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Peter,
There are a couple of things I believe are incorrect now, they may have
changed over the last year. Please see my comments below.
Hope this sheds some helpful light on the subject.
Rick Mitchell
Peter Scordellis wrote:
> I had a brief look at Bill's software last year. You can download a demo
> version of this from www.profitunity.com This is the real thing but it only
> works with the bundled data.
This is correct, any one interested should download and review this.
>
> As fas as I remember, there is no back testing capability. It contains all
> of Bill's methods and it generates buy and sell orders. It also has a live
> internet data capability which I presume it means you can use it to trade
> real time intra-day bars.
To my knowledge, please let me know if I am wrong, the current version
of software does not have or accept any type of direct real time data feed.
>
>
> I believe that you have to order one of his courses in order to get the
> software as it is not sold on its own. Maybe this is to ensure that you
> grasp the concepts of his methodolgy before you are let loose on the
> software.
This is correct, he teaches the system with several exit strategies, however
the exit you choose to use is one of the settings/choices Bill calls your
"executive decision" and is based on your read of the market and your
comfort level.
>
>
> Having talked to several seasoned traders re Bill's work, the general
> concensus is that his stuff works if you have deep pockets to sustain the
> drawdowns.
I don't know if these seasoned traders learned and used Bill's system and
came to their conclusion or just reviewed his system to come to the conclusion
that you need "deep pockets" for his system. What I do know is that he
teaches several entry strategies and exit strategies which are specifically
designed to help us without deep pockets to stay out of, or get out of
trades which are going to far against us. Part of his complete system is
training on identifying "wave 4" and staying out of the market when it is not
giving clear signs of where it is going.
>
>
> I hope this helps.
>
> Peter Scordellis
>
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