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