Independent Review of WallStreet1928

[Shakone]

pboyles I was accused of dishonesty by Wallstreet on thursday, the thread was getting a bit out of control anyway for an independent review and at that point I posted and told Wallstreet that I wouldn't continue reviewing. Wallstreet has since apologised to me but I won't continue, the thread is madness.

I wanted to find out if Wallstreet's calls could match his claimed performance. I was sceptical, but you never know unless you see for yourself. I found the answer to that. Conclusion I have is that:

- Someone following his calls makes nowhere near the claimed pips, I gained one ninth of what was claimed.

-The accuracy of a follower will be well below the claimed 90%, I had 63%, MajorDutch had 68% I think he said.

- The review was too short to say if he's long term profitable, but he did have 63% wins, and was up 2.11% after 4 days having risked 3% a trade and with a drawdown in the week of just over 10%. Those are the final results I have, I posted my final pip count, think it was 52.

-Winners are always smaller than initial risk, profits are quite often taken at around half that initial risk, so it requires a high win rate.

- The trade rules are at times inconsistent. Some times it's averaging in, but positions aren't counted as partial fills in the pip count at the end. The pip count is confusing to the say the least.

Another inconsistency for example is that I might get an email from Wallstreet saying, out at breakeven, always move stop to breakeven after you're up by 10, but then that wasn't the case on some earlier trades, because they would have been stopped out for nothing and not winners.

I think it's this inconsistency which makes it harder to follow and perhaps why Wallstreet doesn't always give a straight answer to simple questions.

-WS does give some interesting analysis, he made some good calls and he uses stops and does accept losses. He doesn't add to losers so he's not reckless or anything with money management.


Overall I won't be signing up for the signal/education service, but thank Wallstreet for the opportunity to see it first hand.

 

[red2000]

Shakone thanks for the review. I was hoping for a better end result but find it difficult to make a judgement either way, as you traded for only a wk or so. Anyhow I am going to sign up for the whole month and see how it goes.. I am also going to post my review here too so watch this space.....hope it helps newbies me included of course

Wish me luck.

 

[shewolf]

I spent a couple hours reviewing WallStreet1928 blogs from 29 Sept, 2011 (as requested by him).

Unfortunately, I found a number of disturbing issues.

a) There have been a number of cases of WallStreet1928 saying that he had opened (or closed) a trade at a certain level but that level has never been touched.
If you read his other thread, especially pages 2364 to 2366, it is very clear that he is saying that he is getting entries and exits that none of none followers are getting.

b) Also, he continually changes his description of averaging in and averaging out, (depending on whether the trade was a winner or loser) so not a single trade with averaging can be accurately assessed

As a result of a) and b), I found that his results were wildly overstated.

As I have said earlier, this whole silly situation can be rectified by you starting a brand new LIVE trading journal HERE , so we can ALL evaluate your signal service.
The only things to be posted is your ENTRY, your STOP LOSS, and your TARGET PRICE.

 

[wallstreet1928]

I spent a couple hours reviewing WallStreet1928 blogs from 29 Sept, 2011 (as requested by him).

Unfortunately, I found a number of disturbing issues.

a) There have been a number of cases of WallStreet1928 saying that he had opened (or closed) a trade at a certain level but that level has never been touched.
If you read his other thread, especially pages 2364 to 2366, it is very clear that he is saying that he is getting entries and exits that none of none followers are getting.

b) Also, he continually changes his description of averaging in and averaging out, (depending on whether the trade was a winner or loser) so not a single trade with averaging can be accurately assessed

As a result of a) and b), I found that his results were wildly overstated.

As I have said earlier, this whole silly situation can be rectified by you starting a brand new LIVE trading journal HERE , so we can ALL evaluate your signal service.
The only things to be posted is your ENTRY, your STOP LOSS, and your TARGET PRICE.

Ok so discount the trades you think are invalid ???

and even knock off 50% off the points I claim I have made considering you all think I am a liar ?

How many points did I make and what was my accuracy ?

you will find I made + 300-400 points a week , knock off 200-300 points based on the fact that you think(big ? there) I am deceiving people.

I still have + 100 points a week

given that a professional trader in London has 20 points a day as a target and + 100 points a week

Still pretty impressive if you ask me as it equates to + 400 points month ??

