Tried to build a steadycam - FAIL

So today I got the last part to my DIY steady cam, dubbed on youtube as the Silver Flyer. I followed the instructions perfectly, but my steady cam is anything but steady. It wobbles around and rotates whenever it feels like it. I've made a ton of adjustments and such, but it still seems caca. So head's up, you may not want to waste the $30 it takes to build this thing. I know every video on Youtube says it's only $10 or $15, but it's for sure $30-40 and possibly more. I haven't tallied up my total cost because, well, who cares. It doesn't work.

Here's a video if you don't know what I'm talking about.