Trade With A Day Job Review – Markets Mastered

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    ReviewTeam
    ReviewTeam
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    Trade With A Day Job Review – Markets Mastered

    Click below to visit the website

    Key Info

    Publisher:  None specified
    Cost:  £89
    Review Date:  May/June 2009

    What It Says On The Website

    This system is also known as the S&P Evening Trader System.

    “We have been developing systems for over 7 years now and we also trade the systems ourselves” is the opening comment on the website. Nick Krugar then gives a background on the many systems he has seen for sale on the internet that miss a vital ingredient, profitability.

    The website then offers up the following, “even if you have never looked at a price chart before today, we aim to set you up for a profitable career on the stock market”, “email helpline – available for as long as you need it”, a “money back guarantee” and finally “never had a losing week”.

    The two systems on offer will allow you to work “full time or perhaps just in the morning, before you go to work, or when you come home in the evening”.

    The comprehensive trading manuals “start with the basics” then move onto “more advanced methodology regarding price movements and market sentiment” and will mean that “this is the only place you will need to complete your induction in financial trading training”.

    Although Markets Mastered offer a number of products we just want to confirm that here, we are reviewing the S&P Evening Trader (Trade With A Day Job) system.

    This system “does exactly as it says on the tin, and enables you to become a successful part time trader”. The system was designed and released in 2005 and is aimed at people who “already have a day job but wish to embark on a career in financial trading, but are unable at present to quit their day jobs and become a full time trader”. The manual “will take you through the basics of trading between 17:00 and 21:00 and enable you to earn small, but consistent amounts of money each day”.

    You can start trading this system “with just a few hundred pounds”, “after 17:00” and “we will guide you through everything you need to know”. It is not a get rich quick scheme but a “‘Get Rich Slowly and Steadily’ scheme”, that has been “traded successfully by myself and others for years”.

    The system is operated from 17:00 (UK local time) but can be started later, although you may miss some trades by doing this. Most evenings there are two or three trades, sometimes only one. Once the trade is over, usually after 10-20 minutes you are finished for the day, the aim being to earn 20 points per evening. “Past performance shows that trading 17:00 and onwards results in very few losing days”.

    There is then an example of how a £500 starting bank can become £6,500 after only 6 months. This is based on making 20 points every evening trading 20 evenings a month starting with £1 per point and increasing by £1 per point each month (after trading the first month on a demo account to get used to the system). So, “after only 6 months of trading you could be earning an extra £2,000 per month, part time, trading in the evening”. These figures seem to assume 120 trading evenings in a row where one makes 20 points each and every single day. We have yet to see any kind of system that delivers this kind of consistency.

    There is one months access to the members area blog after purchasing the system to “access the details of the trades from the previous evening so you can check them against your own trades to check you have grasped the strategy”. One is also “able to ask any stupid questions you may have while you are getting the hang of it”.

    There is a Money back guarantee, “If the system laid down in the manual is not profitable for two weeks from when you start trading, we will refund the total amount paid. A truly risk-free opportunity.”

    The Material

    The 43 page manual opens with an introduction in which Nick specifies that he uses this system to trade himself and that “it is my only means of income”. The method took nearly a year of tweaking and is based on leading and not lagging indicators.

    There is a section on opening accounts and chart configuration using Capital spreads. This is well explained and is straight forward, one industry standard indicator only on a 5 minute candlestick chart.

    The remainder of the manual concentrates on the strategy, defining the Entry, Target and Stop criteria. It is quite clear and well presented. The rules of divergence are well explained as is the reliance on specific candlestick (reversal) patterns to confirm entry, e.g. Hammers, Shooting stars, Harami’s, etc.

    Entry is quite clear, basically after a confirming candlestick (reversal) pattern and divergence have been identified. This does mean that one has to learn and be able to quickly and easily identify divergence and the specific reversal patterns. However, as Nick points out, this is a matter of practice and becomes second nature after a while. “Paper” trading, as Nick suggests, the system for a month, should provide most with sufficient time to become proficient enough.

    The last 10 pages focus on spotting divergence, about to occur, and a quite detailed summary of the various candlestick (reversal) patterns to look out for.

    Target is 20 points (2 S&P points actually) with a Stop behind the high/low point of the candlestick pattern giving confirmation for entry. Note: as Nick mentions, the target is actually 24 on the charts as the spread for this instrument is 4.

