Anonymous
September 24, 2009Closed my account with Livewithoscar because I was losing too much money. and because the trading hours were too much for me. I had started out thinking that I could just wake up in the middle of the night and take a trade, the problem is once in the trade sometimes Oscar will send alerts every hour telling you things are going ok, or nibble some more, or sell half, or sometimes just I will keep you posted. I can’t ever remember just getting a buy and sell flash. So with my heart condition that kind of keeps me out of the running for the all night trading sessions. I did talk to a couple people who said they were not taking Oscar’s flashes, but use Oscar as an indicator and they were making money that way. I was just waiting for the flashes and then trying to take the trades. But there were several problems with this method. The main problem is that Oscar will issue flashes and say nibble, or start to nibble. After a while I started to figure out that this means if you have a large account and trade say 10 or 20 lots then just buy 2 or 4 lots at this price. Because later you may want to buy at a better price a larger number of contracts. Also when he says to nibble, if the market goes up he will say sell half of your contracts here. So this makes it hard if you just nibbled with one contract. One of the other main problems is that when you are in a losing trade Oscar usually recommends doubling down. Only don’t call it that, and don’t call it adding to a loser. You can call it defending your position, but the bottom line is it will make your losers huge and then when you have a winner he gets out of half pretty soon. So this makes your winners about a quarter of your losers at the end. I also just never was able to get in sinc with his style of trading, he will usually buy sometime during the middle of the night and then frequently hold it until the close of the market, unless he gets stopped out. I am really more of a scalper compared to this, I was in and out. I really don’t like sitting in a postilion especially a loser for 14 hours. When it goes against me, I just want out. I am going to start working harder on my hook trades. Then suit my much better.
Thanks for all the feedback and experiences. I have to say, as a copper member, who’s has been taking a few trades here and there, and setting tighter stop losses than he reccomends, I’ve been a very happy user.
As a fairly novice trader, I would never be able to call a FTSE retrace from +50, to negative territory, but the other day, judging by oscars entry levels which usually at least come close unless he cancels, I shorted the FTSE at 5595, and got 50 points out of it. I then took on his trade, and also made a little out of the S+P.
As far as paying for gold membership, I’ve realised it would be fairly pointless. What I generally do when I action a trade of his, is monitor the trade. On any delayed flash update, I’l pretty much know what it’s going to say.
The first one will be “Start entering your positions”
Then depending which way the market goes after
“Keep Entering”
OR “Hold, I’l keep you informed”
Followed by
“Exit x% of your positions, set to break even”
Followed by
“Exit remainder”
So my personal reccomendation for newbies, would be to certainly look at the videos on his site (along with other sources of course), to start building your knowledge of technicals. I’d use his advice, and take trades that you agree with. . .which to be fair, he usually does cover himself by saying, “If you agree with the analysis”.
But as a non-paying member, I’m very happy
Oh yeah, paying is definitely nonsense. The gold get the flashes too late anyway (Oscar starts writing them after/on the dip) and premium gets a shitload of useless / losing trades (you only hear the winning ones in coppper). With a list of pivots you can accurately guess the exact levels and it easy to guess the clues he’s writing in the flashes. Education is 0 extra in prem or gold.
Oh today was a fine example of how Oscar wants commissions and doesn’t really care about the results. While saying in the video today is the end of the down move and we rally on or after the 2nd down day, even saying in the chatroom to be careful etc; he still makes a flash to add again in the 35 to 38 area.
So i will repeat this again, if any omniac feels he is not following omni correctly PLEASE DO NOT UPGRADE. You won’t be able to follow OMNI more accurate in the higher levels, it only gets worse. You are not missing out on ANYTHING, it only gets worse.