60 Minute Trader

I haven't seen "Mechanical Discretion" but I will have a look through the MoneyTec thread about it, when I get some time.

I have seen "Reversal Magic" and I didn't get on with the main method at all. I have looked at it with 100's of charts but didn't have any confidence in the reversals working. Perhaps I wasn't impressed because I have seen similar methods that I think work much better. I much prefer the 45degree diagonal "Squareouts" as illustrated in "The Geometry of Stockmarket Profits", a book I picked up on Amazon for £30. Balance Magic was interesting but I find it a lot easier to use after the event. For the price, I thought it wasn't that good and it certainly didn't live up to the hype on the website selling it.

Have you tried the 3 day free trial here? www.trading-strategies.info/index.php

I think the trading videos are worth watching and if you like Joe Ross, you should find them interesting.
 
You're a hard man to please (but that's not such a bad thing) :)

Thanks for your suggestion: I'll certainly take a look at trading-strategies.info ...

Roberto
 
fading the open

roguetrader said:
Can't say as I wold imagine the idea of fading the DOW or any other instrument as new.]

I seriously studied fading or shorting the opening; made the most money i ever did in the shortest amount of time, but then took some real big time losses. After studying this area for a long time and losing literally thousands, here's my conclusion---take heed as you wish:

there is absolutely no way that I know of in which fading is more than a random exercise; I've looked at every indicator, time frame, candlestick, et al. known to man and have not found a common, cogent thread or aha! moment if y'all know what I mean. To quote one trader, fading is kind of like running a red light at midnight; you can get by the first, second may many more lights but eventually, you will get nailed and that's what happened to me.

let's face it; fading is about countertrending stocks that open or gap sharply in the morning. So by its very nature, you're going against not only the crowd, but the momentum of the stock.

Someone mentioned the Logical Trader by Fisher and he also talks about long and short zones above and below certain opening trading ranges where you can do fades or go long. But the problem here is that the instrument traded must be so volatile that once a certain zone is broken, there will be plenty of more price movement to enter a trade. In real life, though, I seldom see such movement (unless you're talking futures, perhaps, which I'm not too familiar with) and more often than not, the rule rather than exception is chop and whipsaw.

So here I am, back to the drawing board with nothing to show for it but some BIG losses!

Ron
Click to expand...
 
I am also one of the rare people disappointed by RM. Not to say it's bad, it's just difficult to know where to go after reading. It's maybe only a tool, but not so easy (despite the appearance) to master.

my 2 cents.
 
Forgive my basic question, but from piecing together testimonials about 60 Minute Trader is it my understanding that the system rests on very small movements in the Dow: for example 6 pts is quoted on their site. When the Dow moves so quickly and has a spread of at least 5pts when spread-betting, surely a lot of so-called winning days are purely hypothetical and on-paper as you would have had to be psychic to take advantage of them ? The obvious answer to my question is to buy the book and read the system .. but their money-back guarantee only comes into play if the system loses more than 25 days in 100 so my definition of a "real" winning day is relevant.

Can anyone here who actually uses the system, shed any light without giving away the secrets ?
 
RJAY

You would be much better off trading futures with it, not only are the spreads much less but you can semi-automate your trading with a free piece of software bracket-trader.

This allows you to place your buy/sell order, a stop order and a profit target order with one click of the mouse.
 
rjay

Why?

Why would anyone choose to make less profit and their make trading more cumbersome?

There is no tax advantage to spreadbetting untill you have used up your £8,000 CGT allowance.
 
juanbyte said:
There is no tax advantage to spreadbetting untill you have used up your £8,000 CGT allowance.
Click to expand...

Absolutely. And once you've used that up, you can then move on to trading in your wife's/ partner's name and use theirs up too!

Spread Betting is fine if you don't feel comfortable with trading at $5 per point, and then there is no point in looking at futures as a way forward. But it is not the best thing to use with this particular strategy for the reasons stated above.

It is, however, a good platform to learn the psychological aspects of trading on until you become more proficient.

And don't forget, SB co.s are glorified bookmakers and will move the prices around to suit them! The tax thing is a handy marketing tool for them. I found a spot on site which does the comparison between SB and Futs. Futs win! (Sorry I can't remember the name of the site offhand, but a Google search will help you out I'm sure)
 
Well there are two answers to your question juanbyte. Firstly, the 60 minute trader website specifically mentions SB as a suitable vehicle for this system, which you - the author - seem to be contradicting. That, if you'll recall, was my initial reason for posting: clarification as to what vehicle the system was really suitable for. Secondly, (correct me if I'm wrong) risks and minimum stakes are greater when trading futures as against SB. I will take another look at IB's website thought to refamiliarise myself :)
 
rjay

I have traded both spreadbetting and futures and was mearly pointing out that futures are easier and better.

So are you saying that you want to make less profits because you can?

Yes the minimum stakes on futures are greater but if you cannot afford $5 (£2.65) per point you may be underfunded.

I am not sure why you say the risk is greater on futures, could you explain. You can place stop orders and profit targets much closer to the market price and much easier than spreadbetting.

I think once you have moved to futures you will not want to go back.

I was just advising how you can get the best out of your trading, if you are not going to take advice why buy anything.

I did an exercise the other day making 19 trades on futures which won 62 points gross and 46 net of commissions, if you traded these via SBing with a 5 point spread you would have won 62 pts less 95 pts spread i.e. a loss of 33 points. So 46 pts profit or 33 pts loss all of which goes to the spreadbetting company and not to the other side in this case.

It you make just one $5 trade per day for 220 trading days per year and can save just 3 points on the spread you will save $3,300 per year which is added to your profits.

I just hate giving money away.
 
Anyone *trading* the 60 Minute Trader system?

Is anyone (other than juanbyte ;-) ) actually trading the system from 60minutetrader.com? If so, how do your results compare to what's described on the site?
 
re:juanbyte

sashen said:
Is anyone (other than juanbyte ;-) ) actually trading the system from 60minutetrader.com? If so, how do your results compare to what's described on the site?
Click to expand...

Just to clarify, I believe that Juanbyte is Chris Kowbeka of The 60 Minute Trader, correct?

If so, and you're still reading this Chris, are you still actively trading your system? I noticed an internet article featuring several traders one of which was you and in the article, it said that although you had done really well the first few months, things weren't quite as good but you were still in profit. Could you elaborate on this? After all, one would want to have as many questions answered as possible before dropping 100USD on your course.

thanks
 
Thanks Tradershort

I noticed an Internet article featuring several traders one of which was you and in the article, it said that although you had done really well the first few months, things weren't quite as good but you were still in profit.
Click to expand...

Are you referring to where the article states

He claims in his first month trading he turned a starting stake of £200 pounds into over £11,000. Beginners luck perhaps? Since then his performance has been less stellar: while most months have been profitable he admits to losing months as well.
Click to expand...

Yes I certainly do not make 5,500% every month on a regular basis. To do this I was trading for all of the US session and about 2 hours of the Nikkei making 20 plus trades per day.

The article has little to do with 60MinuteTrader because as the name suggests it concentrates on the first hour of the US open and just one trade per day (although you can make more).

Trading CAN take over your life but more recently I have found an interesting group of people called family, who can give great joy and should not be ignored.

Certainly, anyone can and should ask questions before they buy, it may not be for them.
 
The only question I've come up with is: is anyone else trading the YM with the 60mt system and getting similar results to the ones posted? (or not... and, if not, what seems to be the reason)

Haven't found anyone who has answered that yet.
 
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