goldfinger777
Experienced member
- Messages
- 1,020
- Likes
- 5
Another 'curve fitted' product based upon a year or so's backtested data perhaps?
Proceed with caution.......
I agree... not holding out too much hope I must admit!
I agree... not holding out too much hope I must admit!
stevepatt
Well-known member
- Messages
- 405
- Likes
- 4
No one here can seriously be thinking of buying into yet another trading system from Richard Hill he's a system developer at best, and probably has no intention of trading for a living, why should he, when there's so many new traders willing to part with their money to buy one of his back tests.
stevepatt
Well-known member
- Messages
- 405
- Likes
- 4
There's a never ending supply of new traders who are more than willing to part with their money to get a foot hold in the world of trading, that's what the marketeers rely on to keep them in the money. Been there done that and worn the T-shirt never again.
Just because Net Trap and News Night Trader proved useless it does'nt mean that his latest offering will prove to be the same, now does it? Surely it will be a case of third time lucky! Anyway, as long as the reviews, blogs etc are favorable and its still on sale in 2014, I shall definately consider giving it a trial.
tradeviking
Member
- Messages
- 63
- Likes
- 0
Well its been about ayear since Newsnight was first being teased....so here we go again, say he gets to keep £100 for each copy sold, sells to 1000 hopeful newbies, that's another £100K...to another 12months til the next easy to use, profitable system is launched. Nice work if you can get it! Why would you risk any of a nice £100K tradingwhen there's such easier money around!!!
surferking
Experienced member
- Messages
- 1,089
- Likes
- 4
Who says Newsnight Trader is useless? The forum is quiet but that's mainly due to lack of people actually trading it and that it is a much more relaxed style than the daily 6-8am dawn patrol.
Newsnight has had 9 profitable months, 1 break-even and 2 loss months all year, one of which was August which nobody should be trading anyway.
I learnt more about trading Daily timeframes and trading properly by using Newsnight as a starting point to get confident on EURUSD than I have any other strategy. Using that and LTTTM now I have a good set of tools for daily bias and I use Trader_Dante's methods to get better entry prices by placing limit orders in the best place possible so no trading on market price with emotion any more.
If you see a huge EURUSD Daily candle and you aren't looking for trades then something must be wrong as they are the best signals I look for all month.
Saying all that though £247 is too much for any manual strategy but you do need to invest in yourself somehow so it is a good way to cut through all the reading and uncertainty of creating your own strategy as long as you use it to learn more from and not just blindly follow.
Anyone that wants to trade for a living really ought to make it their business to learn about Daily Price Action bias, S/R level breakouts for placing limit orders on the re-test.
Saying all that I've also learnt a shed-load from free from everyone on this forum and made some good friends for just the price of a few trips to London and Birmingham and without all that investment I'd probably never have stuck with it and learnt enough to be confident trading manually with very high-probability trades now.
There you go - end of rant.
Here's a free tip for anyone interested - place a sell limit order on GOLD at $1702 for about a $35 bounce, SL at $1711. I'd never have known to place that trade if I hadn't looked at applying Newsnight theory to Gold
Newsnight has had 9 profitable months, 1 break-even and 2 loss months all year, one of which was August which nobody should be trading anyway.
I learnt more about trading Daily timeframes and trading properly by using Newsnight as a starting point to get confident on EURUSD than I have any other strategy. Using that and LTTTM now I have a good set of tools for daily bias and I use Trader_Dante's methods to get better entry prices by placing limit orders in the best place possible so no trading on market price with emotion any more.
If you see a huge EURUSD Daily candle and you aren't looking for trades then something must be wrong as they are the best signals I look for all month.
Saying all that though £247 is too much for any manual strategy but you do need to invest in yourself somehow so it is a good way to cut through all the reading and uncertainty of creating your own strategy as long as you use it to learn more from and not just blindly follow.
Anyone that wants to trade for a living really ought to make it their business to learn about Daily Price Action bias, S/R level breakouts for placing limit orders on the re-test.
Saying all that I've also learnt a shed-load from free from everyone on this forum and made some good friends for just the price of a few trips to London and Birmingham and without all that investment I'd probably never have stuck with it and learnt enough to be confident trading manually with very high-probability trades now.
There you go - end of rant.