Shewolf if I post live again , you will use the same argument ?? its pointless!!

Oh and I forgot, can you please send me the trades you claim that my entry or exit was not meant in order for me to verify your claim ? I am referring to OCtober 2011 only ???

every accusation must be backed up by facts ?

 

[shewolf]

Shewolf if I post live again , you will use the same argument ??

No, I won't. Provided that you post only your ENTRY, your STOP LOSS, and your TARGET PRICE.

As I have said earlier, this whole silly situation can be rectified by you starting a brand new LIVE trading journal HERE , so we can ALL evaluate your signal service.
The only things to be posted is your ENTRY, your STOP LOSS, and your TARGET PRICE.


ARE YOU MAN ENOUGH TO TAKE THE CHALLENGE ?

 

[wallstreet1928]

No, I won't. Provided that you post only your ENTRY, your STOP LOSS, and your TARGET PRICE.

As I have said earlier, this whole silly situation can be rectified by you starting a brand new LIVE trading journal HERE , so we can ALL evaluate your signal service.
The only things to be posted is your ENTRY, your STOP LOSS, and your TARGET PRICE.


ARE YOU MAN ENOUGH TO TAKE THE CHALLENGE ?

Good morning to all

if its not a complaint about averaging in , then it'll be a complaint about entry not being achieved due to time lag in posting on trade2win(text message being quicker).

Like I have said , I have already taken up the challenge and I have accomplished. When I hit my targets etc I was accused of not being honest etc etc !

Hence independent review

So please await the results from Mr Dutch

 

[Sidekicker]

O

given that a professional trader in London has 20 points a day as a target

?

 

[wallstreet1928]

pboyles I was accused of dishonesty by Wallstreet on thursday, the thread was getting a bit out of control anyway for an independent review and at that point I posted and told Wallstreet that I wouldn't continue reviewing. Wallstreet has since apologised to me but I won't continue, the thread is madness.

I wanted to find out if Wallstreet's calls could match his claimed performance. I was sceptical, but you never know unless you see for yourself. I found the answer to that. Conclusion I have is that:

- Someone following his calls makes nowhere near the claimed pips, I gained one ninth of what was claimed.

-The accuracy of a follower will be well below the claimed 90%, I had 63%, MajorDutch had 68% I think he said.

- The review was too short to say if he's long term profitable, but he did have 63% wins, and was up 2.11% after 4 days having risked 3% a trade and with a drawdown in the week of just over 10%. Those are the final results I have, I posted my final pip count, think it was 52.

-Winners are always smaller than initial risk, profits are quite often taken at around half that initial risk, so it requires a high win rate.

- The trade rules are at times inconsistent. Some times it's averaging in, but positions aren't counted as partial fills in the pip count at the end. The pip count is confusing to the say the least.

Another inconsistency for example is that I might get an email from Wallstreet saying, out at breakeven, always move stop to breakeven after you're up by 10, but then that wasn't the case on some earlier trades, because they would have been stopped out for nothing and not winners.

I think it's this inconsistency which makes it harder to follow and perhaps why Wallstreet doesn't always give a straight answer to simple questions.

-WS does give some interesting analysis, he made some good calls and he uses stops and does accept losses. He doesn't add to losers so he's not reckless or anything with money management.


Overall I won't be signing up for the signal/education service, but thank Wallstreet for the opportunity to see it first hand.

Thank you shakone

I must apologise to shakone publicly (because I have no EGO issues, I am able to apologise publicly without any shame). I did accuse him of being dishonest because I was upset he did not include my night trade which = + 35 and did not include my eur/usd long = +70 , because he did not meet entry by 0.333 of a pip. He is totally right and justified in his stance

I think he was upset with all the argumentation and bickering on Trade2win , and me accusing him of incorrectly portraying my results when they differ drastically to mine and dutch findings.

Shakone is a good man , an honest man.

I wish him every success in his trading career and his trading results

had shakone continued with his review into friday(shakone can confirm this if he wishes as he has text message and email sent to him on friday) ,he would have reported another + 70 on my ftse, nasdaq, euro shorts. BUt considering shakone has always reported 2/3 of my actual points stated , lets reduce + 70 BY 30% = + 50.

