Trading Elite Club (T.E.C) Discussion

[KCTiger]

how long does a person think he can fool people in to believing an unworkable system will work.

Unfortunately I don't think the Queenofsuccess' of this world saw through this guy as quickly as many others, they were protecting him as if he was their lost lost brother!

It would be nice if some of those earlier TEC protective posters, you who you are, would reappear and give you an (honest) update and a review of their feelings towards Mr. Chalmers, I won't hold my breath though, that would take courage & honesty!

 

[the hare]

My short experience in forex trading tells me that automated systems/bots are something from a dream sequence and cannot possibly work.

In the process of getting a bit more experience you might actually stumble across some statistics that indicate just how much volume in the FX market is traded by robots. When you do, you might change your opinion.



You need to experience whatsoever to reach the conclusion that someone who has such technology does not give it away for a hundred quid a month

 

[stevespray]

To be honest I'm surprised that it's gone on as long as it has.


Steve.

 

[KCTiger]

To be honest I'm surprised that it's gone on as long as it has.


Steve.

Surprised or shocked Steve?

I suppose they add up to the same thing, however personally I'm shocked, when there was as many negative reports as there were, that TEC still managed to attract new members, I can only surmise that not everyone uses Google and performs due diligence.

 

[the hare]

To be honest I'm surprised that it's gone on as long as it has.

Me too. He needs to make sure that the next time he pulls a similar con he either avoids live calls, or trades a system like howards that virtually guarentees profits month after month. That's what other smarter and more successful vendors do.

 

[Black Swan]

Well my informant old len has been keeping me up to date on the procedures of this club. How sad is that?

Very very sad...

 

[sunset1]

He now has them believing that everything will change for the better tomorrow and do you know what a vast number are believing him.
Subs. again next week so this is the week to start playing with their minds stay on board or you are liable to miss something big.

 

[pharland]

Good!!

Hope he gets all he deserves. And due to the way some of those fools came here urged on by the man himself, I hope he takes some of them with him. I'd normally sympathise, but not after the way some of em came on here and behaved

 

[BlackBison]

My short experience in forex trading tells me that automated systems/bots are something from a dream sequence and cannot possibly work.

Give Chalmers some credit..He is good and persistent at ripping people off

But then the followers should have picked up all the info on T2W and elsewhere.

It is possible to make money with an automated system (many hedge funds make alot of money churning out automated trades all day), but it is very difficult indeed and those who are successful at it guard their secrets more closely than the fed guards its balance sheet. :cheesy:

I know several extremely intelligent PHDs who are struggling to get their algorithmic systems profitable. These guys are pretty much genius level thinkers at the forefront of modern neural network technology and they are just about scraping together a small return.

So the chances of someone suddenly jumping into this field and making money are slim to zero I would say. Most likely he is just automating a simple moving average crossover or another outdated technical method that you can google and does not make money.

 

[goose4]

God a member/insider said he lost 130 pips 2day day trading.

Good news on his tax position,im predicting its going to be a very rough year for him.But he still has many members.

 

[Black Swan]

God a member/insider said he lost 130 pips 2day day trading.

That could be nothing depending on how you're trading, you'd 5hit if you saw how offside some of my swing trades can go..

If the guy is day trading several pairs then 130 pips off is not much at all, depends on the strat, R:R, win ratio etc..

Let's say he was a quid a pip on a ten grand account risking 1% per trade (100 quid) on only a single pair, the euro, then he's only lost 1.3% in a day. Days like today on cable and the euro could be a nightmare for even the best of traders so only losing 1.3% may be considered very sound MM.

 

[the hare]

Days like today on cable and the euro could be a nightmare for even the best of traders so only losing 1.3% may be considered very sound MM.

130 pips was more or less what I lost today 6 trades, all losers

As Lemmy once said, you win some, you lose some, its all the same to me.

 

[turbobiz]

Ok guys time to moderate my thoughts.... As posted the likes of Chalmers are never going to have workable software which will do the business...

But in the world of the big boys....

It is possible to make money with an automated system (many hedge funds make alot of money churning out automated trades all day), but it is very difficult indeed and those who are successful at it guard their secrets more closely than the fed guards its balance sheet. :cheesy:

I know several extremely intelligent PHDs who are struggling to get their algorithmic systems profitable. These guys are pretty much genius level thinkers at the forefront of modern neural network technology and they are just about scraping together a small return.

