BarroMetrics Views: If It Sounds Too Good To Be True
John write:
“Ray, thanks for your blog.
You often say that other time frame traders can only hope for a win rate of around 30% to 60%. Yet I read a book and the dust jacket says - “Selective Forex Trading” skillfully outlines the S90/Crossover: an indpendently verified technical indicator developed by Snellgrove that has provided traders with the ability to achieve over 100 consecutive FX trades without a single loss”.
John, I also bought and read the book. I consigned it to my junk pile. The author, Don Snellgrove, made some remarkable claims but failed to disclose the ideas behind his indicators. Instead, he sent you to web sites where you could subscribe to them.
Now I have no objections to traders keeping ‘their secrets’. But it seems to me that if you are going to write a book about them, you owe it to your readers to provide full disclosure. Since I could not verify the author’s claims, I forgot about the book.
Your question caused me to Google Don Snellgrove and the findings did not surprise me. In effect Snellgrove was running a Ponzi scheme. For details:
- http://www.forexpeacearmy.com/public/review/www.cfgtrader.com?page=1
- http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0334858&case=07MRA00003&contrib=NFA
- http://www.nfa.futures.org/BasicNet/CaseInfo.aspx?entityid=0334858&type=reg
Refer this blog post to a friend or colleague…
