There are traders who do the textbook stuff at an elite level and there are traders who carve their own path and have a system that's more idiosyncratic. Who's "better" doesn't matter -- just comes down to risk-adjusted P&L -- but imho, the latter type is more valuable to LEARN from. And I'd put John Welsh in that latter category.
Usually I have a hard time writing reviews because I want to be more specific than an EBay auction rating -- "good system, A+++ trader, highly recommended!!!" So the DVD sort of collected dust after my first viewing. I did like it; I just couldn't pinpoint how it was better than just reading his blog/twitter/webinar and making that a learning experience of its own. But after multiple viewings, my thoughts have developed a bit:
--His system is the rare "lower frequency day trader" style, which is great value for the idea-based trader but one that doesn't want to hold positions for weeks/months. Not a lot of places to go for that style.
--He says "don't overtrade" in the DVD, which at first seems like a meaningless generality. One man could see 12 trades and thinking 'over trading', another guy sees 12 good scalping opportunities. But there's context here in that JW is a lower frequency 2-3 dt's/day type of guy. My conclusion is that overtrading, to him, is having too much responsibility to read and re-read market conditions.
--And that is the reason he's neither a chart guy nor a pure tape guy (he's sort of reading the tape by watching lvl 1 quotes and volume) even though those are commonly perceived as the two "must have skills" of day trading
--One underlying premise of the system is "technical timezones" and it's basically a method to control risk using time in market. You get to know if the trade is right/wrong in simple terms by condensing the trade hypothesis to the market open. I use 1-min charts and mental stops so I tend to think "strong market/weak market" rather than "trade = right/wrong" which can be VERY emotionally demanding since it's so fluid. There's an obvious advantage of simpler trading plans. It's also a good way to think about risk-control beyond simple hard price-stops, which too many intermediate traders fixate upon.
I have since added highly profitable pre-market trades that are "green light/red light" by the Open, and I've resisted over-charting these particular trades to make 'em better.
The only thing preventing me from rating it 5 stars is that I choose to reserve such a rating for products that instantaneously lead me to breakthrough "A-ha!" moments. Considering JWT's free blog, free twitter, free webinar (all of which I read before purchasing this DVD), and the DVD as a WHOLE, it easily fits that 5-stars criterion. But the DVD cost $275 ;) I think I'd give it a 4.5 on a decimal system.
This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
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