So the chances of someone suddenly jumping into this field and making money are slim to zero I would say. Most likely he is just automating a simple moving average crossover or another outdated technical method that you can google and does not make money.

In the process of getting a bit more experience you might actually stumble across some statistics that indicate just how much volume in the FX market is traded by robots. When you do, you might change your opinion.



You need to experience whatsoever to reach the conclusion that someone who has such technology does not give it away for a hundred quid a month

 

[Black Swan]

130 pips was more or less what I lost today 6 trades, all losers

As Lemmy once said, you win some, you lose some, its all the same to me.

I did a bit of day trading today stopped at 2:15 ish; 16 trades on Euro, cable and GBP/YEN. 8 winners 8 losers, 3 of the losers were delicously small, lower than 5 pips but they were reversals from being in profit...the grand sum of 33 pips up..LOL. Still s'ok on that separate account..

If I'd have carried on past 2:15 I reckon I'd have just given it back. I'm not sure the guys on this thread who reckon they've been creamed will ever get just what a marginal business day trading fx can be. They'd prolly be suicidal if they had 6 losers on the trot when we both know that's nothing. If that guy has lost 1.3% today on the main pairs then he's done OK to navigate it. 2 interest rate decisions, the Euro potentially spazzing off due to the PIGS, the dollar still being a piece of bog roll..

I reckon a lot of these guys may have got their size all wrong from day one, 5 quid a pip from a grand account losing half of it in a day or something..that may explain a lot of the anger.

 

[moneyman01]

black cloud, do one and get a life xx

 

[Black Swan]

Ok guys time to moderate my thoughts.... As posted the likes of Chalmers are never going to have workable software which will do the business...

But in the world of the big boys....

Nope, but it's (trading FX) not about having an EA to do the job, or buying off the shelf systems, money management and mind are key to this business, the third of three 3 Ms method you could pick one of 30+ strats that I've tried/used some to very good effect and you'd do OK.

So he could have a decent strat, but without strict MM no strat will work..and it's unlikely to work for you unless you've developed it yourself for yourself. The Hare lost 6 trades in a row, laughs it off 'cos that's not an abnormal sequence and he knows that tommorow he's as likely to have 6 winners in a row. He knows this is probable 'cos he's been in the game that long, the game is principally about MM and the probabilities.

 

[Trader333]

know several extremely intelligent PHDs who are struggling to get their algorithmic systems profitable.

I also know several PHD types and it has had no relevance to the success in their trading at all. In many ways it has hindered them and I am unsure why you view PHD types as having a greater chance of successful automated trading as opposed to anyone else ?


Paul

 

[bangkokgee]

so nothing changes papa c and black swan still talking crap

 

[the hare]

I also know several PHD types and it has had no relevance to the success in their trading at all. In many ways it has hindered them and I am unsure why you view PHD types as having a greater chance of successful automated trading as opposed to anyone else ?

They have far better research skills, and they tend to be a little more tenacious than the average graduate. Most of the PHD's I've hired over the years could think too. They tend to be reasonable problem solvers, they tend to think a little more long term, they tend to have a better understanding of how to apply the tools they aquired as undergraduates to real world problems.

Having said that, its probably only human nature that you'll use whatever tools you have available to solve a problem, so those with maths skills tend to use maths.

Given the option of funding someone with a PhD and a first from Cambridge, and a high school dropout working in Burger King, I know which I'd choose, and just to make things crystal clear, it wouldnt be the guy flipping burgers

 

[sunset1]

Well where do I begin after last nights promises that everything would come good.
Today you know what my informant tells me the auto was turned off last night while Mr C. tweaks the system.
The first 2 trades today are down 60+pips.
I also forgot to mention that the big spenders are trading at 10p per pip and taking advantage of SLMarkets £300 cash back offer and when this runs out at the end of the month this club will certainly disintegrate. Who in their right minds will risk their own money on this fiasco.

The latest he is telling people they can turn off their EAs because it is a Friday and they know what Fridays are like, every other day I would say.
The guy who changed to scalping a day ago has just said I am stopping because I am over 400 pips down in less than a week and will not start again until it improves.
Well all I can say is he has had a good run for providing what is probably the worst system in trading. R.I.P.