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Experience at Live Trading Rooms

  #190 (permalink)

Fort Myers, Fl
 
Trading Experience: Intermediate
Platform: NinjaTrader
Broker/Data: AmpFutures/CQG
Favorite Futures: Tf
 
sparky's Avatar
 
Posts: 16 since Sep 2009
Thanks: 13 given, 51 received

An amazing room

I have been attending a trading room for several months now. I am a consumer only. I have no monetary interest whatsoever in their systems.
Three gentlemen with a combined trading experience of 80+ years moderate the room from 9 - 11:30 Eastern time.

They base their trading on range bars, using 3 or 4 range charts, up to 6 range with higher volatility days to trade and 8-12 range bar charts for long term guidance.
They teach swing trading using both breakout and pullback (they call them probe trades) methods. They call out levels for entry, but not exact entry prices. They do inform you of resistance or support levels where the trades might stall. These are based on previous swing highs or lows. Mr. Rich is uncanny when he predicts pullback levels before prices resume their trends. He makes these calls based on several indicators and 35 years of trading experience.

They do not need to run this room. They do it for the camaraderie and their desire to help traders improve. Of course, I am sure the money they make running the room is a factor, but I have seen them make profits live day after day trading where they show their chart trader charts complete with account number and proper background color showing.

The room follows 6 charts - NQ TF EMD DX 6E and CL --- If the equities are not moving, then the currencies are. Maybe the crude oil is really moving and that is what they concentrate on.

They teach you how to mark your charts and take the trades when the lines are violated. They teach how to recognize pullbacks. They even have a semi-automated system where you can place a trend line on your chart (at ANY angle). Once the line is broken, it fires a market order, places your targets and stops (depending on the settings YOU set) and manages your trade for you. The trailing stop follows at different levels depending on the amount of open profit. If you get into a monster trade and do not want to give up much, you can "crank" your stops to follow closer or place the exit trend line at ANY angle or any price level on the chart. Once the exit line is violated the system exits the trade. In panel 2, the trade's profit and loss graph is plotted for you. If you see an entry and do not have the entry line set, you can just hit the market long or short, and once again the trade is managed for you.

The indicators show the current trend with background colors. The individual bars are painted to show whether the bars are agreeing with the trend, are neutral, or are bucking the trend for a possible change.

They show and teach possible trade targets based on previous swings. The indicators show swing levels and trailing stop dots. The stop dots are different for different range bar charts, and it is uncanny how often you can enter a trade when prices pull back to the stop dots. If the trailing stop dots are broken, you can quickly exit the trade. Or my other option is to wait for a resumption of the trend after the pullback to the stop dots.

They teach you how to establish daily goals and how to quit when your profit or loss goals are met. Their motto is "Nicely Green, turn OFF the machine". The moderator showing the trading charts quite often will bring a live trading chart from his other screens showing his LIVE ACCOUNT (with the right background color on the chart trader panel AND his acct # showing so you know it isn't bull). He rarely fails to show charts every day showing that he is in several contracts and making thousands of dollars. They give you profit targets based on previous swings. Take partial profits when these are reached and leave the rest on @ break even or use intelligent trailing stops. They also let you know when a trade is a loser.

With the volatility these last few months 50 tic trades are common, 90 - 100 tic trades are not unusual in equities or oil. Stops on probe trades are just a few tics, while breakout trade usually have 15 - 20 tic stops based on volatility. They also teach you how to avoid choppy markets, how to recognize choppy markets as opposed to trending markets. If you do get caught in a "head fake" breakout, how you should quickly exit.

In curriencies, they have a proprietary indicator called the Oracle. The Oracle takes into account tons of different information and gives you both a mid and short term value. By waiting till the long term background, the mid and short Oracles all agree, your chances of getting in a currency trade that chops you up are really reduced. It is common the profit targets of 80 tics are reached several times a week. This is their "3 ducks trade" - 3 ducks all in a row. They also teach the "hook" trade. The short term Oracle dips below a certain level, while the mid term stays in the right level. Once the short term hooks back to the proper level, an entry signal is generated.

One unique feature is their HIGH ENERGY TIMES and High Probability Trades. Twice a day (usually around midnight and 4:00 AM) they email the information to you. It is uncanny the amount of times these HETs are close to a swing high or low or a resumption of a trend. These High Energy Times are good for around 40 minutes. Times with a double asterisk attached are VERY strong. High Probability Trades show which instruments are due for a large volatility day based on previous days price action. A lot of customers just use their system to trade around news events and high energy times -- times when the markets are expected to move and breakouts are more common.

They have literally 100s of hours of recorded webinars members can access explaining their methods. They teach proper risk management. They teach breakout and pullback trades in great detail. If you are new to trading, they encourage you to stick to the dollar index or NQ where the risk on their system is $75 (15 tics on 1 contract) till you learn the system. With the current state of price swings lately, $300 profit days on these 2 instruments with only 1 contract are common. At $5 per tick, that is 60 tics per day.

There is a 10 day free trail you can access. The name of the company is Viper Trading Systems. Once again, I am just a satisfied customer. If you are brand new to trading, these simple methods work, the charts are simple. And the good thing is, if you miss a trade, just be patient. Just like trains or planes, another trade is coming along. Trading range bars instead of time based bars allow you to see trends easier. Larger range bar charts are the equivalent to longer time frame charts. By trading the smaller term range bars using the larger term range bars for long trend guidance, you increase your chances for success.

Trading is not easy just be prepared to be wrong anytime you enter a trade till price action shows you otherwise.
Gary, Rich and Charles know this and give support by email or Skype. There are also 4 webinars per week where their methods are discussed and questions are answered for all. Every webinar includes charts of recent trades and methods to improve your skills. If you cannot make it, the webinars are recorded for members.

God Bless

Sparky


Last edited by sparky; August 21st, 2011 at 10:34 PM. Reason: wrong pronoun - no signature showing
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