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Re: [RT] Roger Felton's systems



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Thanks, Bob.  That was pretty much my take on things after my "week in his trading room" trial.  It seemed that it wasn't the best week for finding trades (as is usually the case when I test something!) and it seemed that there was a large discretionary component to which trades to take and which to leave.  I'm just curious if anyone on realtraders has actually just let the program take the trades and has made money.  I'm a natural (or maybe a learned) skeptic, yet still hopeful.  And of course I know that you have an advantage if you can do this full time, as Ben says.  I can't right now, so I'm still trying to find something which works part time.  I've had some success with several approaches, yet there are drawbacks to all of them and I'm always looking to improve. 
 
Larry 
 
----- Original Message -----
From: Bob Fulks
Sent: Tuesday, April 15, 2008 2:07 PM
Subject: Re: [RT] Roger Felton's systems

At 01:40 PM 4/15/2008, Larry Brown wrote:

Does anyone have any experience or opinions about Roger Felton's trading programs that they would be willing to share?  His website (www.feltontrading.com) suggests he is quite successful.  (I have no affiliation...this is an honest question.)

I recently coded TradeStation to find his signals to create a new subscription-based product for him that he calls "OttO", so I know quite a bit about this (and am obviously biased) but can give you a quick summary...

I hesitated to write this since I did not want to seem to be advertising his service. But the rules seem to say it is OK "providing the services or products are offered by the member and not an "outside" source" and since I wrote the code for part of his product I assume that is close enough...

--

Roger is a trading coach who makes his living teaching people to day-trade his method in an on-line trading room that is open each day during market hours. He has been doing this for many years and seems to have a lot of happy students. He also trades the method himself in the room. He is usually trading one of the emini futures contracts but the method should work on most anything.

His method is based upon pretty classic technical analysis such as divergences between price and indicators. He has very specific rules on what constitutes a valid signal, which is what made it possible to program it in TradeStation. OttO now simply finds those signals. Not all signals make money, obviously, and the user still needs to decide which signals to take based upon other criteria and Roger teaches ways to do this. He is a good instructor and talks pretty much full time all day, pointing out the signals and discussing things that are happening in the market.

He publishes a recap in the members section of his web site of all the signals generated each day, qualified by a simple mechanical trend filter for entries and simple stops/targets for exits. These recaps usually show a profit each day. It appears from the students comments in the trading room that many of them do better than the recap using their own exits and filters on the entry signals.

He offers a free trial where you can sit in on his trading room for a week to see if you might like to learn his method. Everybody in the room can read the comments of everybody else so it is pretty easy to sense the mood of the students.

I have met Roger and most of the members of his team and they are all very nice people (living in south Texas) and seem to me to be running an honest business with high integrity, which is why I agreed to work with them to try and program OttO starting about a year ago.

So if you are looking for an automatic machine to simply turn on and make money, this isn't it. But if you are looking to learn to trade using a refined version of some classical technical analysis techniques, you might find this useful. And as Ben says, "day-trading is a full time job" no matter how you do it...

Bob Fulks


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