit your predetermined stop or your pre-determined target.

Summary.
Overall the course has merit in my view, but you have to be the right kind of person to trade it. Some people have posted about using it as a confirmation signal for their own system so that is also a possibility. I would also like to add that as per the website, I did not make back the cost of the course in a 30 day period and applied for a refund. This was granted after my trades were reviewed, so I cannot say fairer than that.

I am still using the method but tweaked with my own preferences.

Seemed to have got carried away with this as post is quite long now...but hope it is of some use.

 

[barjon]

and at that point i think that's it - thread closed

jon