Part of having a trading course with a refund guarantee is that you are going to have refunds. Dowscalper is no different.
I don’t hold any ill-will to those that request a refund but I can tell you that many of them share a common trait.
We get people from all backgrounds including people never exposed to the markets and those who come with trading “knowledge” they gleaned from other avenues.
One thing we ask is that people come with an open mind which means to virtually clean the slate and be open to a new way of doing things.
Scalping Is A Different Beast
Dowscalper is about scalping the YM. Scalping is a different beast especially when you use faster time frames.
The course has several modules and they all tie in together. Once you start picking and choosing what to follow, you are trading a hybrid of the method and your results will not longer be reflective of the course.
They will be reflective of you.
I write this today after some reflection on those who have come and gone and those that have realized success from the method.
If you are not prepared to follow the method when first starting, please do not sign up.
If you are not prepared to push to the sidelines all that you know (and have not found success with or you would not be here), please do not sign up.
- Have people modified it? Absolutely.
- Have they traded different markets? Absolutely.
But they did it after seeing some results from the method as written. They did it after seeing the market and price in an entirely different manner.
Trading is never easy but it can be simple. The problem is that we have been lead to believe that the more complex something is, the better it is.
That is not true.
You don’t need 10 different things to look at when considering a trade.
Dowscalper was designed to take advantage of certain times in the market using concepts that have been around since the markets existed.
Will you lose? Certainly. Can you lose many times in a row? Of course. If you understood probability you’d know that losing streaks can be quite common.
Let me cut to the chase….
All of this came to a head for me recently with a customer who decided to refund. I asked for examples of where the issue was (because I was only contacted once through support and it was in relation to an issue they had about S/R) and he was kind enough to present them.
The truth was….that he shared the same traits as those that came before him.
Of course this is not an indictment of him or of any of the others. We all carry baggage and for some reason not having the discipline to follow the rules is something we all suffer from.
We must shed those issues or at least get a handle on them before success in anything, especially trading, can come.
I want to touch on a few of the areas where I saw an issue. It is my hopes that this will serve two purposes:
1. If you are just browsing and already have a method, it will hit home the importance of sticking to the plan.
2. If you are thinking of signing up, it will filter out those who will be selective in the rules they will follow.
The common traits are better explained simply by my comments to his reasons.
1. I was sent examples of failed trades that fell outside of the limited session time that is described in the course.
There is a reason why we like to see the trades in the first 15-30 minutes of the session. Looking outside of that time frame, you are no longer using the “driver” for the trades that Dowscalper is built around.
2. I was told that there was no instruction on modifying the fixed targets or that you should even think about it.
Dowscalper is, in part, a discretionary system and it is made quite clear in the modules that you can use the fixed target or discretionary especially if you see the move faltering. It was this traders lack of attention that lead him to write what he wrote. Traders must be laser focused on all aspects of this business.
3. There were charts that had open positions underwater although price did move in the favored direction but the stop was not tightened.
When these trades work, they work. When they fail, most often you will get a push in your direction.
Stop management is very clear that when the trade moves in your direction, you will move the stop 2 pts behind the entry.
Scalping requires tight and quick trade management. It is vital to keep the losses small so you can bounce back with the next winning trade.
4. This trader reported earlier that they had a problem buying/selling into support/resistance. That is what the masses are taught. This caused him to ignore legitimate trade opportunities leading into potential resistance, he traded the breakout and then failure.
What many don’t get about support and resistance is that first off, they are potential areas. They are not definite roadblocks.
Second, if they hold such significance that a trader expects price to be held up in those zones, you are saying they are targets for price to hit.
That would mean that not only are they places for trade opportunities…but they are also targets to be traded into. In the example I was given, price did exactly that.
His bias in regards to support and resistance was clear and this prevented him from capitalizing on certain trades.
5. I was told he has an issue with Dowscalper.
I responded, “You take issue with parts of the module instruction yet parts of the instruction are not followed. It’s not really fair to pick and choose and then take issue with the results that occur.”
The Turtle Traders
This all reminds me of the Turtle traders although their setups were a little more obvious. That should have made it easier for all of them to follow the rules.
All were given the exact same rules when it came to trading the method.
The results were vastly different.
The point is that trading rules are the start and ending place for all traders. If you choose to modify or ignore the rules, the failure is not the method, it is you.
This applies to any system you buy. Any method you trade….even when it is your own design.
Keeps things as simple as they can be. Follow the rules. Remember that much of what you have been taught holds little water in the trading game.