Rob Booker Training Update
April 27, 2006 by Trader Rich
Well, the bottom line is that since my first winning trade, I have had all losers. It is quite discouraging but part of trading and training. Rob really recommends using a demo account or a mini-account but I'm going to continue to chug along here. I am using a lot of Rob Booker's methods with a touch of emotion so my results are in no way related to his performance. I'll be entering my trades later today so everyone can view my performance so far. They will be listed to the left menu in, My Trading History or the My Goal & Performance links.
I'm going to put together a spreadsheet for this week to more closely analyze my losses. Rob Booker's methods for trading the 15 minute chart really don't give more than a 1:1 risk/reward ratio and going forward I would like to keep track of maximum drawdown so that I can see if decreasing the stop/loss is possible.
Popularity: 8%
Loading ...
Hi Rick,
Minus 180 pips on 3 days of trading seems not that great. Wow, I would be pissed of, part of learning.. Are mentors really that great..
Why would you coach someone if you make a ton of money? I would not spend my time trying to learn somebody for $1000 if I can make 50K/month with my personal trading.
Some time ago, I took the FXCM euroshop ($169), well in my eyes, it is worth nothing. it looks really nice on their website until you pay for it.
3 methods but none of them actually work in my eyes. Everybody can make a course or call himself a mentor.
Personally, I won’t spend a dime to education or learning anymore. Being in this business for 3 years, I make money now but not the first 2 years.
I think a combination of knowledge and market understanding is a lot more worth then pulling up some indicators and following them blindly.
Wim,
A couple of questions for you:
1) Are you saying you didnt make money in the first 2 years and are you trading full time?
2) What in your opinion is the best way to learn how to trade and gain the knowledge of the market, how did you do it?
Rich,
What is the “touch of emotion” and how big of an impact it had on your trading recently? Are you saying that Rob’s methods work and you simply didn’t have enough discipline to stick to them, cuz that’s exactly what happened to me recently when using Raghee;s setups.
Hi Rich,
Bummer, I have been making a bunch of losing trades as well. I was looking though your trade history and trying to figure out why you made all those AUD/USD trades on the 25th, the pair was going sideways. Is it possible to elaborate on your current stratergy?
P.S.
Have to say Wim’s comment is pretty on the mark.
I’m getting my spreadsheet together to analyze these trades but before I jump over Rob, I have made some mistakes with execution and did so specifically with my lost GBP trade this morning. I entered incorrectly and got stopped out by 5 pips before the 100 pip move up. This cost me huge. Some of the other trades were also executing issues. I can honestly say that without even analyzing and from the top of my head, if I was more experienced with this system, I would probably be up. A lot of his strategy utilized multiple lots so that you can let some more profit run. I’ll post more when I know more.
Magdalena, I think Rob’s strategies can work. I think they give you the best shot at making money doing this. The touch of emotion happened 2 times to me:
The first was with my Aussie trade where I entered before the candle closed. Rob says you can enter before the candle closes but he waits and recommends you wait. After this trade, I would definately wait also.
The second time was with my trade today. I entered 2 candles late on the GBP/USD trade and set my stop without reflecting the price 2 candles ago. If I would have set a stop based on the price if I had entered 2 candles ago (when I should have) I would have made MANY MANY pips today. Like I said before, I think I would be in positive territory if I didn’t make these mistakes.
I have had 1 seminar with Rob, and 1 webinar. My trading experience includes about 4yrs trading the emini futures. It took me about 3 years to become profitable consistantly. Based on that i am a support and resistance type trader with my own personal setups.
I wish i had met Rob sooner. Why? i would have saved myself a ton of time, money and learning curve. His methods do work. How do i know… i used them in conjunction with my own and instead of making 6-12pips at a time i have hit 5 home runs in less than 10days of using them. What is a home run imho? 30-300pip moves, not 15pip trades, entire or the majority of huge moves.
So blah to you ROB doubters, i find him personable, sincere and human. I can see his A.D.D. type personality rubbing people the wrong way, overall he is a good person who wants positive people to succeed in trading,
you haters and doubters do what you want. I will support Rob and find him positive even to people who hate on him. He is positive and his human morals show in his seminars on his attitude on trading for your goals of whatever they may be your \’family\’ and those who matter.
His insight has multifolded my current methodology. Is his system much different than picking up a book? no. But two methods he taught me has netted me pips galore that is repeatable on top of my current system on a weekly/monthly basis. These are trades than can be intraday or applied swing type.
Why would a professional trader charge $1000 if someone can make that with no problem, likely 10-30 times that a day.
Because he wants to teach it to people and make it possible providing a gift to those who search it out. It is about giving back. Just as why people teach anything. To give back not for the money.
Why does he charge $1k, possibly to compensate him but more likely because if someone is willing to pay out $1k they are serious enough about there trading to learn than to gamble it away. They will follow his methodologies and more importantly demo it and simulate it 1000 times before they go live. You do that and you will be succesful, you don\’t you\’ll blow your first account or three.
From my understanding his 1on1 training is not 1on1, but it is more a collection of students, he does webinars pre nyse daily… the $1k provides a LIFETIME of this, email replies and what ever Rob has to offer, many lessons,access to some of his books and a teaching style that is dynamic.
To the poster who wrote about FXCM, get a clue.
FXCM is a bucket shop, on top of that they have there own trading desk that trades against it\’s clients, there have been multiple posts about how corrupt they are and multiple people posting how they have got filled but the order changes later and several people who have been asked to take there business else where because they are too profitable. My friend has had this happen to him because he multifolded his account over 8months and when he went to withdraw some money they closed his account and only gave him a 1/3 of his total account. Don\’t believe me read the fine print in these bucket shop waivers.
Over all Rob is worth it, beginner or intermediate. His methods are not fancy, so if you like flash it is not for you. I like simple and trade what everyone else sees, not some tricked out indicator.
-Peregrine
Why would someone take a 1:1 risk to reward ratio trade anyways? That is gambling not trading. Trading is about stacking the odds in your favor, you admitted you tried his methods but not follow his advice of doing it on demo 1000times…that is idiotic and fed by greed of the fastfood generation of wanting it NOW. Do your homework and you will reap the rewards, keep chugging along and you\’ll keep giving people who have a clue your money.
You say you are going to keep chuggin along.
Well your post is from 2006 how many accounts have you blown out? are you even trading anymore? I think you are an idiot.
Btw- there are many places to learn to trade, i got a lot out of LindaRaschke $350mo, and FXboot $300mo(i forget) so imho Robooker for $1k a lifetime is CHEAP. On top of that Robooker offer a ton of free info, that is how i came across this stupid thread, by trying to find more of his free webinars, free books and articles. Anyways he is discontinuing his \”1on1\” service to focus on those people who are already clients/students.