SO THE TOTAL POINTS FOR THE WEEK WOULD = + 102 = same points as a professional trader in the city

So even with the most conservative view I was profitable for the week. That is something that everyone can't deny as it is independently verified

Dutch should have me around + 300 for the week based on his last result of + 222

SO even if you want to reduce my points by 50% , i am happy with that !!

BUt the point is that I am profitable .......full stop !!

 

[the hare]

Mr Barjon, now you understand why i said ring me? I will have to spend another 1hr now to type an answer, when it could have taken me 5 mins on a phone call ??

Alternatively you could just type a single number XX or XXX or whatever. Surely its much easier to type 2 or 3 digits than spending 5 minutes on the phone with each person who requires an answer.

That way you can at least be assured that there's no misunderstanding, just a clear and unambigous answer to a simple question.

So in case you forgot, the question that still requires an answer after months of being asked is this. If you close 3 lots for +40 and 2 lots for + 60 , how many pips would you have made ?

 

[Masquerade]

SO THE TOTAL POINTS FOR THE WEEK WOULD = + 102 = same points as a professional trader in the city

Out of interest, where have you got this notion? I occasionally speak to traders working in the city for funds/banks & prop and they never talk about pips or having to make 20/day.

 

[wallstreet1928]

Alternatively you could just type a single number XX or XXX or whatever. Surely its much easier to type 2 or 3 digits than spending 5 minutes on the phone with each person who requires an answer.

That way you can at least be assured that there's no misunderstanding, just a clear and unambigous answer to a simple question.

So in case you forgot, the question that still requires an answer after months of being asked is this. If you close 3 lots for +40 and 2 lots for + 60 , how many pips would you have made ?

I am honoured that people want to know how I operate to every minute detail. This is not good for my ego ......

Ok if you want to know exactly to the specific detail on how I take profit...here we go !!

I trade 5 contracts on average .... I close 4 contracts @ 1st target , then leave a runner for b/e for 2nd or 3rd target. If I see that the market is very bullish/bearish and has legs then I may take + 3 contracts @ 1st target , then 2 contracts @ 2nd or 3rd target. That is my trading style .......and it works for me based on the fact that I operate on > 90% accuracy level. I am not willing to adjust my strategy or adjuct the concept of averaging just so that it suits certainly people on this thread. This is the way I have been taught to trade by my noble teachers who have retired successfully as traders(chinese professor) and who currently trade with a > 90% accuracy level(Nicholas and Gareth @ ITMS).

If I operated on < 70% accuracy level then this strategy would not work.

My students are able to operate the way they please ......which is usually with 5-10-20-50 contracts(god knows how much they trade per point) and they usually exit fully or partially on 1st ,2nd or 3rd contract.

I have some students who just amend to b/e and leave , then they email me and say Wallstreet1928 that trade you gave is still active and is + 120 points.

My job as a teacher is to ;

1. point out the directional bias for the next hour or two, thereby giving them ample time to position themselves for the move

2. my job is to indentify an entry zone, usually 10 points wide for e.g. i am long ftse from 5500 - 5510 , hence avg = 5505. This entry zone is wide in order to account for
a) volatility
b) pricing on different brokers ..... 5510 on IG may not be 5510 on CMC ??
c) time delay ...by the time i send text and enter @ say 5510 , it may have either gone up to 5512 or down to 5500. In either case they may get a better entry than me or may get a worse one, but in the long run this averages itself out.
A very crucial point here is that the stop loss is never adjusted ..I always leave my stop loss stagnant regardless of average, as stop loss is calculated meticulously.

3. My job is then to manage my trade in real time ........i.e when + 10 or + 15 I send text message saying I have now reduced my stop loss to break even thereby reducing all risk from the trade.
Or alternatively if I expect a news candle event , or major volatility due to some geopolitical concerns ...then I will say stop loss is stagnant via text message and I will leave a hard stop loss as volatility expected

4. I will provide running commentary whilst the trade is active in order to explain why the market will go up. I do this by explaining the following
a) risk FX - e/u and a/u the commod FX pairs
b) commodities
c) equities and the relationship they have with rest of market .....for example BP = 7% of ftse , with oil and gas sector = 20 % of ftse 100. therefore if euro and aussie go up , oil goes up and then bp goes = ftse goes up
http://www.ftse.com/Indices/UK_Indices/Downloads/FTSE_100_Index_Factsheet.pdf

5. I then send technical and fundamental arguments via email for students to study in order for them to learn and revise exactly why I took the trade ???

conclusion = they remain with me for a few months until they learn to fly solo ???


