timcannell
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Really; fib bar counts ? - are there no end to the ways of fib'ing ?FetteredChinos said:so it is based on fib bar counts etc..
steve doesnt have a poker face does he?
Really; fib bar counts ? - are there no end to the ways of fib'ing ?FetteredChinos said:so it is based on fib bar counts etc..
steve doesnt have a poker face does he?
timcannell said:Having been someone who, after having heard a promotional interview with Steve Copan, was considering purchasing the Matrix, I have now come to the conclusion, that there are at least equally valid methods to consider that dont cost 2K.
For me the cost or 'risk' in purchasing the system is greater than the potential reward ( this is obviously a subjective appraisal made on the evidence I consider important - the system may turn out to be absolutley wonderful and well worth the cash ).
Other approaches offer higher risk / reward ratios.
The problem I have with the blurb on the marketing site and indeed with many other commercial system sellers is that whilst they all say 'there is no holy grail' which is undoubtedly true - the impicit message in their advertising is designed to leave exactly the opposite impression.
If only they would say 'for an experienced practitioner using this system in a market that has these required characteristics then this product will give you a definite edge... and here are some audited trading records to demonstrate this' - but no, one gets the typical headline about turning 2K into 36K in six weeks ( which may well be true but has little relevance to trading the system ) and immotive phrases like 'deadly accuracy' and 'you can predict every turning point from here to eternity' ( I know he said something similar to this in the audio interview I heard ).
Again I cant say that the system is not worth 2K - I dont know its value and in fact know very little tangible about it; but the fact that Steve personally hasn't made any predictions or provided any conclusive evidence about the effectiveness of the system tells me all I need to know.
DaveJB said:I can accept the need to protect the method employed to select trades, but the only reason to prevent trades being posted is because your system is crepe.
Dave
robster4 said:Apologies for the radio-silence, but I think I should clear up a few things.
One of the reasons I haven't posted was that I've been in and out of the office for the last few days and don't get to day-trade all the time. The other reason is that some of the comments were getting nasty and personal.
I think everyone can agree that I posted the trades I was doing or looking at right at the time of actually doing them, which the time stamps will bear out, and they were successful, if not spectacular. The unspectacular nature was more due to my own inexperience rather than to the MM techniques.
I'm still guilty of not having the confidence to let my profits run (day-trading) but I very rarely take any drawdown now, and that has been worth its weight in gold, both results-wise and psychologically speaking. I'm still just a bit trigger-happy when closing out and I still have difficulty with the psychology of exit-and-reversal. My mind seems to get stuck on a direction and I just do the exit-with-profit bit. Again though, all these things will improve with experience.
The summary so far is that all in all, I'm 20% up on my traded capital (or equivalent) from when I started actively trading MM. That has comprised of several little moves and two decent size moves. I've been whipsawed twice (with very tight stops that then went back in my direction ) and got stung by an overnight position twice before retrieving the situation at the open. So far I have not got the direction wrong at all. That said, there are certain areas I'm looking to improve still.
In conclusion, I'm incredibly happy with MM and one of the main reasons is my almost complete elimination of drawdown. I'm planning a longer-term trade hopefully next week and will post when I'm sure.
Rob
PS: I should also add that Message Board posting is really not my thing and I'll be looking to stop soon anyway!
eddiebear said:PS: I should also add that Message Board posting is really not my thing and I'll be looking to stop soon anyway!
[/QUOTE]robster4 said:I have a short in at 1170 and a buy stop at 1174.8 right now.
EddieBear, it took me best part of 6-8 weeks to start thinking laterally enough to work things out for myself.
I still class myself as a beginner and have to learn how best to APPLY all this. I'm definitely improving - yesterday I didn't get whipped despite the huge swings...and I didn't panic either!
Rob
before you sign off - could you just elaborate on how much time it took you to come to grips with applying MM - i was too have been interested but from what i gather it requres some homework and i wondered just how much input it requires and how many days or weeks it took before you felt you could apply the sytem to place a trade
[/QUOTE]robster4 said:Ok, the market is moving lower nicely, and precisely at the price and time of my short at 1170.
Now moving my buy stop down a couple. Now trying to calculate support...
Rob
[/QUOTE]robster4 said:Ok, the market is moving lower nicely, and precisely at the price and time of my short at 1170.
Now moving my buy stop down a couple. Now trying to calculate support...
Rob
Bigbusiness said:I like to see how something works at least 100 times and in different market conditions.