HomeTrader

Hi,

Is anyone a member of hometrader? Went to a course tonight and it was interesting. Pricey though. General gist is the seem to help you develop a trading system. Does any one know any good books or cheaper courses that help you do this?

Re: Home Trader

Profitseeker said:

Hi,

Is anyone a member of hometrader? Went to a course tonight and it was interesting. Pricey though. General gist is the seem to help you develop a trading system. Does any one know any good books or cheaper courses that help you do this?

Click to expand...

Courses seem to be too expensive and guarantee nothing.

Many good traders only read books on the subject and do very well. Read Van Tharps Trade your way to Financial Freedom. Louise Bedford's Trading Secrets is good too. Investment Fables is a good book on the fundamentals that I use to complement my technical indicators. Don't kid yourself into believing trading requires all the technical stuff in the world. Simple is good and manageable.

Good luck.
Snake

Re: Home Trader

Profitseeker said:

Hi,

Is anyone a member of hometrader? Went to a course tonight and it was interesting. Pricey though. General gist is the seem to help you develop a trading system. Does any one know any good books or cheaper courses that help you do this?

Click to expand...

Be wary of such courses. Develop your own trading plan first. Ask: why am I trading / investing? What are my financial goals? What are my limits (gains and losses)? How will I arrange taxation affairs? What research will I do to make an informed decision before trading (ie. Technical Analysis, Fundamental Analysis, a combination or some other approach)? This will help you develop an approach to trading and a system. Systems constantly need maintaining and refining if they're going to be effective. Search the posts on this web site, a lot of experienced people have posted material on systems of trading. Ultimately, it's your money, not theirs! Good luck!

Re: Home Trader

I actually went and met the principals of Hometrader here in Adelaide after a friend was hell bent on investing around $6000.

I had coffee with one of them--(Forget his name),and as you could probably imagine had a good old dig around--he was very forthcoming with wads of paper work "verifying" results.

After 2 hrs this is what I found.

(1) They teach you the BASICS of mechanical systems development.
(2) They have the right idea on risk and implementation.
(3) They are not the worst I have seen by far.

SO WHATS THE CATCH?

Their systems are based on use with CFD's.
Thats 10 x leverage.
So a system with a 4% return is seen as a 40% return.
What they dont make clear is that any drawdown is also 10 x leveraged.
So the average very good system will have a 12% maximum drawdown.
Simple maths tells you that your broke.
Infact your system is un workable due to capital restraints at around 60% drawdown.

Proof of trading results is based on a monthly competiotion much like here where contestants plavce their trades in a database for a prize--which was only a few hundred $$s in prize value.
As we know there can be spectacular returns on a single months trading particularly when you multiply the result by 10.
There are no 12 mth figures available and I didnt see ANYONES name 2 or 3 times over many months appearing.They could have gone belly up next month!!

I saw some traders trading over $500,000 which i questioned as traders with this amount of capital dont need to "Know" how to trade--they wont be placing 500K in the market without knowledge.

The response was that this was leveraged funds IE 50K X 10.

Conclusion.
Genuine people who are serious about "Wishing" to make succesful traders as the more they make the better their business.
Trainers are only average.Anyone can formulate a 2-4% system return.
15-40% is pretty difficult.The systems developement was what I saw around oscillators---not the best way of devising a profitable system.
Without the leverage then there is not a lot.

A good basic start in systems developement but I personally cant justify the cost--which is on going if you wish to improve.

If you search Reefcap under HomeTrader you'll read the post as it happened ayear or so ago--could have been 18 mths.

Re: Home Trader

ob1kenobi said:

Be wary of such courses. Develop your own trading plan first. Ask: why am I trading / investing? What are my financial goals? What are my limits (gains and losses)? How will I arrange taxation affairs? What research will I do to make an informed decision before trading (ie. Technical Analysis, Fundamental Analysis, a combination or some other approach)? This will help you develop an approach to trading and a system. Systems constantly need maintaining and refining if they're going to be effective. Search the posts on this web site, a lot of experienced people have posted material on systems of trading. Ultimately, it's your money, not theirs! Good luck!

