I am a very experienced day trader but was curious seeing their spam e-mail every day claiming "We made $$$ today!" Day after day after day. But every day?! I don't make money every day and I know what I'm doing. Nobody I know makes money every day . . .
So I went recently for a free trial and watched. I knew something was very wrong within 10-minutes.
They were trading Gold futures at about 8:05 a.m. (EST). Gold is thin at that time meaning not much volume. The trader/moderator gave a signal to sell 1-tick under a pivot low. Price came down and he claimed he was filled -- NO CHART but charts showing everything else they're NOT trading (hmmmmm). A few seconds later he said he was out with 11-ticks and when price shot back up a couple of seconds later (this is what Gold does at that time of morning), he claimed he was out on his trailing stops with 3-ticks and 4-ticks for a total of 17-ticks. That's what they showed in their "official" record for the day too.
Here are the problems:
1. He would have gotten slippage on his stop entry and later claimed he had a "special kind of stop entry" that guaranteed no slippage. I guess it's like Jack's magic beanstalk beans. BTW, it can't be a stop-limit because it would not have been filled with a 0 limit.
2. Price only went 10-ticks from the pivot -- so it would have been IMPOSSIBLE to get filled 11-ticks for his profit target like he claimed.
3. It would also have been impossible to get 3-ticks and 4-ticks coming back up -- without his magic stop.
And, remember, he had 3-4-5 charts up -- EXCEPT the one he was trading.
He wouldn't answer my questions and had the chat program (I think it was GoToMeeting) set to where nobody but him could see my questions. I asked how he got filled at 11-ticks when price only went 10-ticks? No answer. I asked how he could get filled on a stop order, in a thin market, with no slippage? No answer. I asked again, and again, and finally got the "magic stop order" answer.
My opinion is he trades using some sort of instant-fill SIMULATOR but I would be very careful about doing business with, let's just say people whose trades CANNOT BE DUPLICATED because we don't have these magic orders.
GlobalTraderoom
in Trading Systems and Strategies
Posted
I am a very experienced day trader but was curious seeing their spam e-mail every day claiming "We made $$$ today!" Day after day after day. But every day?! I don't make money every day and I know what I'm doing. Nobody I know makes money every day . . .
So I went recently for a free trial and watched. I knew something was very wrong within 10-minutes.
They were trading Gold futures at about 8:05 a.m. (EST). Gold is thin at that time meaning not much volume. The trader/moderator gave a signal to sell 1-tick under a pivot low. Price came down and he claimed he was filled -- NO CHART but charts showing everything else they're NOT trading (hmmmmm). A few seconds later he said he was out with 11-ticks and when price shot back up a couple of seconds later (this is what Gold does at that time of morning), he claimed he was out on his trailing stops with 3-ticks and 4-ticks for a total of 17-ticks. That's what they showed in their "official" record for the day too.
Here are the problems:
1. He would have gotten slippage on his stop entry and later claimed he had a "special kind of stop entry" that guaranteed no slippage. I guess it's like Jack's magic beanstalk beans. BTW, it can't be a stop-limit because it would not have been filled with a 0 limit.
2. Price only went 10-ticks from the pivot -- so it would have been IMPOSSIBLE to get filled 11-ticks for his profit target like he claimed.
3. It would also have been impossible to get 3-ticks and 4-ticks coming back up -- without his magic stop.
And, remember, he had 3-4-5 charts up -- EXCEPT the one he was trading.
He wouldn't answer my questions and had the chat program (I think it was GoToMeeting) set to where nobody but him could see my questions. I asked how he got filled at 11-ticks when price only went 10-ticks? No answer. I asked how he could get filled on a stop order, in a thin market, with no slippage? No answer. I asked again, and again, and finally got the "magic stop order" answer.
My opinion is he trades using some sort of instant-fill SIMULATOR but I would be very careful about doing business with, let's just say people whose trades CANNOT BE DUPLICATED because we don't have these magic orders.