Now tell me who on this planet is doing this ??

Name me one person who is teaching people to fly solo ??

name me one person who is leading by example, sticking his neck out on the line on every single trade he takes ?? Not only giving entry and exit but explaining to people how and why you took the trade ??

all in real time ?????


is that answer comprehensive enough for you ?


Like I said ...any queries questions I am here, you have my mobile number


RING ME ?? lets settle this once and for all today







I close

 

[wallstreet1928]

Out of interest, where have you got this notion? I occasionally speak to traders working in the city for funds/banks & prop and they never talk about pips or having to make 20/day.

This is directly from several city traders, who are trading for several reputable firm.

This is a commonly known fact my friend ........

How else do you think I am on the verge of opening my own hedge fund, we will be looking to employ up to 300 traders and they will be trading with our money in the latter part of 2012 if all goes to plan.

Keep watching and God willing you will see that Wallstreet1928 will be name that is mentioned by everyone .........just give me time and you will all see !!

 

[the hare]

is that answer comprehensive enough for you ?

No is isnt. As always you avoid the question for very obvious reasons.

If you close 3 lots at +40, and 2 lots at +60 how many pips would YOU claim to have made.

Its a very simple question, and requires only a simple 2 or 3 digit answer.

Once that particular answe is out of the way, we can move on.

 

[wallstreet1928]

I am giving everybody the chance who has nay concerns or queries to ring me today

I am free all day expect between 4pm-7pm...but if you ring then I may still answer

I am willing to spend as much time as you , I am willing to exchange trading strategies and help you with your trading. I am also willing to take negative feedback and learn from any mistakes I am making. I am also willing to learn from you , as several of you are very good traders in your own right

I have been taught to learn off everyone

I learn from novice trader every day, they inspire me ...there zeal and eagerness to learn motivates me !!

 

[isatrader]

I have been taught to learn off everyone

A bit of wisdom for you then to consider:

"A chance event, or a misjudgement, can rip your reputation to shreds and, once gone, rebuilding it can sometimes be impossible."

 

[wallstreet1928]

No is isnt. As always you avoid the question for very obvious reasons.

If you close 3 lots at +40, and 2 lots at +60 how many pips would YOU claim to have made.

Its a very simple question, and requires only a simple 2 or 3 digit answer.

Once that particular answe is out of the way, we can move on.

Thats because the answer is so simple.........I feel ashamed answering it because I dont want to disrespect you.

but if you insist and it makes you happy here we go.... please dont take it to heart !!

I close + 40 on 4 contracts and leave 1 contract as a runner

I do not count the additional 1 contract in my result as it is inaccurate and would certainly skew my results.

Therefore I have made + 40 only ......any additional points on last contract = bonus and it certainly increases my profitability for me and my students. I let students decide how best to manage there own trades because it would be tantamount to patronising, because like I explained before a lot of my students are much more accomplished and better traders than me. I always ask why do you remain on the service, they reply " we want a respectable 3rd party opinion".

now the last contract before you start another argument because I know where you are going with this , like I said I am a good chess player.......I have already got you in check mate, I am just toying with you at present.

Scenario 1

I go long ftse 5505 , hits 1st target for + 30, 4 contracts closed. My last contract is now b/e @ 5505

market rally to 5560 ...last contract closed + 55 ..........

total point made = + 30 only ......I never include last contract in my results as it is unfair to do so . The last contract = bonus and over time if I take 20-30 trades each giving me an extra + 20 or +30 = paying for 3 or 4 of my losing trades = greater profitability on my trading book


scenario 2

I go long ftse 5505 , hits 1st target for + 30, 4 contracts closed. My last contract is now b/e @ 5505

market falls back to 5505 ...last contract closed b/e


Now you will say...aaah , but ths trade is not + 5 contracts for + 30, it is 4 contracts for + 30.

