I just signed up for Trend Spotter. If it is 92% accurate over a sustained period of time, what was it ? 6 months ---it is the 'holy grail" as far as I am concerned. It seems that it is a trend indicating system but what happens in cyclical or ranging markets...does it just stand aside or does it still issue signals?
Greentrade. There
IS no such thing as the holy grail. There never will be a holy grail that people seek and can buy. Each persons search and final fulfilment of that search ends with the discovery that it was inside them all the time.
Why do I say that?
Even if you had a 'grail' that gave 100% correct signals every time. You could still come unstuck. Say you got a signal to buy. At the exact time you pressed the button the market drops back 6 pips. depending on who you broke with, you are now down an average of 10pips in 2 seconds!
What you gonna do? And where the hell has the 'grail' gone?
Panic and fear may take over. You bail for a loss of 10. Market moves down a further 2 and you feel better. Market then moves up over a period of 40 minutes and makes a nice 89 pip run without ever revisiting your entry point. At the start of this your signal was flashing and then vanished shortly after you pressed the button. It then came back on the next bar and stayed there. (And I have seen much more expensive systems where the flagging arrow would have stayed there. Even if the market carried on going down another 20 pips).
Or how about you are nicely into a trade 20 pips up just before an announcement. The market whizzes up 60 in as many seconds. FANTASTIC!
Then it drops back 130 and keeps going in that direction for the rest of the day.
You don't have a healthy account for very long.
There you go. That's the other 8% taken care of.
Right about now you are thinking 'Oh s***, what have I just f****** well bought?
Don't panic I do have better news for you. But that is a timely reminder to keep a balanced view.
You can have a 'system' that only gets 40% of trades correct and still come out on top at the end of the year.
There are other filters in this that will keep you out of bad trades (that's not to say that
you won't do a bad trade yourself mind.
does it just stand aside or does it still issue signals?
It won't issue signals willy nilly. Each run has to start somewhere and it will first appear on a 1 minute chart. Of course you will be then prone to whipsaw no matter what other indicators you use, until you get a signal and it takes off. (But you could also be broke by that time). So the longer time frames give better signals.
As was explained in the room by Sid on either Thursday or Friday. You can't be like a kid in a candy store and take every signal on say the 5 min chart. Wait until it is qualified by another filter then take it. But depending on market conditions, ie not a range bound whippy market it would be possible to trade every signal and you could be trading X times a day.
I would much prefer to just place
one trade a day
But in reality this does not happen very often for
me
Do I have to stay glued to my computer in order not to miss a signal? Or can I set it up to issue longer term signals (say one or two big moves in a day) so I am not completely tied down.
I think it would be fairer to say that it is more relaxing to trade the longer time frame signals but again waiting for a confirming indicator will make you feel a lot better about taking the trade. Generally though and in practice and if you can stay in front of your comp to trade, it is better on the 5 min frame while you are watching it. Only because the market can change course so quickly. Personally, I have been short euro since the start of the year but have found it difficult to get a line out because I keep getting banged out of longer trades. (Nothing to do with this system I will quickly add).
You won't have to 'set it up' just change time frame to 15, 30, 60 or whatever the software will take care of it.
BTW: It looks like a great product...usually though, great products start breaking down as soon as I come on board....hope that is not the case here
It won't
I agree with Schoes' last post I have only had the system since Friday (I just couldn't wait any longer), and I really am impressed with not only the system but with Sid's help and assistance.
Oh' errr!!!, slight confession here to the peeps in one of the rooms early friday morning around 8.30 Sid was helping me set up and I was taking a large proportion of his time that morning. So what with his helping me, running 2 rooms and posting on here and well as moving house this weekend his time was vastly stretched and that 's why that lovely euro long wasn't called in one of the rooms. Very sorry peeps!!! (he says; ducking vey quickly to avoid heavy objects thrown towards the area of his head).
If it's any consolation. It showed up lovely on my chart.
But no, I didn't take the signal as I was not set up then.
I can only do one thing at a time. Hence the main reason for getting this system. I now have a 'minder for the other 3 pairs.
Greentrade. In closing I will say that you will be impressed.
Sid/Phoenix trading. Please correct me if I am wrong with any of my 'factual' statements regarding the software. I would hate to give the wrong impression.
