I’m not associated with RWT. I'm not a newbie, but I'm not yet where I want be.
I have been utilizing the RWT methods and have paid a very modest amount to learn their approach. As stated on this thread you can obtain anything you want to learn about trading "freely" from the net – I’ll leave it at that. As for being classified as scammers - that seems a little harsh to me. If that is the case I wonder what you think of book publishers; are they scammers too? They publish and sell numerous books on trading and some of these books are total crap in my opinion. I submit these publishers earn far more on selling trading books than RWT will ever dream of making. With that said, I also know I would not be as far as I am in my trading career without some of these books. I could not imagine embarking on this career without ever have read or owned Edwards and McGee’s, Murphy’s, Martin’s, or Brook’s books; they all have provided me some insight and have helped me create my style.
As for the RWT trading room, I agree all I see are squiggles on the screen. Yet having a good understanding of their approach, I typically have already listed the same opportunity on my screen. I look to this trading room display simply as confirmation that I have a solid understanding of their approach - it’s then up to me to decide if I will take it or not. Maybe it’s just me, but I will never “blindly” follow any signal. I look at it this way... if I was crossing a road and I see an eight ton truck roaring up/down at me, would I stand my ground because I had the "right of way" signal? Hell no, I move and get out. Granted I have learned a lot along the way and I am a firm believer that reading price action is the key to this industry (but that’s another subject).
I also enjoy numbers and mathematics. I have analyzed daily ES tick data, finding interesting groupings of price moves, specifically 2 and 3 tick waves during high volume times. I also know from hours of live chart observation that ES traders look for “round” number profit targets such as 1, 2 and 4 points (human nature). I have adjusted my Fibonacci retracement tool using 100% intervals (ninja settings of 0%,100%,200%,300%,and 400%) and then adjust the horizontal lines it creates to fit 1 point intervals on 5 minute charts ( take a look at them on any big move, focus on the swing and retracement areas). It is very interesting to see how price action behaves at these price levels (2-3 ticks moves again and again). You see similar movements when you look at established support and resistance levels (todays open, yesterdays close, yesterday’s high, yesterday’s low, PP, Moving averages, Bollinger Bands, etc…) Please note I did all of this personal observation and “thinking” well before ever hearing of or adopting any “augmented” RWT approach. I personally found their approach to “fit” with my style, with my thoughts and thus I “paid” to absorb all I can from them - just as I do when I buy a book in my opinion. I know I will always be a student of the markets. Part of my style is to continually review and learn new techniques that may or may not augment, adjust or refine my approach.
I can see how one would consider “any” company or organization that sells trading information as “scammers” if the presented methods were blindly followed without thinking, taking responsibility or consideration of one’s own trading style. This cannot be overstated – there is no Holy Grail or mechanical fail-proof method because the herd’s unpredictable human emotions are very much part of and very much directed to cause the market movements. After all, (taking the big players out of the equation) at the end of it all, it is you/us who enters and exits these trades.
As for RWT being classified as “scammers” – I do not agree. I find their approach very interesting, advantageous, profitable and most importantly it fits well with my style.
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