Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

GCB

John Carter's Setups: Legit or Lame?

Recommended Posts

@Tim

 

The top of the DOM In that picture is cut off. It could be in sim mode. Also, a good vendor can make millions from sales. Showing some live trades at a potential cost of even thousands of dollars would be justifiable.

 

I would imagine that he is trading live, obviously he has people come and sit with him. That doesn't mean that he is profitable to a worthwhile extent, however. Say, he is only marginally profitable or losing, again by not making any performance claims it protects them.

 

@light I agree with all that, although I would like to play devils advocate and say that I do find John Carter and Hubert to be legit. At least he trades size

Share this post


Link to post
Share on other sites

Like any other trading books, you have to take the setups with the grain of salt. Try the setups, make adjustments, and if still doesn't work - discard it.

I found three Carter setups profitable only if you know WHEN to use them, (which was not exactly detailed in the book). You have to do your own experiment, market observation and adjustments to suit market condition on a given day. Every day have different volatility.

These setups are Gap play, Pivot play and TICK Play. Pivot play should be renamed S/R play as pivots themselves are only minor S/Rs. There are S/R levels that are more potent and these are the ones that make you money. I leave that to you to discover.:2c:

Share this post


Link to post
Share on other sites

Good comment Leo

 

This is the way a trader should approach everything....its your system, and your money, why not take the time to research and see if something works BEFORE putting money at risk...

 

As you know, there are many who expect to receive the information tied up with a pretty bow already to use "as is"....AND in a market that is changing all the time, they expect it to work indefinitely without having to do any maintenance.....how realistic is that?

Share this post


Link to post
Share on other sites

come to think of why should anyone give details on any given profitable system.....I agree there are successful traders, like we all know Paul Tudor Jones with the series that runs over the Internet....but even there, there is not a single hint about how he mades the anaysis....ok, some sort of analogies, Elliott waves, history repeats,.....basically normal stuff....nothing new.....so agreeing with Leo here....test everything and then jump on a conclusion

Share this post


Link to post
Share on other sites

In my opinion Carter is probably legit and lame !

 

Think about. You have mastered trading to a degree that you are a bit profitable. Just a bit. You have winners and losers and because you make no big mistakes (psychological or other), you are making a little bit money over time. But just a tiny little bit better than break-even.

So now you can call yourself a profitable trader. If you have enough money you can even make a living out of that.

But ...that is not what people are expecting, when they are looking for a good trading education. Because if you have not lot´s of money to begin with, this approach is simply not good enough. Being a little bit better than break-even makes perhaps a profitable trader (90% are said to be loosers in trading anyhow) but that is not the same as a good or great trader.

So but now you can sell your image as a "profitable trading guru" with a good show and some teaching about the basics (discipline, option greeks ....etc.etc.), selling some nice indicators and so on. And with this you can make a lot of money. And now you can trade bigger size if you invest part of your educator profits and even your minimal edge gets you more money now.

 

The only problem with all that is, that people get a wrong idea.

 

If the Guru tells: "Ok listen, I can teach you some ground rules and stuff but my trading edge is actually really really tiny" than nobody would buy his courses. So he will not tell this and pretend somehow that his edge is actually quite substantial. (If he can trade big size, he can pretend this very easily.)

And the people start to trade his methods with wrong expectations ! And ...they loose!

Why ? Because their psychology is not in sync with the true expectations this methods have to offer. And than they are told their psychology is the problem, but that is just not the whole truth.

 

You can even play this game if you are not profitable in your trading at all! You have only to make lots of winners. (And of course your method should not be loosing to much in the long run, but it still can be a little worse than break-even.)

 

There was for some time a guy in Carters and Huberts team, who made winners most of the time (averaging down...etc) for nearly a year ! But than lost all this profit in one day (break-even for the year)!!! However the money his students paid for this year he kept !:D

 

And the best was: one week after the disaster he held a webinar on psychology "how to deal with big losses as a trader" !:crap:

 

Ok this guy had to leave TTM (for obvious reasons I assume). But he continues to run a trading room elsewhere to this day and perhaps the story repeats itself.

Share this post


Link to post
Share on other sites

This is a quote from the previous post

 

"There was for some time a guy in Carters and Huberts team, who made winners most of the time (averaging down...etc) for nearly a year ! But than lost all this profit in one day (break-even for the year)!!! However the money his students paid for this year he kept !"

