Futures Trader 501
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Has anybody use wayne's system www.daytradewithwayne.com. I watched his videos and have no clue what indicators he is using.
DayTrading ES
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Futures Trader 501
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Hi FT 501,
I don't know Wayne or his strategies, but your question is answered on his homepage:
"Wayne's charts are simple and uncluttered because only the price bars are displayed. He does not use indicators of any kind."
Tim.
im looking for feedback if anybody uses it
TheDuder_69
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I noticed Wayne uses a 25 point stoploss, which is (IMHO) quite a generous SL. How about money management? If your risk-ratio is supposed to be only 1% this Wayne has probably a 125k account or so. Or his trades are all executed in SIM mode. But then, trading successfully on a SIM account still can't make your ends meet.
Anyone?
Anyone?
timsk
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Hi wmcgowen,
Welcome to T2W.
Assuming you're Wayne from the site in question, or at least connected to him in some way, I don't think there have been any negative posts, just observations and opinions which many members would agree with - me included. As a vendor, we understand and accept that you want prospective customers to visit your site. I put it to you that many more people will be inclined to do that if you engage with members here and answer the reasonable questions / comments posted.
Tim.
tradersky: I am currently using wayne's system and it is a phenomenal! I only trade his pre market hours and i have never lose yet since subscribing his room last month. In fact, wayne teaches his method while he calls out his trade which is a superb. I also talked to other subscribers and they havent lose yet. I hope this help.
TheDuder_69
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Oke..terrific! And do you use a 25 point Stop Loss as well? What's your Risk ratio? Are you familiar with Risk management at all? That would be interesting to hear!
DionysusToast
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Hi Wayne
Another idiot getting people to trade off signals he can't trade himself.
1 point target ? You can pretty much cut his number of points 'won' in half then. So take that 66 point win and call it 33 if you were live trading.
Now add in the 25 point stop loss.
Can anyone see the problem with this approach ?
No ? Well you will when you trade it.
DT
I am not wayne. I am answering tradersky his question. have your tried the system? or did u sign up his trial? how can u draw a conclusion without knowing how his system works?
TheDuder_69
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No, I know that you are not Wayne, but I didn't call you Wayne. I was just wondering how you deal with Wayne's 25 point Stoploss and how you handle such risk ratio. We all might learn from you...:clap:
DionysusToast
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Because I have experience in trading the instrument and I know very well the difference between a 1 point SIM trade and a 1 point live trade.
DionysusToast
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I think he and Wayne are 'an item'. :whistling
TheDuder_69
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'an item' or did you mean 'one item' LOL
DionysusToast
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LOL - perhaps both !
Wayne offers something unqiue. I have been to many trading rooms and these small stops (2pts, 3pts) do not work. I never make money using systems that have a small stop loss. Many times, the market reversed after getting stopped out. Wayne's system does not have stop because need room for the market to reverse. Based on his indicators and the timing to enter a trade, you dont really need to place your stop. His indicators show that this is where the market top/bottom in short term and then he enters the trade.
If you have a good indicators that will tell you this is where the market top/bottom in a short term, why place a stop? The reason for 1pt profit target is to exit the trade immediately before the market makes new high/low. The only reason i can think of traders placing a stop is chasing the trend or not giving enough time that this is where the market top/bottom. If placing a stop, you are asking for it of getting stopped out. Plus those stop loss orders get filled instantly by 1 hit.
Wayne's system is a phenomenal.
At first, it is scary that his system has no stop. But when he teaches his system in the room, its not scary at all.
If you have a good indicators that will tell you this is where the market top/bottom in a short term, why place a stop? The reason for 1pt profit target is to exit the trade immediately before the market makes new high/low. The only reason i can think of traders placing a stop is chasing the trend or not giving enough time that this is where the market top/bottom. If placing a stop, you are asking for it of getting stopped out. Plus those stop loss orders get filled instantly by 1 hit.
Wayne's system is a phenomenal.
At first, it is scary that his system has no stop. But when he teaches his system in the room, its not scary at all.
Renatogrant
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Truth is, its not hard to make a 1point gain, especially if you have a 25 point s/l! 25 points! give me a break! thats $1250 risk per contract! you kidding me! all to make $50 on a contract!
Do you know how much margin you'll need to risk 25 points s/l? If your talking 5 contracts youll need at least £10k in you account and with a one point gain you'll still only bank $250, 10 contracts, $20k in account and still only bank $500?
So with a 25point s/l what do you do? just wait until the market eventually proves you right? That might never happen! What happens when your at a 15point loss and looking at $750 per contract loss! dont you think your trade was wrong? Do you just wait for the market to turn? Thats not trading in my opinion, thats whatever goes up must come down kinda stuff!
On a sim, sure i can see the attraction, in real life, cant see it.
You may as well not have a s/l now your not trading, your gambling, big difference.
Renato
Do you know how much margin you'll need to risk 25 points s/l? If your talking 5 contracts youll need at least £10k in you account and with a one point gain you'll still only bank $250, 10 contracts, $20k in account and still only bank $500?
So with a 25point s/l what do you do? just wait until the market eventually proves you right? That might never happen! What happens when your at a 15point loss and looking at $750 per contract loss! dont you think your trade was wrong? Do you just wait for the market to turn? Thats not trading in my opinion, thats whatever goes up must come down kinda stuff!
On a sim, sure i can see the attraction, in real life, cant see it.
You may as well not have a s/l now your not trading, your gambling, big difference.
Renato
pssonice
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so true !he doesnt know it !
"Do you know how much margin you'll need to risk 25 points s/l? If your talking 5 contracts youll need at least £10k in you account and with a one point gain you'll still only bank $250, 10 contracts, $20k in account and still only bank $500? "
"Do you know how much margin you'll need to risk 25 points s/l? If your talking 5 contracts youll need at least £10k in you account and with a one point gain you'll still only bank $250, 10 contracts, $20k in account and still only bank $500? "
