Mr Charts Training

EvaLiq

Newbie
9 0
Hi Everybody,
I was interested in taking up training with Mr Charts, but I am not sure anymore. I have got the information from Mr Charts. Bur when I asked 2 of Mr Charts' s ex-students they said they were not making money from his strategies. Can people who have trained with Mr Charts please tell me if any one is making money from his strategies (or not) except Mr Charts himself?

I dont want to end up paying 950 pounds and then find out its a waste of money or that the information he will give is available on the internet or in books.

Thank you,

Eva
 

Uncle

Established member
671 2
I do not know the quality of the tuition you refer to, but I would suggest you be very cautious as to spending such an amount unless you have been given sufficient information and possibly a guarantee of success.

If you do not receive sufficient positive replies to your request, then methinks you are wise to stay away.


John
 

JonnyT

Senior member
2,560 22
Hi Eva,

Just because some students are not making money doesn't mean what Mr Charts does cannot make you money.

The turtles proved that. i.e. 10 people all trading the same strategy with the same rules and same markets. Some made millions some lost money.

It's down to application as well as strategy.

I attended Mr Charts 0ne to One training a year ago but didn't trade the strategies simply because I would have to give up work and after agonising I decided I wasn't ready.

You should be aware that you will probably need £50,000 plus to make a living this way as trading 1000 shares in $65 stocks soon eats up your margin (4-1)

JonnyT
 

Trader333

Moderator
8,655 981
No coach can "guarantee" that someone they teach will definitely be successful as the biggest factor is not the techniques but more the psychological aspects. Also I have to disagree with JonnyT on this one with regard to starting capital. In my view $30K is enough and, in my view, there is a misconception with regard to how much of a stock you should be trading in any trade. For me it can vary from around 1700 shares to only 300 and all depends upon limiting my account exposure.



Paul
 

Bigbusiness

Experienced member
1,408 23
£950 does sound like a lot of money. I prefer trading indicies and FOREX to stocks, so Mr. Charts wouldn't be much help. I am also convinced that most of the information taught by Mr. Charts and others is freely available in books and websites like TTW. He might have a few different methods but there is no guarantee that they will suit you or that they will be better than the freely available information. There is also a time factor to think of. It takes 100's of hours to do your own research and 1:1 tuition might save a lot of time. Personally, I prefer to do my own work and don't like being too influenced by another trader but I can see that those with less time and motivation than me might benefit from tuition. I still consider £950 to be a bit steep.
 
Last edited:

adrianallen99

Established member
630 4
Perhaps you should follow some of MrCharts Threads, he has quite a lots of followers and seems a well respected member of these boards.

As for the information being availble in books and on the internet. Most stuff is, but trying to find your way through loads of junk to get to the worthwhile stuff isn't easy.
 

Dentalfloss

Legendary member
63,404 3,726
these are his strategies for the us market.relatively easy to follow.it is up to you to determine the postion size nd how often you want to trade.momentum trading is one of the best ways of trading the us,i think
 

trendie

Legendary member
6,858 1,416
I have recently been on Mr Charts course, May 20th to be precise.
I found it generally useful, and learnt a few ideas I hadnt considered, being primarily an EOD trader.

01:Mr Charts time-frame is intra-day, so the techniques reflect this.
Normal TA has to be modifed to deal with the intra-day behaviour to profit from it.
Consequently, new ideas were presented to me.

02: CFDs can be used, but because of the spread, you may be right in your decisions, but the spread takes all your profit. So here, the recommendation is to use a direct-access broker.
( you can open an IB account, with much less than the 25K dollar minimum. But you are restricted to about 3-4 trades per 5 day period. This is good for dipping your toes in and testing the waters ).

03: Most of the techniques I was shown dealt with trading the volatile first 1.5 hrs - 2 hrs of the day.
You can use the methods to trade the last 2 hours, ( 7pm - 9pm our time ), which is what I am interested in. I also am reluctant to give up my day-job just incase this doesnt work !!

04: Because there was a number of techniques, I have decided to look for ONLY 2 patterns, and become expert at them. Then I will add extra patterns to my search.
( I tend to find, that if you have so much to do, you spend so much time umming-and-ahhing, that you miss the trade, and then blame the system for having so many patterns to search for. That is why I will only look for 2 patterns to begin with ).

05: I chose Mr Charts because of the intra-day technique. This is psychological. I tended to find, that as an EOD trader, I made a trade, and then because I am impatient, lost interest in it, if it didnt do anything for days, and found I got myself out of atrade becuase i got "bored" with it.
I think an intra-day technique may suit my psychology.

06; PLEASE consider your mind-set when choosing a method to follow. If you are impatient, a long-term style wont suit!! If you take your time to make up your mind, intra-day will wont work. Its not the system that is at fault, but a lack of empathy between your mind-set and the system.

07: as has already been said, you cannot expect to learn to make a lot of money in a 1-day course. Its just the start. Ultimately, it will be up to the individual trader to be successful.

I intend to paper-trade. I will not open my direct-access account until I have made at least $1000 on paper.
Thats the plan.

08: The following may seem counter-intuitive.
I have lost considerably more than £950, trying to use systems in the past.
If nothing else, it may bve the cheapest way of finding a system NOT to trade.
This sounds topsy-turvy, but think about it !!

I am going to approach Mr Charts' system with an open mind.
If my paper trading works, I will recoup my money quickly.
If it doesnt work, I will have spent £950 to discover what not to use.
A bargain, either way you look at it !!

hope this helps.
 

trendie

Legendary member
6,858 1,416
oh, and another thing - stop-losses.

I tended to find that as an EOE player, I sometimes had wide stop-losses.
These are usually a function of the volatility.
I sometimes was in a losing position, and I started to question whether the trade was wrong, and should I bail out.

With an intra-day method, if it goes against you, you close your position almost immediately, resulting in small losses.
Again, psychologically, I may feel better about being out quickly, and have less time to worry about things.

Also, you go to bed at night being out of the market - not worrying about any major political or economic news gapping you into a huge loss.
 

Salty Gibbon

Experienced member
1,535 6
I do not know the quality of the tuition you refer to, but I would suggest you be very cautious as to spending such an amount unless you have been given sufficient information and possibly a guarantee of success

Even God in Heaven cannot give you a guarantee of success in this game.
 

Salty Gibbon

Experienced member
1,535 6
If there actually is a God in Heaven and he is on your side then maybe he can guarantee success. I concede the point.
 

Salty Gibbon

Experienced member
1,535 6
You should be aware that you will probably need £50,000 plus to make a living this way as trading 1000 shares in $65 stocks soon eats up your margin (4-1)

I don't agree with this point at all. It is definitely not necessary to trade 1,000 share lots in order to make a living and consequently you do not need anywhere near £50,000 in your pot.
 

EvaLiq

Newbie
9 0
Hi Everyone,

If you see my original post, I did not ask anyone about guarantees. One person I talked to mentioned that Mr Charts had trained more than 100 people. Statistically it is a large enough sample from which to see if people who have been to Mr Charts are making money or not using his strategies. It is a simple enough question I asked. So far I have had a few messages and together with the posts here I have not seen any evidence to the original question I asked. So my question still stands!!!!

Dentist007, it sounds like you have been on the training. Are you making money from his strategies ? Is it really as easy as Mr Charts makes out???

Thank you

Eva
 
 
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