 

The gentleman's name was if I remember correctly, Robert Hoffman, and his website was called "Power Charts"......apologies if I have identified him inaccurately....

 

So this was a person who had a "room" and claimed to have over 300 paying customers who presumably followed his activities trading the markets.....again if I remember correctly he also claimed to have NEVER had a losing trade over a period of three (3) years........

 

The problem was that Mr. Hoffman was using a variation of the technique called "martingale"...and in this version, (again as I recall) when he would have a drawdown on a trade, he would switch to the next higher time frame and continue the trade....(I'm sure this is an oversimplification) and in some instances this seems to have worked out.....however one day....he got into a trade that DIDN'T....."work out" to his advantage....in fact it kept on going against him, so much so that ultimately he lost a LOT OF MONEY....I don't remember exactly how much but I think it was hundreds of thousands of dollars.....and yes shortly thereafter, I remember hearing of a seminar on how to handle the stress of losing money.....lol

 

For those interested, by all means do your own research because I am sure some of the details are incorrect....

 

Best Regards

Steve

Share this post


Link to post
Share on other sites
This is a quote from the previous post

 

"There was for some time a guy in Carters and Huberts team, who made winners most of the time (averaging down...etc) for nearly a year ! But than lost all this profit in one day (break-even for the year)!!! However the money his students paid for this year he kept !"

 

The gentleman's name was if I remember correctly, Robert Hoffman, and his website was called "Power Charts"......apologies if I have identified him inaccurately....

 

So this was a person who had a "room" and claimed to have over 300 paying customers who presumably followed his activities trading the markets.....again if I remember correctly he also claimed to have NEVER had a losing trade over a period of three (3) years........

 

The problem was that Mr. Hoffman was using a variation of the technique called "martingale"...and in this version, (again as I recall) when he would have a drawdown on a trade, he would switch to the next higher time frame and continue the trade....(I'm sure this is an oversimplification) and in some instances this seems to have worked out.....however one day....he got into a trade that DIDN'T....."work out" to his advantage....in fact it kept on going against him, so much so that ultimately he lost a LOT OF MONEY....I don't remember exactly how much but I think it was hundreds of thousands of dollars.....and yes shortly thereafter, I remember hearing of a seminar on how to handle the stress of losing money.....lol

 

For those interested, by all means do your own research because I am sure some of the details are incorrect....

 

Best Regards

Steve

 

Steve from what I remember, Hoffman started with a one lot, and ended up averaging down to a loss of over 300k in a day. This among other things demonstrated that Hoffman is clearly a failed trader, and yet he's still going as a vendor, charging naive folks for poor trade calls. Shameless isn't it? Why do they still sign up? Mystery to me. There's better information here - and better traders - for free.

 

My opinion is that both Hubert Senters and John Carter can't trade either, but I'm sure they make good money from the punters. Repackaged a bunch of indicators and sell them along with a fancy name, a few videos and a service and they've got a business.

Share this post


Link to post
Share on other sites
Steve from what I remember, Hoffman started with a one lot, and ended up averaging down to a loss of over 300k in a day. This among other things demonstrated that Hoffman is clearly a failed trader, and yet he's still going as a vendor, charging naive folks for poor trade calls. Shameless isn't it? Why do they still sign up? Mystery to me. There's better information here - and better traders - for free.

 

My opinion is that both Hubert Senters and John Carter can't trade either, but I'm sure they make good money from the punters. Repackaged a bunch of indicators and sell them along with a fancy name, a few videos and a service and they've got a business.

 

I don't remember all the details, but what is discouraging about this is the following

 

Skilled, educated, intelligent people should know that martingale betting strategies don't work.....all one has to do is simple research and you will learn that this is already proven....eventually and inevitably the participant's luck runs out and the market goes against them just long enough to bankrupt them....or to make them say "enough" and take a huge loss.....unfortunately on the retail side this is a viable strategy, because the average Joe usually doesn't have the knowledge or the ability to see it, or as I suspect in this case, Mr. Hoffman never let people see as he switched from one time frame to the next.....all they knew was that he didn't seem to worry when a trade went against him....

