Black Dog trading system, a dog with fleas..?

[Jason101]

A few things;

Can totally understand wanting/having a mentor on the basis that it's incredibly hard to get good at this from a standing start, very few of us can do it.

Agree.

Can totally understand wanting/having a membership for a trading room where you also get a form of mentorship such as Phil Newton.

Agree.

But cannot possibly understand how folk defend their choice of 'out of the box/off the shelf' systems. It is one of the most bizarre notions sold in this industry, it's beyond insanity, they are all (to a man) snake oil salesman, they know they're selling bu115hit with their adjusted indicators.

Agree, for me I could never buy a system, never, no way.

And it always follows the same pathology; part timers, with a couple of hundred quid buy it, then love it, until it *breaks*, then they wail like kids not getting toys in Tesco. And what have they learned whilst playing with the out of box strat? Nothing, so they're back to point zero, in fact worse because they've had their confidence battered...

Disagree. I have a mate (in the real world) who was new to trading by a few months. When he told me he had bought a system called the Black Dog, I really cringed and was fed up that he had wasted his money.

When he showed me the set ups I could instantly identify the indicators used, I felt a bit embarrassed and thought it was a pretty mediocre system. I tried to talk to him about adding support and resistance, candlestick patterns etc. He just said to me he knew it’s no holy grail, but he liked the simplicity and the help from the forum community and he saw it as a platform to start learning.

I have to admit since then his learning curve has been very fast. (Or could be mine is just slow.) All learnt from other members on skype and forum. When he talks about his current set ups he will now talk about s/r on multiple t/f etc. etc. His set up now only slightly resembles the black dog, he has done away with some indicators, added a greater emphasis on trend and patterns. He has been profitable for months now. From what he says, all the members trade very differently but from the original foundation. He sees it as though there is no "black dog system" so to speak but a group of guys helping each other out from a vaguely similar base.

I would say for him this black dog thing has worked but not in the way that you think.

 

[Jason101]

All this is very amusing. The majority are always wrong. The majority will always find the comments of the minority, insulting, or uncomfortable.

T2W (who's stared objective is to help traders) unbelievably provides an ignore feature, ensuring that the majority who use it, remain in blisful ignorance. Its LULZ of the highest quality.

I don’t imagine for one minute that anyone would not want to listen because they do not agree with or do not like the message. I would have thought it obvious it is the delivery of the message,that they object to.

 

[stevespray]

he knew it’s no holy grail, but he liked the simplicity and the help from the forum community and he saw it as a platform to start learning.[/COLOR]

I have to admit since then his learning curve has been very fast. (Or could be mine is just slow.) All learnt from other members on skype and forum. When he talks about his current set ups he will now talk about s/r on multiple t/f etc. etc. His set up now only slightly resembles the black dog, he has done away with some indicators, added a greater emphasis on trend and patterns. He has been profitable for months now. From what he says, all the members trade very differently but from the original foundation. He sees it as though there is no "black dog system" so to speak but a group of guys helping each other out from a vaguely similar base.

I would say for him this black dog thing has worked but not in the way that you think.

At last some common sense. This is probably the best single post on the whole thread - feedback from someone who has actually used they method, tweeked it to their own requirements and is now trading profitably.

Jason, this, imho, sums up what the BD methodolgy is all about. Identifying repeatable patterns which occur day after day, week after week, month after month. No 'black boxes', no 'holy grails', just a simple set of indicators which help you identify potential trading set ups. Your friend has done really well.

I wouldn't say that all the member trade "very differently" though. Although different people trade in different ways the basis of the BD method remains pretty much consistant across most of the members. You touched on this in your post. Central to BD is the identification of trend on the TF which you are trading - you never take a trade which is against the overall trend but instead you remain sat on your hands until the corrective price action is over and the trend resumes. The ability to remain patient is pretty crictical with the BD method. What you notice with the really experienced traders is that they have this ability to see, after spending 10 minutes looking at the charts, that the market doesn't look quite right for high probability set ups. They just walk away. It took me several years to be able to do that. Now it's second nature.

To be honest a good deal of your post sums up what I tried to get across in one of my earlier posts - that the method becomes a hell of a lot less 'mechanical' once you start to develop and understanding for Price Action (ie Trends + Price Patterns etc). That aspect is probably the single biggest step that a trader can take.

I actually spent all day Friday (NFP day!) sat on my hands because nothing looked good. Then all of a sudden, just I was about to pack up for the weekend, EURCHF showed a really neat set up which just looked nice - I dived in and took a quick 44 pips. In total I did 7 BD trades last week - 6 winners and 1 loser giving a net profit of +218 pips. I only generally trade 6am til 10am and then 1pm til 4pm.


Steve.

 

[Black Swan]

Central to BD is the identification of trend on the TF which you are trading - you never take a trade which is against the overall trend but instead you remain sat on your hands until the corrective price action is over and the trend resumes. The ability to remain patient is pretty crictical with the BD method. What you notice with the really experienced traders is that they have this ability to see, after spending 10 minutes looking at the charts, that the market doesn't look quite right for high probability set ups. They just walk away. It took me several years to be able to do that. Now it's second nature.

The method becomes a hell of a lot less 'mechanical' once you start to develop and understanding for Price Action (ie Trends + Price Patterns etc). That aspect is probably the single biggest step that a trader can take.

I actually spent all day Friday (NFP day!) sat on my hands because nothing looked good. Then all of a sudden, just I was about to pack up for the weekend, EURCHF showed a really neat set up which just looked nice - I dived in and took a quick 44 pips. In total I did 7 BD trades last week - 6 winners and 1 loser giving a net profit of +218 pips. I only generally trade 6am til 10am and then 1pm til 4pm.

Some interesting revelations in there..

 

[stevespray]

Some interesting revelations in there..

Thanks. But in fairness it's nothing which either myself or one or two others have not mentioned before.

Don't think "Black Box" or "Holy Grail" but instead think of a methodology which gives a basis / launchpad from which you can start to take notice and start to develop and understanding of price action.

 

[barjon]

thread closed at op request