Click to expand...

And: WRITE IT DOWN!

Re: Home Trader

Found it.

The guy I met and who takes part in the discussion here is JON MAXTED from Hometrader.

Its a fair length but those who are seriously looking at this or ANY educational purchase I think will get a lot out of it from a number of very experienced Traders.
Like Thomas N40K who was Risk Manager for AB Amro in Tokyo.

Anyway hope this is of value.

http://lightning.he.net/cgi-bin/suid/~reefcap/ultimatebb.cgi?ubb=get_topic;f=23;t=000372#000000

Not all educators are SHARKS dont think you can generalise---but knowing WHAT to ask is handy.

Re: Home Trader

ASIC seems to have had a good look at Hometrader
and enforced some changes.

http://www.asic.gov.au/asic/asic.nsf/lkuppdf/ASIC+PDFW?opendocument&key=017029135_pdf

Re: Home Trader

Good comments Tech, particularly re cfd leverage etc.

A bit of a smoke and mirrors show eh?

As I trade at night I am seeing they are doing heaps of TV advertising after 12AM. The sales style is almost a direct copy of what MLM companies use. (belch)

I thought someone was advertising for network marketing distributers until "Hometrader" was mentioned LOL.

Cheers

Re: Home Trader

When I asked Jon Maxtead (The SA CEO) how his portfolio was going he said he didnt trade.
When I asked why he said he would rather concentrate on the business itself.
Strange I thought.

I think showing people how to develop their own system is OK.
Selling them one complete with instructions seems to be the point of conjecture.

Even so I really do believe that understanding,developing and trading a mechanical method is a necessary step in learning how to trade profitably--consistantly.

Anyone can have a winning trade or 5---few can trade profitably year in year out with enough surplus to claim to be profitable.

Hi all

I am interested in hearing from anyone that has heard of Hometrader education.

They are Perth based company specialising in trading education using software such as The Boarse, Tradsim and Metastock.

They ask for $6500 for a comprehensive training program where they teach you to trade both long and short side as well as CFD's

I am looking for some impartial recomendations/comments

Regards
jobar

jobar said:

Hi all

I am interested in hearing from anyone that has heard of Hometrader education.

They are Perth based company specialising in trading education using software such as The Boarse, Tradsim and Metastock.

They ask for $6500 for a comprehensive training program where they teach you to trade both long and short side as well as CFD's

I am looking for some impartial recomendations/comments

Regards
jobar

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A few good books + reading Aussie Stock Forums is much cheaper and may be superior.

Cheers

re:- Home Trader

A few friends and I attended a Hometrader's seminar last night. Two of my friends who were quite keen were thinking of signing up.... not cheap, over $6000!!!!

The fees include classes and one on one mentoring for a year and about $600 per year if the member wants to stay on. Personally, i don't know much in detail but the system appears to be an easy way of trading! As it is only a free and introductional session, demonstration using the software was quite limited.

Anyone in the forum using "Hometrader"? Are they that really effective in winning trades?

Re: Home Trader

kero.

Ive written quite a bit on Hometrader here and on Reefcap.
I found them to be pretty straight. Ive seen much worse.

They teach you how to develop your own system using M/S and Tradesim---may have Amibroker as well by now.
Based on CFD's a 2% a year profitable system returns 20% so be a ware of this.
Drawdowns are magnified as well.

Dont know about the $6k wether thats value or not.
Seems to be a lot of clients and not a great deal of negative feedback.
You can usually tell by negative feedback over years whats worth it or not.
Must say hometrader havent been headlines that I know of.