Therefore the next trade that hits stop loss = - 30 @ 5 contracts

you will say

profitable trade = 4 * 30 = £120

losing trade = 5 * 30 = £150

your losses are outweighing your profit only on trades that do not carry on going in the intended direction.


My answer to this again is focus on 90% accuracy level

If i bat 90% your whole argument is invalid.......the number of times I will exceed + 30 on last contract far outnumbers the time I will hit either stop loss for - 30 on 5 contracts or I hit target for 4 contracts only ???

why ???

because I bat @ 90% accuracy level

over to you

 

[wallstreet1928]

A bit of wisdom for you then to consider:

"A chance event, or a misjudgement, can rip your reputation to shreds and, once gone, rebuilding it can sometimes be impossible."

Yes indeed that is why I have been spending so many hours of my trading hours on this thread whilst my students are angry and want me to spend more time with them. My students realise that all the criticism on this thread is unjustified as they are witnessing me trade in real time and they are watching there trading accounts profit rise exponentially ..........Greedy buggers, they are spoilt !! hehe

that is why I have given you my mobile number so that anyone who has any concerns i am here to clarify and provide comprehensive answers for you ??

surely you dont expect me to sit here all day typing away for you ??

I must stress that I will not be accepting any students on this thread due to the disrespect shown to me...........just in case people accuse me of getting students !!

I can assure you I am in no need of students .........I can just about manage the number students I already have as I have to answer every question a student poses to me.

I need a secretary

 

[wallstreet1928]

I also want to point out that I my not be able to carry on with the live analysis service from June 2012 onwards

I have been given several offers from individuals to manage money for them .........I have refused offers in excess of £1 million in the past and i continue to do so. I do this in order to focus and help my students , because that means more to me

But recently with all this trash talk and criticism ......... I have come to a point in my life that I am now beginning to question my self, is it really worth it ??

Shall I just go Solo and enjoy the profits myself ........and live a peaceful life on farm and just enjoy nature whilst trading for several wealthy clients.

But what will that achieve ?

the rich will richer ..........the poor people just get poorer?? !!

I am 29 years old now , approaching 30 and I am beginning to question where i want to be in 10 year time ?

I am at pivotal point in my trading career

All i ask is for mutual respect and appreciation of my trading ability and I never get it

I never question anybody else, i trust there trading ability and I congratulate them when they have a good day ?

Life is very strange and people are stranger .................hence preferring a life of seclusion!!

 

[the hare]

Thats because the answer is so simple.........I feel ashamed answering it because I dont want to disrespect you.

Feel free to disrepect me all you wish, its no concern whatsoever, and I'll certainly wont take offense.

I understand that you need to be flexible, and sometimes you'll close 3 out of 5 at T1, and sometime you'll close 4/5 at T1 and sometimes you'll close 2/5 dependant on market conditions. That's a given. I also understand precisely why you'd want to leave a position running

However, the issue that needs to be cleared up is the basis on which you calculate profits and losses. There's no right and wrong answer, but noone is ever going to be able to independantly verify your results unless they know the basis on which you work.

A simple numeric answer to the question is all we seek.

 

[wallstreet1928]

Feel free to disrepect me all you wish, its no concern whatsoever, and I'll certainly wont take offense.

I understand that you need to be flexible, and sometimes you'll close 3 out of 5 at T1, and sometime you'll close 4/5 at T1 and sometimes you'll close 2/5 dependant on market conditions. That's a given. I also understand precisely why you'd want to leave a position running

However, the issue that needs to be cleared up is the basis on which you calculate profits and losses. There's no right and wrong answer, but noone is ever going to be able to independantly verify your results unless they know the basis on which you work.

A simple numeric answer to the question is all we seek.

again that is why I think Dutch is a very intelligent man

He came to me and asked me if he could do an independent review ..........I didnt know who the geezer was and I still don't to be honest.

If you dont believe me (remember I'm the bad guy supposedly, this is a hollywood movie and I'm the evil criminal chap ) . Then feel free to check all my blog posts to see if I have ever interacted with him before ........

Why do I think he is an intelligent man and a person with immense wisdom?

I shall explain shortly