TheFibDoctor

Risky Method of Using Fib Retracements

I found this method of fib trading to be risky and unorthodox. Basically, the owner focuses on two different fib levels on a 15min chart and likes to "fade" moves. All trading is done after 10:00 am ET as he tries to avoid volatility. His trade room has approximately 20-30 members in it. Unfortunately, his live results were poor. I was seeing big losses with each trade as he was trading 3-4 contracts per trade. I was seeing losses in excess of $500+ per day while he was scambling to minimize losses. Every time he tried to fade a move, he got run over by momentum and he would blame the volatility in the market. I found his method to be risky as it is contrarian-like and he draws his fibs in an unorthodox manner. There is an issue with precision and accuracy because of his style of fib drawing. At times his fibs may seem to work because there is a slight overlap with traditional fibs but at other times, you will see his fibs fail because he is making errors on how he draws his fibs and he is not aware of this. My advice is to follow the trend and stick to traditional ways of using fib retracements. Read and learn about fibs from well known sources. I will give him 2.5 to 3 stars for effort.

FL_Trader

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Changed My View On Trading

I was just kind of "getting by" with a makeshift strategy trading stocks. I decided to look into future contracts... Well I came across TheFibDoctor, and things changed.... FOR THE BEST!

I always used Fibonacci Retracements and Fibonacci Fans in my trading, but I was always confused on when and where to re-draw them. So I was only using them here and there.

When I came by this guy things really changed, I learned when and where to re draw them with ONE CHART. I attended a couple of his free webinars and I have learned more then I can explain. It is one thing to connect a low to a high, you need to know where that next draw point is coming from, and which levels mean what for your next trade.

I haven't taken this strategy live yet, but in paper trading I am doing extremely well, and I still don't feel I have the methodology completely covered yet. It works though I can say that.

If you want to cut some of the BS out of your trading, and add a tool that will help you see things clearer, then go to the website or check him out on stocktwits/twitter.

Timlegendre

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