I'd rather pay Radge $6000 (Not that you need invest that much!) at least-----
I know he is licienced.
I know hes traded for 20yrs.
I know he can and has designed many profitable Systems in all timeframes.
I know he is transparent.
I know what he teaches is what you NEED to know to be profitable.
He knows how to APPLY analysis
I've used/using him.
He has both directly and indirectly made me a lot of $$s over the years.
And personally I like the way he thinks--no nonsense--this works or that dosent!

Re: Home Trader

dear tech,
absolute beginner here. was looking at hometrader and was most impressed but have also gagged on the price. have gathered the funds to meet an end of year deal reducing from 8k to 6.5k but at the 11th hour (actually 14th hour..!) am feeling a little nervous.
your last about radge intrigued me. is this nick radge of "the chartist"?

if so, how does it work? certainly the chartist doesn't seem like training to me. certainly HT was attractive to a beginner. many a testimonial from absolute novices posted. including a personal ref from a friend of friend...

i guess my question is: does your recommendation of radge apply to a beginner such as myself? is there training that he also offers?

Re: Home Trader

Bruce.

I think ANY training when your a raw novice can be expensive.

WHY
Because you dont know wether the training your getting is going to be of value.
You need to work through some objectives.
Hometrader is about learning to use software to develope a trading Methodology/System.
This in itself is a good idea and certainly training in this area will be benificial.
But are you ready---infact is anyone ready as a raw novice---to be able to equate if what your learning is sound knowledge.

With any training I think it important to have at least a grounding.
You need to know the basics of technical analysis to get the best from Radge (Of the Chartist) or Hometrader.

To give you hopefully a clearer idea.
I use Radge myself.Ive been in Tech analysis for 12 yrs.
I understand what he's doing and I dont need to be taught analysis I need the Way he thinks.
I need his APPLICATION of analysis.
I need his Industry knowledge.

As you can see I have defined what I need from a trainer.
I also know that as I advance Nick will have been where I'm heading and be able to mentor in whatever field/area I need guidence and increased knowledge.

I have confidence and TRUST---I think you'll agree important in this faceless industry!---not to mention RESULTS!!

If I were you Id be inclined to gain a grounding and find what you NEED to know to help you in your trading THEN go and find a trainer/Mentor to hone that skill/s.

Why not give Nick a Call.
He is very easy to talk to and will help you get going.
Even private mail him.

Re: Home Trader

wow
thanks tech for your lightening response! AND for your frankness and eruditeness (if that's a word..)

gave them a call and spoke to trish. they sound great. will do more reading tonight.

but again thanks. your response help me sort out my thoughts on this.

education here i come!

cheers
bruce

Re: Home Trader

Hi,

I haven't attended any of the HomeTrader seminars, but, I have access to the course material (which I would gather would contain the bulk of the course IP). But, after reading what Tech/a had to say, I think I will get more into Nick Radge.

I have also found Peter Schiff's articles very enlightening....

http://www.safehaven.com/archive-162.htm

Re: Home Trader

Profitseeker said:

Hi,

Is anyone a member of hometrader? Went to a course tonight and it was interesting. Pricey though. General gist is the seem to help you develop a trading system. Does any one know any good books or cheaper courses that help you do this?

Click to expand...

To develop a trading system? Yeah there's a few books that can teach you this. Having a suitable trading system to engage the market is the foundation of successful trading. The most important thing I always say to people is to develop THEIR OWN set of rules to trade by, and not somebody's elses. Have a read of Stan Weinstein's "The Secrets for Profiting in Bull and Bear Markets."

Re: Home Trader

I am trying GFT only cost is 3.5K to get started and they supply you with a Web site to do your trading. Able to ring any time for advise. You can do offline. I reckon for 6K you could have a good few runs and still be ahead.

Re: - Home Trader

kerosam said:

Anyone in the forum using "Hometrader"? Are they that really effective in winning trades?

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That would be my first question. Until I get an answer that convinces me that they're able to make money (or at least not LOSE money) in this market then I would not part with $6000 of my hard-earned. And remember, $6000 is worth more than what it used it be...LCDs, and cars have gone down in price!

Anyone know the answer to this??