Champion Trader

monarch

Member
54 0
This is an open question for comments and opinions please.

I have just received details of a trading system called

Champion Trader by Shiraz A Lakhi

it is a so called 4 step trading system which has shown regular profits.
Except for his own web site I can find no other reference to this.
I am aware this may just be another get rich quick scheme, but would like to find out more.

Has anyone seen, used, come across this, and if so is it any good?
Your comments would be welcomed.

thanks

Monarch
 

options

Senior member
2,374 218
The name rings a warning bell for all the wrong reasons.

How much is this going to cost you to become a master trader?
What's the web address?


Options.
 

strewthmate

Member
71 1
Hello

A friend bought this book. It uses a very simple system that is used inter-day. First of all he goes over the basics of trading ie what makes up an index, what is spread betting, options trading etc. He then goes over his system, which is basically a combination of a 14 day moving average and whatever you call it when you have a 3 bar head and shoulders (or reversed) as entry point in the direction of the MA. Don't know if its my place to explain it all in detail here as some people have paid good money for it. But thats the basics.

One thing to know is that the £95 covers just the first book which you find out is just intended for those starting out / doing it PT, to go further he advertises the 'Champion Trader Active' which costs another £100 quid. I'm not aware of what this book is like though.

I'm aware of someone who used this and did make good money (though i think it was in conjunction with another system), So I don't think it is just a money making scam. :confused:

Overall it seems ok for beginners - it certainly explained a lot of basics to me, but nothing that you couldn't learn from this website. Having not comprehensively tested the system I can't refute it or 'champion' it, but in the testing I did it seemed to work best with trending markets. Think it supposedly gives a money back guarantee, so it may be worth trying it if you want to take a possible risk.

Hope that helps

:)
 

monarch

Member
54 0
Strewthmate

Thank you for the info. I wondered what was involved. As you say most info can be got via this site, (as you have just proved) so I think I will give it a miss.
Once again you have proved what a useful site T2W is.

regards

Monarch
 

BrianT

Junior member
20 0
I have just purchased a copy of Champion Trader in the hope that it will start me off in trading from home. While the basics of the manual are sound it is by no means a fool-proof method. The system uses candlestick charts which I find very useful, however the so called 'stop-loss' mechanism does not always work - you still have to keep a very close eye on the markets. Using the last 3 months figures for the ftse this system roughly broke even on paper for me. Not what is claimed in the book.

Any help?
 

FTSE Beater

Experienced member
1,518 4
Hi BrianT

Welcome to T2W :)

What are the basics of the strategy?

I presume you've kept a record of what the trades would have been. - If you have, can you tell us the size of the average winning trade, the size of the average losing trade and the % wins.

Thanks :)
 

FloorTrader

Junior member
26 0
It is a simple trend following system, buying (or selling) on minor retracements. With ENORMOUS stop losses. You wont like it. Although it does "sort of " work (if you have deep pockets, balls of steel, and a LOT of time!)
 

BrianT

Junior member
20 0
I'm pleased you see it that way Floor Trader! I was beginning to think that I'd missed something. The stop-losses are huge which means you often exit the market at the wrong time making a loss.

FTSE Beater - The strategy is to wait until the day to day figures agree with the SMA and then go long or short accordingly with specific entry and exit points. The % win/loss was about 50% however if I'd exited early on most occassions the win % went up to at least 80%. It is knowing when to take the profit - as always!

Still looing for a sound way of trading from home any help would be appreciated.
 

shinobi

Junior member
23 0
Hi - new to the board but have been using Champion Trader formula, (with slight modifications re stop loss and profit taking), for several months. I like it and have found it profitable - certainly repaid its cost several times over. Also got Vol 2 - Champion Trader Active which has improved trading again. I think both provide a good solid starting point - even if you go on to tweak things to suit your own trading style. They teach you to go with the flow and not fight the trend.

Guess it's "horses for courses" as always with things trading. I would say that recent weeks where market up two days, down three, it has proved less successful - signals not so hot. But not sure how many systems have coped well with current whip saws.
 

BrianT

Junior member
20 0
How long would you say the SMA has to be obviously going up or down before you take it seriously as an indicator? As you say, recent market fluctuations don't lend themselves to the CT strategy.
 

shinobi

Junior member
23 0
Brian

And there lies the problem! When is a trend a real trend and not a false trend? I got caught on that a few times so I started to look for other evidence like breakouts from recent trading ranges etc etc. Vol 2 gives slightly different approach using shorter period SMA, with typical trades of three - five days. Find that works well too if you look at the bigger picture ie, avoid current choppyness!

Also system tends to work well in commodity futures market where trends are often preserved longer.

Not sure if I answered your question - just thoughts!
 

BrianT

Junior member
20 0
It does help Shinobi. I had thought of shortening the SMA as 14 days does seem too general when trying to identify specific entries and exits.

Do you also think that the abort/stop-loss strategy often does not work in your favour, particularly when the markets are not moving enough - as you exit on an AL which is too close to the USL or DSL making a loss very quickly?
 

shinobi

Junior member
23 0
Brian,

The CT formula definitely works best when the market is trending well. You're right in your observation - although the close proximity of the two signal lines at least would limit your loss if you were in the trade. I found that one of the biggest problems was when there was a large gap between the two lines - this could lead to a large loss if the trade then turned against you! This was where I moved my stop up (or down) to a level my account would tolerate! I am learning that money management is probably more important than entry or exit points! CT a bit weak in this area IMO.