This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
In no way am I bashing the OMNI here. Zoomie has made some solid trades by using some of the information, and he has learned a lot. However, I saw this (old) article, and think that its worth reading.
The move comes a year after Carboni failed to make enough money from trading to pay for his seat on the exchange, began missing mortgage payments and racking up thousands of dollars in credit-card debt.
Personally, I commend anyone that takes the time to offer their insight into the markets - especially when its free. Although, it does appear that it won’t stay that way.
“That’s when I realized these YouTube videos could really be a viable business,” Carboni said.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
May 27th, 2007 at 6:23 pm
I’ve put videos on youtube, and no one’s sent me $50k yet. To be fair, I’ve never racked up thousands in credit card debt, so maybe I just don’t have the needed qualifications.
May 27th, 2007 at 8:26 pm
lol
May 27th, 2007 at 10:49 pm
Many’s the analyst that can’t trade. If you find his analysis useful, then does it matter what his track record has been like? I think too many people attack the messenger to discredit the message.
Personally, the OMNI seems to wishy-washy for me, but hey, that’s just me.
May 28th, 2007 at 7:48 am
“It is a lot tougher these days to make a living on the floor and most of the traders down here know their day is coming,”
Perhaps it was because he was on the floor that he wasn’t making enough money in the new electronic era. Who knows. What I do know is that his S/R numbers are awesome. Once in a trade, it is how you manage a trade is the most important aspect of trading. The best thing he has taught me is come up with a plan, stick to the plan, and trade the plan. Don’t second guess yourself, and don’t invent/create trades in the heat of the battle. Over 18 OMNI trades I have an expectancy of R 0.33. I take my own exits 95% of the time. No complaints here.
May 28th, 2007 at 8:13 am
“Personally, the OMNI seems to wishy-washy for me, but hey, that’s just me.”
In this computer age, traders are complicating things. The more simple, the better. Richard, a computer programmer, is using PnF charts to trade. And he is making money. This is simplicity at its’ best. KISS. Find support, find resistance, enter trades in that area. Use a longer time-frame for bias, use shorter time-frame to fine-tune entries. That is all ;)
May 28th, 2007 at 10:56 am
Did he trade the same way on the floor, I wonder? Seems weird for a floor trader to only make 1 trade a day.
May 28th, 2007 at 11:51 am
Zoomie, I meant that the OMNI seemed too ill-defined. It reminds me of Vic N. testing chart patterns and his technician would say “because of the Head and Shoulders pattern, the stock may be heading down.” Vic asked “How far, when, with what probability, with what stoploss?” Nada, no answer. Vic ended up spending a couple years backtesting these patterns and found that they were all useless at predicting the future.
I’m in the same boat. Right now, I haven’t seen any way of making the OMNI precise or defining fixed rules which would allow me to backtest it or to use it going forward. It strikes me that it’s like astrology - vague, with plenty of room for selection bias.
Your response filled with vague platitudes seems to just reinforce this evaluation. I think you’re profitable because you’re a strong intuitive trader and using a lot more rules which you may not be able to write down, and I think it’s these rules rather than the OMNI which are responsible for your success. If you could make OMNI precise, then I’d happily change my mind :)
May 28th, 2007 at 12:19 pm
Tyro, I have been watching SPY for quite some time, so experience and screen time do definitely come into play. You are right, I do not have any rules for my exits while trading SPY or ES, unless of course my IPS is hit. I mostly use volume, price, and candlestick patterns to help me judge when I exit. And no, there is no way to backtest. I did not mean to give a trite answer previously. I just believe that trade management is the most important aspect of the trade, and that some beginners complicate trading. As one gains experience the trade plan becomes more simplistic and execution is improved.
May 28th, 2007 at 12:26 pm
I agree with Tyro that the wishy-washy nature of OMNI makes it hard to use. It feels like OMNI is actually just Oscar’s intuition, since he sometimes shows MAs and sometimes Stochastics, and sometimes bar patterns, etc. That’s not to say that his intuition is worthless, but since he doesn’t explain his thinking behind the calls, it’s hard to blindly trust it.
May 28th, 2007 at 1:14 pm
Richard, I agree. I am learning that perhaps I could use my own intuition and trade futures successfully. Define S/R, choose a bias, enter and manage the trade. It just might work.
May 28th, 2007 at 2:23 pm
zoomie: it seems that u are already doing it :-)
May 28th, 2007 at 8:57 pm
John, another 50 trades, then we will see.