tmsmith319

Yes. I agree. Sam is the reason I even got interested in OTA training. What he says about supply and demand seems very fundamental and reasonable. It's not a counter trend approach, its getting in at the beginning of the trend (demand) and out at the end of the trend (supply). How to do this in a low risk way is the knowledge they are selling. And Dr. Woody Johnson also writes some very helpful stuff on discipline and trader psychology. All of the authors in "Lessons from the Pros" are very good writers and offer very sound advice, in my opinion.

Subject: Sample size Everything I read says you should define your trading plan and back test it. That means going back at least one business cycle (quarter) and recording the results of your plan. The problem with this is that it is mechanical and void of emotion. You will never follow your plan exactly when trading live, (and you probably shouldn't unless your plan accounts for every possible scenario!). This goes against conventional wisdom, but for me, I think the only true way to test a system is real time with real money because your emotions become part of your system. This is also the most dangerous way! I've been at this for a year and I'm still looking for a profit. I've made every mistake in the book which means I've learned a lot. Still, I think there is value in looking at past chart history to see how your plan would fair. Then test it in a sim account for a few weeks. Just remember, every system has its loosing streaks. Make sure your plan has trade management built into it!

I went to one of their free classes in Chicago. OTA is a franchise business. I found the class very helpful but it is fundamentally a sales pitch for their professional trading course. I resisted their sales pitch but I have been recieving their weekly report which is very, very informative. I'm amazed that they give this knowledge away. Their essential trading philosophy is sell at supply and buy at demand but they want you to take the $4000, one week course to teach you just how to do that. I have spent over $4000 on my education so the amount is not unreasonable. In fact, I'm sorry I didn't discover these guys first. You must get to the point where you can rationalize investing in your trading education. But there are dozens of ways to trade, and only 1 or 2 is going to be right for you. You could spend a fortune trying to find the the right style or program. But you can't do this by yourself. You need to learn from the pros. I do believe that OTA is essentially an honest organization with solid programs. Just remember, they are in the business of helping beginning traders. Get past the sales pitch and learn what they have to teach.