Richard Joyson (Mr Charts) - Review
It's nearly three years ago now, that I took a days coaching with Richard Joyson a.k.a "Mr Charts". Why haven't I written a review before now? Well mainly because I didn't think Richards training would have a wide enough audience to be of interest to readers of this site. Not because of what's covered in the coaching, but because of how the session was delivered - i.e. in person.
Because Richard is based in the UK, and because his training is one on one, its appeal has been, broadly speaking, to those in the UK and Europe.
That's all changed now though, because Richard has recently started offering coaching by telephone - which opens up his teaching to everyone regardless of location.
With that said then, let's take a look at what the training covers. In a nutshell, Richard teaches day trading of the US stock markets - ie Nasdaq and NYSE stocks. He spends a full eight hours with his students, either in their home, or in a hotel room if distance is an issue. I understand that with the telephone coaching, the eight hours are split up into more manageable hour long sessions. In all cases, a huge pile of notes and charts are supplied.
The work starts before the training day itself though. Because his students come from different backgrounds and have differing levels of trading experience, Richard tailors his training to each individuals needs. In order to do that, he asks the student a number of questions in the weeks and days leading up to the training day. He also sets various short assignments which he uses to gauge experience and find areas of strength and weakness. Based on that feedback, the training day will be modified accordingly. This is not a "one size fits all" course, and so this review is based on my particular experience.
Richard started off with his "Action Plan", in which he covered the importance of preparation, and talked about having the mindset of a trader. This is an important point; Richard doesn't just teach how to trade, he teaches you how to think like a trader. For me, that was the single most important part of the day. Once you can think like a winning trader, everything else slips easily into place, and you achieve a whole new level of understanding of the market.
Every step of the way, Richard would teach something, and then emphasize the fundamental thinking behind what was going on. I didn't just learn how to trade, I learnt how to be a trader.
We then moved on to looking at the patterns Richard trades himself every day. For each pattern, we looked at a number of printed charts. There were charts showing the pattern setting up, and then more with the completed pattern. Included in these were examples where the trade didn't go as expected, which was useful in understanding where to exit when it goes against you. Richard's method is to use almost impossibly tight stops. His trading patterns are high probability, and they work in such a way that if the trade doesn't work out, you know about it very quickly and can exit with only a tiny drawdown.
After learning the patterns, we then moved onto looking at other market indicators - how to read the market as a whole. A trade isn't just about one chart setting up in one particular manner - it's about understanding everything that's going on in the market to make the price react the way it does (the mindset of a trader again). By combining a number of elements together and waiting until all the "ducks are in a row", the trader is able to get a very high success rate; above 70% winners is not unusual.
Of course, entering is only half the battle. Once in the trade, you need to know when to exit! Again, with plenty of printed examples, we worked through various different exit strategies.
With each set of example charts, we started off looking at complete examples, in which Richard explained the pattern, the entry, and the exit. We would then progressively move on to uncompleted charts in which he would ask me to spot and name the pattern, find the entry, then on the subsequent chart, the exit. This wasn't always easy, but it really helped reinforce the whole mindset. Richard was in effect forcing me to think through what the charts were telling me. The net result was a better understanding of what was going on, rather than simply the ability to recognize patterns.
With technicals under the belt, we moved on to fundamentals. Without wanting to give away his methods, Richard has a solid system for finding which stocks to trade each day. For this part of the day, we sat down in front of the PC and actually went through the research phase. We picked out a set of stocks that were suitable for trading that day.
This part of the session was very in depth. Again, Richard is big on preparation, and on thinking like a trader. Learning to pick the right stocks is incredibly important, because it makes everything ten times easier when it comes to actually trading them!
With our stocks noted down, we went back to pen and paper and did some more chart work. Richard wrapped up that session with some great general rules and advice about trading, and some advice on how to take the information and go live. Richard strongly advises paper trading first. In fact, what I learnt from him had a strong influence on the stock trading features that I added to TSim+
To finish the day, we went back to the PC to check out what had happened to the stocks we had picked out. We took each chart in turn, and looked for the trading patterns I had learnt. For those that had exhibited tradeable patterns, we worked out what the profit or loss would have been had we traded them according to the rules I had been taught. There were three winners, one breakeven trade, and one loser. Trading a thousand shares on each, the day would have produced an overall profit of over $1000 before commissions.
If I have one criticism of Richards coaching, it's that there was no actual live trading involved. However, I can understand why that should be. Watching the market in real time would eat up several hours of the coaching day, and with no guarantee that we would see all of the patterns that Richard teaches. By using printed historical charts, we were able to see a very wide range of different market conditions - something that's just not possible to guarantee in a live session.
Summary: Richard's course is not the cheapest on the market, but you get what you pay for. Having given trading lectures at the Millennium Centre and Bloomberg Centre in London, and spoken alongside such world renowned speakers as Larry Williams and Jake Bernstein, Richard has the credentials. He's not some unknown, pimping a "latest greatest" system. He's a full time trader who teaches on the side.
There's no substitute for learning from a real person, to whom you can pose questions as you go along. It's inevitable that as you take what you've learnt and put it into practice, more questions will come up. Richard gives a month of backup after the coaching day, so you get plenty of time to ask those questions.
If you're serious about trading, this is a serious course that will get you on a path to profitability. Are you guaranteed to make money afterwards? Of course not - that's entirely down to the individual and what they do with what they've learnt. But anyone who does follow through with what Richard teaches, put it into practise, and trades exactly as shown, is perfectly capable of reproducing the almost obscene daily profits that Richard makes day in day out.
If you're interested in a coaching session with Richard, either in person or by telephone, you should contact him at email@example.com - tell him that you read about him on TradingSimulation.com, and you'll get a discount!
Update: Richard has a new membership website in which he regularly dissects his trades for you to learn from. Contact him by email (firstname.lastname@example.org) to find out more - and tell him you read about it here to get a TSim Special price.