Name: Jacob Law Email: [email protected]
How long have you been working with 8 Minute Trader? Since beginning
Are you winning more or losing more trades? unsatisfied
Is 8 Minute Trader better or not as good as other systems you have used in the past? I have been around systems, indicators, shinny objects for a long time. I know the problem is “working out myself and what I want to stick with and feel comfortable with” Is 8Min Trader better then others. No, the second they posted the backtest results about being %50 winners and needing 2:1 RR to be profitable, I knew it was no better then any other signal system, and that most people wont succeed. For most to succeed the alerts need to be AS they were advertised at the beginning (a 5yr old can win), Unfortunately I think the old version is just too random, there is no overarching logic or bias you can apply to each signal, so like you demonstrated at the start, you just have to take every trade… Coz some trades are just plain illogical. Having said all that the new version with the STRATS seem to have solved all this, we can see pullback continuation, reversals, and CT. We now can see the overarching logic the signal is trying to capture and then a quick glance at chart can confirm nice looking logical structure. Hopefully this new version is as good as the screenshots. MY experience is that you always need a directional bias and idea of market structure. This new version may be good enough to not need that and a 5Yr can do it.
What is your opinion of Sal? He’s great, heart and everything is in the right place. Little slow on releases, but maybe being ‘too big’ like working with Youngevity and other individuals has slowed down the pace logistically with releasing new versions. Dunno. I certainly think Sal underestimated the requirement for accurate signals that a 5yr can use and be profitable. With a 50% win rate, you need a bit of skill/experience and mostly good psychology to be profitable.
Do you plan to stick with 8 Minute Trader or are you looking for something more reliable? sticking with it
Do you feel you were mislead or that 8 Minute Trader/Scalper alerts were in any way misrepresented? Well yes and no. The signals were good that they showed, problem is that there is a whole 28 pairs and timeframes you can look for alerts, so, I wouldnt say mislead. Bit harsh because all good intentions are there. It just felt like alot of other products where you just dont know all the nuances and elements until you give it a go. Just the nature of trading and trying to sell a product.
What was the main reason you joined 8 Minute Trader? AI driven, rock solid alerts that, trend following and reversal. With like a 80% win rate if going 1:1 RR. Certainly half the signals are not AI but more like dumb, but that looks to change as they have 4 AI engines looking independently (and together perhaps) for the 4 types of price action. (we’ll see)
Please share any personal thoughts, emotions, anger, joy, that you may have relating to your 8 Minute Trader Experience. Only angry thing is having to work with tabs in MT4, where there could easily created a scanner/ market analyser or grid alert system, so all on one chart with clickable links, there is alot of this type of programming on MQL4. But I mentioned this to Sal and (early days) he said that sounds like a future update for sure…. Oh and also the chart reloading problem with resending alert, gez you can program that problem away for sure. Thanks for the survey Scott.