Here's a free tip for anyone interested - place a sell limit order on GOLD at $1702 for about a $35 bounce, SL at $1711. I'd never have known to place that trade if I hadn't looked at applying Newsnight theory to Gold
goldfinger777
Experienced member
- Messages
- 1,020
- Likes
- 5
I've just been reading the sales letter for RH's new strategy, "Anytime Trader". Here are my initial thoughts:
* With trades lasting "no longer than one hour and a half" it sounds like the strategy is based on a low timeframe, perhaps hourly candles.
* Stop loss is 40 pips.
* Take profit (limit) is not disclosed.
* That 2594 pips headline figure for the 9 months is misleading, because the figures are highly discretionary based on trading at the exact times that RH did. Since the system is designed not to be traded at a specific time necessarily (and indeed is called "Anytime Trader"), chances are you would get very different results from the system compared to RH, and there's no way for you to verify that you're getting the same results as RH. When the system is running live he'll be able to cherry pick and report whatever results he wants because they'll be based on trades taken when it suits him, not mechanical trades determined by the system, traded at a specific time.
Additionally the reported results in the sales letter are based on trading twice a day every day. How many people will do this consistently? Who knows what results you will get if you only trade it once per day or maybe 3 times per week?
* The strategy is designed around only one currency, EUR/USD. This is not necessarily a bad thing but if it hasn't been proven to work on other currencies too, chances are the strategy is curve fitted.
Of course it's possible that the system is actually a sound strategy based on price action, in which case it might be worth a look. But all the indications in the sales letter suggest otherwise.
* With trades lasting "no longer than one hour and a half" it sounds like the strategy is based on a low timeframe, perhaps hourly candles.
* Stop loss is 40 pips.
* Take profit (limit) is not disclosed.
* That 2594 pips headline figure for the 9 months is misleading, because the figures are highly discretionary based on trading at the exact times that RH did. Since the system is designed not to be traded at a specific time necessarily (and indeed is called "Anytime Trader"), chances are you would get very different results from the system compared to RH, and there's no way for you to verify that you're getting the same results as RH. When the system is running live he'll be able to cherry pick and report whatever results he wants because they'll be based on trades taken when it suits him, not mechanical trades determined by the system, traded at a specific time.
Additionally the reported results in the sales letter are based on trading twice a day every day. How many people will do this consistently? Who knows what results you will get if you only trade it once per day or maybe 3 times per week?
* The strategy is designed around only one currency, EUR/USD. This is not necessarily a bad thing but if it hasn't been proven to work on other currencies too, chances are the strategy is curve fitted.
Of course it's possible that the system is actually a sound strategy based on price action, in which case it might be worth a look. But all the indications in the sales letter suggest otherwise.
peterf1966
Experienced member
- Messages
- 1,252
- Likes
- 2
I worked out that it cost £247, had a 40 pip SL and could be traded anytime, frpm a quick scan through of the email, I started to read it fully, then lost the will to live. Why do they do this £49, £20, or even £120' spiel? it's so cheesy. Good points from GF above about matching trades to RH's if there are not fixed mechanical rules.
I think these systems should be viewed as safety nets, a confidence to underpin the initial trading while you learn - Net Trap was that for me - a new name for a system then 'Safety Net'!
I think these systems should be viewed as safety nets, a confidence to underpin the initial trading while you learn - Net Trap was that for me - a new name for a system then 'Safety Net'!
Agreed. I still thank RH for getting me into this, but this new one is probably just a launching platform for new traders like Net Trap was. I've requested a review over at systems for traders and no doubt the Agora cronies at MMR will be 'reviewing' it shortly.
Since we're in Other Systems, the most promising one I've seen recently is Time Shift Trader. No real technical approach, I think it exploits a glitch but it's a good glitch so far. Maybe one to watch.
Z
Since we're in Other Systems, the most promising one I've seen recently is Time Shift Trader. No real technical approach, I think it exploits a glitch but it's a good glitch so far. Maybe one to watch.
Z
Who says Newsnight Trader is useless? The forum is quiet but that's mainly due to lack of people actually trading it and that it is a much more relaxed style than the daily 6-8am dawn patrol.
Newsnight has had 9 profitable months, 1 break-even and 2 loss months all year, one of which was August which nobody should be trading anyway.
