Part 2 – Full Review of “Futures Trading Secrets”
Bill McCready’s “Futures Trading Secrets” offers 20 hours of live trading and instructional webinars. Because of this, the quality of instruction is second to none. The written portion of the 163 page course includes nearly 70 charts, four Excel tracking and support spreadsheets, and the trading rules for pinpoint entries and exits. The course also includes five charting templates and two Ensign charting software workspaces. This allows one to trade in exactly the same fashion as Bill McCready.
The program also contains a complete trading business setup, including recommended equipment, approximate cost, data feeds, a psychological preparedness tool, signal setup, and a usage summary chart. Other important tools include a daily preparation checklist and trading plan for each day and the Futures Trading Room. The Futures Trading Room provides the benefits of continued support, active trading days, actual trading charts, and commentary on market conditions.
“Futures Trading Secrets” aids in determining which indicators are most effective, the times of the day that are best known to reverse direction, how to confirm weak signals with stronger ones, how to use support and resistance to time trades, and how to avoid deep drawdowns.
Other positive features of the “Futures Trading Secrets” system include personal phone and email support from Bill McCready; a follow-up program; a complete system of setups, charts and video commentary, trading software templates, psychological preparedness, physical equipment, data feeds, broker recommendations, new student seminars, and an affiliate program. One of the best features of the program is the under-$1,000 price tag, which is lower than most proven systems on the market.
On the downside, the futures markets described in the system trade during the work day, which makes day trading difficult for those who spend the work day at a full time job. Trading full-time is a challenge for those working during the day, and in order to be successful, it is recommend that one have the ability to focus on trading for several hours each work day in order to maximize effectiveness and exposure to the market.
The setup of the program is very easy, as “Futures Trading Secrets” recommends a specific software platform and provides templates for usage. You simply need to install Ensign Trading Software software, one of the most robust software programs on the market. Then upload the provided template, and you’re ready to begin. One of the most beneficial features of Ensign is the Demo Simulator, which allows you to practice trading when getting started, the market is closed, or is too volatile for comfort.
Other key features of “Futures Trading Secrets” include money management rules and a business plan, along with “14 Common Sense Rules for Traders.”
Money management plays a vital role in day trading. All good traders know that good money management is the key to making and keeping profits. “Futures Trading Secrets” teaches its users how to spot and trade three highly profitable chart patterns, how to enter and exit each trade with the maximum profit opportunities available, and how to trade profitably with only 21 percent win ration.
McCready’s “14 Common Sense Rules for Traders” include:
1) Paper trading is NOT trading! (Practice does not offer the same psychological effects as real trading)
2) Know that someone is always on the opposite side of your trade looking to make money in the opposite direction.
3) Impatience, fear, and greed will make you poor. Trading must be performed with controlled emotion, while knowing that winning AND losing is part of trading.
Of course, I cannot tell you all of the rules. You will need to purchase the course to learn them all.
