have you started your trading today or are you still working through the book?
I haven't started trading yet but I have finished the material.
But I'm glad someone posted because I wanted to explain a few things.
Firstly, putting aside the fact that I've been trading over eight years and have experimented with ALL of the system components before, I have read the manual through
twice, watched the CD-ROM and gone through posts on his private forum and I still feel slightly unsure in taking trades simply because there is a lot to THINK about.
The reason for this is that there are several filters that fall outside the realm of the actual entry and exit rules but that a trader has still to be mindful of.
This system is not really a case of: when X happens, look for Y and then exit at Z.
It's more a case of: when X happens, look for Y but be mindful of A, B, C, D and when you're exiting at Z you might also consider E at times.
Now, I don't want to appear disparaging of MrSB BUT what this means is that if the trades work out, then all is fine with the system and no complaints, but if the trade doesn't work out, MrSB has quite a few "get out" clauses.
Let me give you an example. I will refer to my own strategy here that I taught on this forum. Lets apply it to a specific market e.g. the agricultural commodities.
In its simplest form it is the following: When price reaches a s/r pivot that has confluence with either a major fib or a TL, then look for a confirmation candle to act as a trigger (e.g. a pin bar or inside bar). Enter above/below the trigger candle and put your initial stop on the other side of that candle. As an exit, trail your stop below the last low of each candle that
closes above or below the next level.
Fairly simple, right?
However, what if I also added the following:
Make sure that you don't:
- Trade the ags that have an undesirable level of volatility
- Don't trade two weeks before a major crop report
- Remember not to trade directly into a s/r pivot just above you
- Also remember that if it reaches your level and forms an inside candle or pin, you can simply exit even if it hasn't closed through the level and is not necessarily a setup you would cut and reverse on.
I might know all these things and take them for granted but a beginner who doesn't know the system may well find it a little daunting.
Also note that with a lot of filters like this you can usually find one to back up not taking a trade that lost money.
Now this doesn't necessarily cast doubt on MrSB's integrity, it just means that from what I understand, he has a lot of experience and therefore considers things as second nature that the rest of us might not realise or even remember if we were told them.
Secondly, let me explain something else.
After reading through the manual and familiarising myself with the system, I was informed that it had now changed.
The components are the same but there are some minor technical adjustments to the indicators and the setup is being moved to another, higher TF.
Now, it's great that MrSB is adjusting for the market volatility and making improvements to the system because this seems to show he is actually trading it and cares about the people that are.
HOWEVER, it is somewhat disconcerting when you have just got to grips with something to now have to change it before you even begin trading. I do feel that MrSB perhaps found it a little confusing himself as he corrected himself several times on his new release video when he referred to the wrong TF!
At any rate, when all is said and done, I went through the strategy and I made myself a shortlist of ten shares that were recommended by MrSB.
Now, the problem is that as we have moved up a TF, none of the ones I have chosen are setting up and may not do so for weeks and I have to say that I simply do not have the time to filter through a large number of individual stocks everynight in the hope that something is setting up.
As a result, I will probably rely on others to do the work by posting setups in his forum and then I will check them for myself.
This is the reason that we may get a slow start here.
Again, I don't want to appear negative, it's just my viewpoints and I am glad that Trader333 and astonmartin are also reviewing the product so that they can give their own opinions.
-Tom