Would anybody be interested in evaluating Ace at Acetrades at the 3 days of live trading. I would be interested if anybody can give an idea what his methodology might be.
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This Tuesday, January 11, 2011, at 9.30 AM EDT, we will feature Ace of AceTrades:
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The following user says Thank You to Ben16JP2 for this post:
Give it a go. But here is my opinion.
I spent some time in the room a while ago. Didnt learn much as he just calls out trades and basically suggests he has the magical secret holy grail ( the 'keys'). His loyal neophytes second that for your benefit. Seemed a selling exercise to me and he came across an arrogant kind of chap.
The following 4 users say Thank You to Linds for this post:
I have not had a good experience with this guy. Personality wise, he has an ego the size of Jupiter. Smart Alec as well. At his site if you are a guest and don't agree with him or challenge him on his method, he just boots you out.
He will not disclose anything about his "system" unless you are a member. Just that there are 8 KEYS to learn and they tell you everything. RIGHT!
However if you go to the live trading demo, he calls the "trade when it actually starts running, not before". You could never get filled except at market and all but novices know that's just plain stupid.
It looks as if he (or more probably someone else who actually knows what they are doing) determines broad Support and Resistance levels for the day, then, based on pre market futures action, suggests the markets move.
If he guessed right ( and I think that's all it is---a guess) you'll never hear the end of it. His minions chime in at this time as well, about how great he is.
If he guesses wrong, his response is "we take our little 1 pt. stop and move on". No peanut gallery remarks on the loss however.
But what is really the red flag is you can't find him. No address, phone, just a fax # that goes to a Stationary Store in his town, a Pay for Fax unit.
Not me, no how, no way. Hope this helps.
The following 11 users say Thank You to steviebeef for this post:
waste my time with Ace, on the three day trial, I couldn't even sim trade his trade calls......... He promotes the ES and the action is in the 6E and CL. If you want to throw $4000 at something try Dr. Bill..............
The following 6 users say Thank You to Tiberius for this post:
Our search for success might be compared to the quest for
the holy grail: we're looking for that one idea that will guarantee
that we can be consistent winners.
That goal is very simple but not always easy.
All of our frustrations and losses come from one source. We had expectations that were not met.
When we want what the market wants, we have no frustrations.
By aligning our own underlying structure with that of the market, we have no unfulfilled expectations.
With this approach, trading is a low-stress way to live. We
learn that we can get into a psychological "no-risk" structure
and have fun.
We realize that if trading is not fun, we are doing
something wrong, and the market, which is our only teacher,
will always always tell us exactly what is wrong and where our
Ace,of Acetrades.com has mastered market structure and his 9 keys are all that is really needed to be successful.
The old rule still holds true: The simplest things turn out to be the most profound.
The following 5 users say Thank You to tahoetim for this post:
Mike,the only affiliation I have is a student of the market and a student of Ace.The above are my opinions and
as such are to be viewed as those of a experienced trader. The secret to success as a trader,imo, is to find a
very low risk method to enter the market and repeat.
The following 3 users say Thank You to tahoetim for this post:
I purchased the AceTades system about 2.5 months ago and I use it daily to trade the ES, often during the early morning hours of the US session, and I’m happy to report that I my bottom line is positive and in the black. That is all that matters to me!
Whilst AceTrades often aims for 5 to 10 point runs, and he does achieve it at least 70% of the time (conservatively), I prefer to scalp in the anticipated direction of the price move. With the indices, I adopt a “scalpers” mentality because that is how the floor trades. Ace hates scalpers but it doesn’t bother me to have to pay the broker his bit if I can consistently scalp 3-4 ticks, 4-5 times during the first hour or two and be completely relaxed about the trades! A solid understanding of market structure and “position sizing” is in my opinion, the key! Perhaps Ace might call it key #10:-).
Admittedly, there have been days (not often though) when the ES refused to cooperate resulting in 3-4 losing trades, but that is just a part of trading and as long as your winners are larger and more frequent than the losers (positive expectancy), than one’s bottom line will be positive. Ace normally calls it a day if he has 3 losers in a row and that is good discipline.
I’ve endeavoured to be as unbiased as I can and I have no axe to grind.
The following 7 users say Thank You to quin2k for this post: