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Should vendors be allowed to become Elite Members?

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Elite Member
Bala, PA, USA
Trading Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Mirus, IB
Favorite Futures: SPY, Oil, Euro
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Posts: 1,858 since Jul 2010
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ollie View Post
Last April I was in Roger Felton's trading room for about 4 weeks. At one point he said he was working with volumn indicators and called them "proprietary" and would not show these charts or indicators in his free trading room. At one point he was talking to Clint, his assistant, and called these indicators by name--Gomi.

Here is a man that was charging $3,500 up front than $300 per month for his indicators. But yet he called Gomi's work Proprietary. He did not code these and they were not even his idea.

Roger wqs an elite member and has done two seminars for (formerly BMT). As it is, it is easy enough to take any indicator and sell it as your own. I do not believe that elite vendors will prevent the theft of indicators, but will have the opposite effect. We are giving these for profit companies the keys to the front door.

It would be great if a professional wants to educate us with unbiased information. I am not sure how to seperate the information from a soft sell of his services.

I attended one of Roger Felton's webinars a few weeks ago because it was touting his awesome new Renko bars. The moment I saw the bars I realized, (in my sole opinion), they were an implementation of @RJay's bars. To be fair, I'm sure they didn't steal RJay's code, but just implemented an idea that was not originally their own. But I think it still illustrates, that if a piece of code is only available to an 'elite', then someone is gonna steal or reverse-engineer it and sell it to the 'non-elite'. To deter them from doing it, you have to make it available freely to all, only then will no one be willing to pay for it.

I think there are 2 distinct issues here. How do you entice people to become elite members? and how do you deter people from stealing elite code? I think elite threads and webinars is the answer to the first question, and making all indicators available to everyone is the answer to the second.

Last edited by monpere; September 12th, 2012 at 12:39 PM.
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