I learnt more about trading Daily timeframes and trading properly by using Newsnight as a starting point to get confident on EURUSD than I have any other strategy. Using that and LTTTM now I have a good set of tools for daily bias and I use Trader_Dante's methods to get better entry prices by placing limit orders in the best place possible so no trading on market price with emotion any more.
If you see a huge EURUSD Daily candle and you aren't looking for trades then something must be wrong as they are the best signals I look for all month.
Saying all that though £247 is too much for any manual strategy but you do need to invest in yourself somehow so it is a good way to cut through all the reading and uncertainty of creating your own strategy as long as you use it to learn more from and not just blindly follow.
Anyone that wants to trade for a living really ought to make it their business to learn about Daily Price Action bias, S/R level breakouts for placing limit orders on the re-test.
Saying all that I've also learnt a shed-load from free from everyone on this forum and made some good friends for just the price of a few trips to London and Birmingham and without all that investment I'd probably never have stuck with it and learnt enough to be confident trading manually with very high-probability trades now.
There you go - end of rant.
Here's a free tip for anyone interested - place a sell limit order on GOLD at $1702 for about a $35 bounce, SL at $1711. I'd never have known to place that trade if I hadn't looked at applying Newsnight theory to Gold
I tried NNT earlier on in the year, and to me it was useless, the losses easily outweighing any gains, so I got a refund. I would probably have been more inclined to persevere with it had it not been for the blatant deceitfulness of the sales literature- the boasting of huges profits even if trading with "only £1 a pip", while neglecting to mention that with a stop loss of 280 pips the bank required for £1/pip would be £14000! I don't have a problem with a 280 pip stop loss as such, if thats what the system requires, but why the reticence about it until after you've actually bought the product? To me that just smacks of desparation, and helped to erode any confidence I had in the system, hence the refund (which was promptly paid btw). I do, however, take your point, which was very well made, about the system helping you to improve your trading awareness, so thank-you for those pointers. I guess just because a system does'nt quite do what it says on the tin, its not necessarily without merit, if you are able to view the bigger picture.
Alastair10
Well-known member
- Messages
- 255
- Likes
- 0
I've just received Bread & Butter Trader by Mark Rose.
It's not too complicated, but I've yet to finish reading the instructions and then have to watch some online videos.
If anybody else here using it, I'd be grateful for your comments, thanks.
Good Luck I have come across other systems from Mark's stable, some started in a promising way but then fell by the wayside.
Look forward to hearing how you get on with it.
Another recent release is Bedtime Trader from Agora, has anyone tried it out?
Wishing you all profitable and happy trading....
I've just received Bread & Butter Trader by Mark Rose.
It's not too complicated, but I've yet to finish reading the instructions and then have to watch some online videos.
If anybody else here using it, I'd be grateful for your comments, thanks.
I have just bought it as well - it certainly seems to have potential, but we will see!
Once I've got it up and running I'll keep you posted. I have, via Mark rose, got a £100 bonus from Capital spreads, even though I already have an account with them.
Just taken the plunge and purchased Anytime Trader,RH's next big thing, at the super discounted price. From a quick read and one month manual back-test (IG charts only seem to go back that far on the 15 minute time frame) seem it might have legs. 60 day money back period if not!
John
John
fwloop
Well-known member
- Messages
- 460
- Likes
- 0
Just taken the plunge and purchased Anytime Trader,RH's next big thing, at the super discounted price. From a quick read and one month manual back-test (IG charts only seem to go back that far on the 15 minute time frame) seem it might have legs. 60 day money back period if not!
John
How much did you pay for it John??
Did you see this?
Anytime Trader Review - Richard Hill (Intra)
-Steve
Hi Steve,
Total cost £97, although looking at the receipt it only gives a 30 day money back period. Had a look at the reviews and decided to give it a try. The back test gave some 13 winners and 9 losers,(but without the restrictions on trading times being followed) on average each winner came in at between +20 and +70 while the losers were between -20 and -40. But as with all back tests/paper trades the normal caveats apply.
Hope this helps.
John
Finally decided to return Anytime Trader as in the real world the results were not as expected, also the "anytime" part of the title was a little wide of the mark. Perhaps I should have let it run for longer, but as always the clock on the refund was running and I was not overly confident it would work out. (Also the weekly RH updates of trades left much to be desired).
John
John