    No mention of Risk per trade but we applied our usual 2% risk of balance per trade, which is the level we are comfortable with for (intra)-day trading.

    In summary, a well written and clear to understand manual. Divergence and Candlestick (reversal) pattern recognition may be relatively new to some so there may well be quite a learning curve here for some. That said, the manual does go into sufficient detail to allow one to learn.

    The System

    Implementation in terms of chart set-up is easy.

    The logic for Entry also makes sense, in terms of looking for divergence and then a confirming candlestick (reversal) pattern for entry. This is the aspect of the system where we can see room for ambiguity, divergence and the recognition of the reversal pattern, but that said, practice should eliminate most of this.

    Stops and Targets are quite straight forward as explained above. As mentioned previously there is a little room for ambiguity but not too much.

    This system just about falls into what we would consider a scalping method, so one has to be reasonably quick here with identification and execution.

    In practice, identifying a signal was easy enough, after some back-testing and some real-time trading (on a small account). We considered ourselves proficient enough with divergence and candlestick (reversal) patterns to trade a small account, which by the way we always think is much better than simply paper trading, where possible, a matter of preference.

    However, in practice, we didn’t achieve the results mentioned on the website (or the occasional updates we received), we actually ended up in the red after 3 weeks of trading, albeit by a small amount. The main reason for this was our interpretation of divergence. Between us, we were happy we were following the rules, according to divergence and candlestick (reversal) patterns, as per the manual. However, the trades we identified and traded did not line up with or match the trades Nick was reporting.

    After some to and fro of emails we took it upon ourselves to accept that our concerns about differing opinions and interpretation of divergence could be an issue here, for us it was.

    Can It Work

    Possibly, the logic seems sound enough to us.

    However, what was clearly different for us was the trades we were taking compared to the ones reported. We just couldn’t “get in tune” with Nick’s view of divergence compared with ours. For this reason, we couldn’t replicate the results and thus couldn’t make the system work.

    This is not say it will not work, its just to say that interpretation of divergence and a candlestick (reversal) pattern at the same time is not a clear cut thing and there is always some room for a difference of opinion. In our case it was too much.

    Support

    Emails were usually answered within 24 hours but there was no blog providing daily commentary of trades. And, we seemed to only get a couple of email updates a week on trades taken that day.

    Summary

    PRO’s
    • Easy to set-up and system logic seems sound.

    CON’s
    • For us, too much room for different interpretation of divergence.

    Do remember, your comments are important – If you have used or decide to use this system, please contribute to the community by reporting back your findings.

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    #867
    ReviewTeam
    ReviewTeam
    Keymaster

    Systems For Traders had to be rebuilt in 2013

    This is a selection of key posts and comments from the original forum prior to the rebuild

    marlintrdg

    07-Oct-2009

    Ditto Same problem I had, divergence is in the “eye of the beholder” IMO

    I will say Nick did work tireless to help me “Get It” But obversely I was too thick.

    I will say if you could get the divergence down to how Nick sees it you’d be OK I think.

    ReviewTeam

    10-Oct-2009

    Hi,

    Thanks for the post and once again we are glad that our review has been quantified by at least one of our members. I think the expression “too thick” is a little unfair as we also experienced the same issues, we can also confirm that Nick also tried tirelessly to help us “get it”. But, we just didn’t, so we moved on.

    On a final note, agreed, if one can “get it” we too believe one would be OK.

    steve oxford

    04-Nov-2009

    I tried this system.

    The rules are simple but my main issue was identifying the predominant trend, as you can get one pattern of divergence overlapping another. Which is going to be predominant appears to be guess work.

    Nick is an honest guy though.

    ReviewTeam

    04-Nov-2009

    Hi Steve,

    Agreed, our interpretation of divergence was the main issue and also have to agree – Nick seems to be an honest guy and one that genuinely wants to help. But, try as we may, we couldn’t get on that same divergence vibe/wave-length!

    rajgogna

    03-Sep-2010

    Hi,

    I have purchased this system too. I’m ok with seeing divergence and the daily screenshots from Nick are a very big help. I just haven’t learnt all the candlestick patterns.

    I’m now able to spot some of the most common ones though.

    I am not quite making 20pips a day as Nick, but just taking profit at around 10pips. Plus some days I don’t see the same trading opportunity that Nick does, but I hope that will change with experience.

