Nomadtrader
Newbie
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Crude Oil Daytrading offered by Bruce McPhee has the following issues:
This system does NOT perform as advertised and is in violation of at least three CFTC/FTC/SEC rules governing advertising, and providing investment advice.
The "money back" guarantee is NOT honored and I wasted thousands of dollars on this, plus my trading losses. The system began as a very short timeframe system at the 2min level and then was changed a few times to "improve it" all the way to a 1min timeframe.
The stops are mostly 3x the potential profit target of only .10c resulting in a system that must on AVERAGE return a win loss ratio significantly higher than 3:1 (75%) accuracy. When you add transaction fee's, platform fees, etc etc you are up above %80.
While this system appears to be accurate on selected days, tradestation reveals that its consitency is spotty resulting in losses overall. There are some ways to adjust this using backtesting results as guidelines, but you are now at a very technical level for the experienced trader only.
Unless you have this level of knowledge and experience, you are very unlikely to succeed with this system. If you do have that level of expertise, you are unlikely to choose a system like this for the reasons given. Successful daytraders know better than to trade anything less than 5min timeframes.
I will refrain from detailing the farcical and often abusive treatment you will receive from Bruce in the trading room, or the pathetic collection of outdated email clippings that comprise the manual. If you can brave all that, then you may suddenly discover that you will be charged a monthly fee for his antics or be banned from the room... but don't take my word for it, drop $2k and find out for yourself.
This system does NOT perform as advertised and is in violation of at least three CFTC/FTC/SEC rules governing advertising, and providing investment advice.
The "money back" guarantee is NOT honored and I wasted thousands of dollars on this, plus my trading losses. The system began as a very short timeframe system at the 2min level and then was changed a few times to "improve it" all the way to a 1min timeframe.
The stops are mostly 3x the potential profit target of only .10c resulting in a system that must on AVERAGE return a win loss ratio significantly higher than 3:1 (75%) accuracy. When you add transaction fee's, platform fees, etc etc you are up above %80.
While this system appears to be accurate on selected days, tradestation reveals that its consitency is spotty resulting in losses overall. There are some ways to adjust this using backtesting results as guidelines, but you are now at a very technical level for the experienced trader only.
Unless you have this level of knowledge and experience, you are very unlikely to succeed with this system. If you do have that level of expertise, you are unlikely to choose a system like this for the reasons given. Successful daytraders know better than to trade anything less than 5min timeframes.
I will refrain from detailing the farcical and often abusive treatment you will receive from Bruce in the trading room, or the pathetic collection of outdated email clippings that comprise the manual. If you can brave all that, then you may suddenly discover that you will be charged a monthly fee for his antics or be banned from the room... but don't take my word for it, drop $2k and find out for yourself.
