Pat494
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There is a thread on it on ET. Here is one comment:-
I sent an email question to them about a week ago asking about how it backtests, profit factor, etc, and near instantly got the following response:
"Hello. This is not a Tradestation plugin – it is a full trading strategy. There wouldn’t be a button we press in Tradestation to run a report and if you’re familiar with systems of that sort they rarely work in real-time. There is a set of rules, not overly complicated that you follow between two different charts that will line up to give you a buy or sell. From there it is our targets and stop placement that takes over from there including moving stops and locking in gains. Thanks."
When I responded confronting them that if it is rule based, of course you could easily produce a strategy performance report with TradeStation, I never heard back from them again...
With that being said, their magic indicator merely appears to be a slow stochastic with some different settings for the 3 and 10 min charts. I haven't had time yet to throw together their obvious "strategy" into TradeStation to get a real performance report, but no doubt it backtests poorly or else they'd have been marketing that too. If anyone actually bought the package, I'd love to hear from you about any particular "rules" which weren't obvious in the demos to backtest it more accurately.
In other words A LOAD OF CR*P
I sent an email question to them about a week ago asking about how it backtests, profit factor, etc, and near instantly got the following response:
"Hello. This is not a Tradestation plugin – it is a full trading strategy. There wouldn’t be a button we press in Tradestation to run a report and if you’re familiar with systems of that sort they rarely work in real-time. There is a set of rules, not overly complicated that you follow between two different charts that will line up to give you a buy or sell. From there it is our targets and stop placement that takes over from there including moving stops and locking in gains. Thanks."
When I responded confronting them that if it is rule based, of course you could easily produce a strategy performance report with TradeStation, I never heard back from them again...
With that being said, their magic indicator merely appears to be a slow stochastic with some different settings for the 3 and 10 min charts. I haven't had time yet to throw together their obvious "strategy" into TradeStation to get a real performance report, but no doubt it backtests poorly or else they'd have been marketing that too. If anyone actually bought the package, I'd love to hear from you about any particular "rules" which weren't obvious in the demos to backtest it more accurately.
In other words A LOAD OF CR*P
gedward3
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They were getting customer e mails by advertising a new trader TV site where you can watch traders and different strategies. If you look on the T sim site and Harvey Walsh who ever he may be.
http://www.tradingsimulation.com/resources/articles/trading-life.html
http://www.day-trading-freedom.com/
http://www.tradingsimulation.com/resources/articles/trading-life.html
http://www.day-trading-freedom.com/
Jack o'Clubs
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Some similarly unimpressed comments over on this T2W thread:
http://www.trade2win.com/boards/showthread.php?t=21814
http://www.trade2win.com/boards/showthread.php?t=21814
Utm
I bought the program just like many others. So far so good as far as the trading goes. But as usual only time will tell. Knock on wood, this seems to be working pretty well. I started with 2k and made $1100 trading one contract the first month. Last month I lost $300, but after looking back most of those losing trades were my fault. In fact when I look back at the one or two losing days, if I wouldn't have made those errors, Oct would have been profitable too. This month Nov, so far I'm profitable. But again only the test of time will decide if this program is valid or not. I'm causiously optomistic. If want, just wait and watch and I will post results from time to time. I would give this until June and then every month is profitable then maybe we have something here.
p.s. I will not give the parameters out for the program, that would be dishonest to the sellers. I will just let you know if it works or not.
I bought the program just like many others. So far so good as far as the trading goes. But as usual only time will tell. Knock on wood, this seems to be working pretty well. I started with 2k and made $1100 trading one contract the first month. Last month I lost $300, but after looking back most of those losing trades were my fault. In fact when I look back at the one or two losing days, if I wouldn't have made those errors, Oct would have been profitable too. This month Nov, so far I'm profitable. But again only the test of time will decide if this program is valid or not. I'm causiously optomistic. If want, just wait and watch and I will post results from time to time. I would give this until June and then every month is profitable then maybe we have something here.
p.s. I will not give the parameters out for the program, that would be dishonest to the sellers. I will just let you know if it works or not.
CityTrader
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spartan15 said:
I'm sorry fella, but how can it possibly work? Think about it. The guy claims he has software which guarantees to make money or some other claim? and he sells it to punters for a few hundred dollars? Wow, why not re sell it to Goldman Sachs or Morgan Stanley? I think they would probably pay $1 bn for a guaranteed trading system? But oh, wait a minute... if Goldman's had it, and UBS, and Morgan Stanley there actually wouldn't be a market within 12 months, as everybody would have the same system, and everybody would be a seller at the same time ( who would buy that stock knowing that the sellers were guaranteed to make money?)
You might want to follow some to the scam emails that originate from America claiming to have the new hot stock, or some inside tip - at least you'll have fun losing your money!
Utm
I agree with your post to a point, yes I have bought and traded many scams over the past 10 years of trading. 95% of those do not work, but I was just responding to one persons question. As of right now I'm up over 50% in two months. This program uses technical analysis and some money management. But as I said before, will it work for the long haul??? I can only hope, but I have tried and failed using many other programs and methods. This one so far seems to be the best, but I wouldn't buy it just yet. Let me be the one to test it, since I already own it. If it does continue to work than I can only say thank you to those who have decided to share it.
I agree with your post to a point, yes I have bought and traded many scams over the past 10 years of trading. 95% of those do not work, but I was just responding to one persons question. As of right now I'm up over 50% in two months. This program uses technical analysis and some money management. But as I said before, will it work for the long haul??? I can only hope, but I have tried and failed using many other programs and methods. This one so far seems to be the best, but I wouldn't buy it just yet. Let me be the one to test it, since I already own it. If it does continue to work than I can only say thank you to those who have decided to share it.
spartan15 said:
Agree with LEVII, stick with the strategy, and as WASPS puts it , prove it for yourself, afterall WASPS has successfully employed a simple methodology based on a couple of moving averages.
Heard from other traders that UTM is based on trading 15/5min or 10/3/2min charts with slow stochastics at certain time periods /events, the goal being to trade with momentum for short periods and then call it a day, instead of getting stressed out sitting whole day in front of computer screens.
BTW which markets do you apply UTM to?
)))I have stopped trading the UTM. Had a bad month in Nov where I lost all my profits and half of my starting equity. Like many technical trading approaches they will sometimes work in the short duration but as usual it did not stand up to the test of time. Trend days tend to wipe out your account.
Nothing to look at if you follow the system rules. The system has rules set in place and with any program the key is to follow all rules. I agree with the $ management, and I followed them according to the rules given. In fact I am a disciplined un-emotional trader. The program as followed just didn't deliver.