    I think this is a nice system to use so far.

    Raj

    mac195

    06-Sep-2010

    Thanks for that report – I have had the same problem and gave up after 6 weeks, as I could not replicate the results or get anywhere near them!

    I lost money on all the 6 weeks trading, although I did have the occasional winning day, more by good luck than good management I suspect.

    reefboy

    28-Oct-2010

    Hi,

    Ive been using this markets mastered system for a couple of weeks and im still not sure if it works, it does seem easy to look at yesterdays candlestick chart and find a trade that works in hindsight. Im still not sure if thats the only way it works as when I do it live I get a signal and div but nearly always seem to lose money. As I can hardly find anyone on the web having success with this system im finding it hard to believe the system does really work. I have also been through the div section on the babypips site and going by that most of the trades Nick chooses dont really have proper div which really does lend me to think that his results are simply found the next day and results put out to everyone. If anyone is haviing success with this do let us know

    reefboy

    24-Nov-2010

    I have now spent the last three weeks matching trades with the author so im happy to say the system does work and really is simple, im also trading the full five days a week and hitting 20 pips a day with no problem at all. Hope this helps people to keep with the system as I did struggle at first with the signals although I always found the divergence simple enough.

    Mike88

    17-Jan-2011

    I bought this system a good while ago now but in all fairness didn’t give it much of a chance at the time. Tried it for a couple of weeks but, as others have said, had a real problem in identifying the divergence. The candlestick patterns I had a good hold on but the difficulty I had was establishing where to compare the divergence points on the MACD. The screen shots that Nick sends out every evening are great and the trade is very easy to spot in hindsight but in live trading, in my experience, it was a whole different matter. Ive made a resolution to give it another chance this year so we’ll see how it goes!

    Paulm2727

    30-Jan-2011

    Hi,

    I too had a lot of problems agreeing with the divergence nick saw. sometimes it was before the one he took but you wonder why he has taken that trade since he could have taken the earliar one showing the signals and divergence.

    Initially got email replies but now no replies at all?

    Does not answer my queries.

    reefboy

    03-Feb-2011

    Hi im still using the system fine I found I had to really look hard at the signals as that was my downfall at first. I looked into many websites that explained about the reversal signals as I too was matching many more than I should have been at the start of my trading when most werent actually signals at all, once I got over that it became much more plain sailing. As for the div side of things im pretty sure when I started out I stuck to the if the candlestick was green go from the top of the candlestick to the previous highest peak on the MACD if there was no div there I would go to the one before that if needed back to about 4 hours max. I have never bought any other systems so as to how this compares im not sure, what I do know is this takes some work to get right but once your there its very simple to use. I would suggest asking for Nicks old screen shots they help alot, but really work on the correct candlesticks.

    rajgogna

    01-Jul-2011

    Update!

    I am not always seeing divergence as Nick does, so some days I end up taking different trades or no trades at all. Plus, when I do trade I find it better to go only for 10-15 pips as then i’m at less risk of a losing trade. I also, only trade between 5-7pm, Mon-thur as I’m sure to get at least 1 signal.

    I have only had a few losing trades. I tend to try and trade with the trend wherever possible. I will try and target 10pips if it’s a trend reversal, and 10-15 pips if trading with the trend.

    Hope this helps

    Raj

    markbritton

    06-Jul-2011

    Hi All,

    Have just been reading this thread with interest. I have all of Nicks systems but bought the Evening System about 4 months ago. I am a full time trader and thought this might provide a bit of light relief in the evenings for a quick and easy 10 pips. I have traded it for a couple of weeks but could never get the same trades as Nick for some reason. I put this down to my own opinions of candlestick patterns. I can see his divergence quite clearly but he takes some trades off certain candlestick patterns that I would definitely not trade without further confirmation. By that time, obviously, the trade setup has gone.

    I also find the TF of the S&P to be far too low for this particular market. In my belief its a 15 min minimum.

    What I am trying to say is that as a full time trader I already have my preconceived ideas and opinions on trading the markets so perhaps this system would be better for a beginner to the markets.

    By the way, I did try to contact one of the testimonials via e-mail but no response.

    Thanks,

    Mark


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    #2150
    ReviewTeam
    ReviewTeam
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    All – Here is an excellent link to an infographic on Divergence In Forex

    • This reply was modified 3 years, 11 months ago by ReviewTeam ReviewTeam.


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