 

The bottom line is that the strategy he was employing wouldn't work for the majority of retail traders who have very limited accounts.....As I recall you had to buy his study course DVDs and only then were you allowed the privilege of joining his room at an additional cost of $250/mo)...

Share this post


Link to post
Share on other sites
The bottom line is that the strategy he was employing wouldn't work for the majority of retail traders who have very limited accounts.....

 

Very true for most strategies. Capitalization is almost as important as strategy but millions start with the hope the odds will be on their side but their are not. Here is a good read on this subject. Actually I consider its author a true guru because he emphasizes risk management and that trading is a probability game.

Share this post


Link to post
Share on other sites
Very true for most strategies. Capitalization is almost as important as strategy but millions start with the hope the odds will be on their side but their are not. Here is a good read on this subject. Actually I consider its author a true guru because he emphasizes risk management and that trading is a probability game.

 

This to me is one of several critical issues relating to trading as a profession....I say this because inevitably there are those who approach me (and others) hoping to "buy their way in" to what they see as significant profits, if only they can find a system that works.....and in a pre-class interview I ask them....."do you have enough capital, that if you lost it (all) it would NOT change your lifestyle?" and "do you understand that a significant component of this class is about risk management as a way to consistently make money in financial markets"....in other words, its less about "setups" and more about learning to recognize, manage and fully exploit certain types of risk...this is (in my opinion) what professional behavior is really about and its how you learn to make a living as a retail trader. As it turns out most folks don't "get" that connection between risk management and overall profitability....not only do they NOT get the connection but they often assume that they can act like professionals who are NOT ONLY PAID TO TAKE EXCESSIVE RISK, BUT PENALIZED IF THEY DON'T (TAKE THOSE RISKS).....this is why we often read of folks called "rogue" traders...and people like John Corzine who took massive risk and lost......its a culture that is at odds with what a retail trader can do....

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • @sxiqxx, Well done on making your first post a promising strategy. @everyone, post up if you want this coded into an EA. Although I switched to TradeStation, I still have an active MT5 demo with MetaEditor. I can code it without referencing object oriented programming which should be retroactively compatible with MT4. Let me know...
    • Please allow me to retort (in jest): RESPONSE 1 : Get a job supervising others where you're in control of performance reports and ride those others 100%. This makes your performance 100% with little to no effort.   RESPONSE 2: Feel free to piss off your boss but stay nonviolent. When the side effects of his viagra and testosterone boosters cause him to physically assault you, you have the legal upper hand. This can result in a boatload of trading capital.   RESPONSE 3: Feel free to have intimate relations with your boss if she finds you attractive. Rest assured that mum's the word because once again, you have the legal upper hand. This can also result in a boatload of trading capital.   RESPONSE 4: Don't be fake friends with any enemies... unless you need information from them. Being fake friends with everyone will cause you to become an empty shell of a person with no direction in life.   REPONSE 5: Get your boss to become reliant on your performance (really, just the performance of your subordinates), and then plan an "overheard" conversation wherein you fake an interview with another potential employer. You'll probably get a pay increase or a promotion.   RESPONSE 6: If you can give your 75% percent to a project, give 50% and rely on your legal upper hand(s). Learn to write trading algo's during your other 50%.   RESPONSE 7: Take all of the office boys out to nightclub where you merely sip soft drinks on a weeknight. Upon your return to the office in the morning, inform the security guards that all of the office boys are intoxicated. Your boss will love you for it.   RESPONSE 8: Never try to prove your client wrong or find faults in their processes, but do secretly collect their information in case you jump ship or "someone you know" decides to start his own company.   RESPONSE 9: Never stay in a firm for too long. Instead, use your ill-gotten capital to exit the rat-race and start trading.   RESPONSE 10: Trading pays more than your career. Interpersonal skills are now irrelevant. Use your technical skills for trading. Never stop learning and keep updating your technical skills.😁
    • There are a lot of trading strategies like elliot waves, wyckoff etc so we need to apply those who best suited to our need and are understandable too.
    • Scalping can be good during the high volatile markets however the new traders should be careful while entering and exiting the markets too quickly since they can make losses as well. If the broker support news trading we can make most out of the scalping in my opinion.  
    • In my opinion these candlestick charts are more easier to understand as compared with the other charts.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.