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Experience at Live Trading Rooms

  #243 (permalink)

San Diego
 
Trading Experience: Intermediate
Platform: NinjaTrader/Think or Swim
Broker/Data: TDA/Interactive Brokers/ Data Feed TDA & IBK ( Dropped Kinetick)
Favorite Futures: Stocks NASDAQ
 
bd92154's Avatar
 
Posts: 1,055 since May 2011
Thanks: 1,540 given, 442 received


MktWiz View Post
Hello Traders,

I would like to hear from any of you that could have any previous experience as a subscriber to a Live Trading Room.
I’ve been at some demos at Traders International, Rockwell Trading and also a trading room from Australia called Your Trading Room and it seems they have a methodology that works. Also on the publications of their results the show impressive track records, off course with the disclaimer that those results were obtained on the simulator.
My personal opinion is that I rather use the $4,000 - $6,000 they charge for their services as a “learning cost” and star trading on my own.
I think that at this point in my trading career I have enough experience, discipline and knowledge to start day trading; probably I’m still lacking a specific methodology for my setups, but I’ve been doing pretty well on the simulator and I have a very good knowledge of money management, position sizing and have solid discipline.

I’ll appreciate your thoughts…

Happy Trading
The Wiz

Thanks, Great topic....
Another thing that I would add to the discussion is that I find a few things to be true about trading rooms for me:
(Please note: for me, and IMHO as the market has humbled me on more than one occasion in my short lifetime.)
1. I am not disciplined enough to take the trades when the room is taking a trade.
2. Rooms always seem to be making money when I am not in the room, or so are the claims of the rooms that charge $$$ when asked.
3. Even if you have the discipline to follow the room exactly your order fill will be vastly different than everyone else in the room.

Okay with that all said as you can guess I don't trade in rooms and avoid them like the plague. Wish that the cost of tuition for learning the market was only $4-$6,000, but I guess for each person it is different.

One thing that I am very thankful for is that I am a member of this site Big Mike's Trading and that there are tons of people that are very knowledgeable about just about every type of trading here. When I get to the level where I can ask the right questions I just may start doing so. ;-)

Have a great day. Lastly, for those using rooms to trade where it is working for them; well then if it is working why change. Yes I am saying that trading rooms can be good, just not good for me at this point in my trading career.

p.s. I have belonged to three different trading rooms in the past, with little to no success in the past.
Currently have two rooms that I listen to now off and on, but not for trading, more because I like to get a feel for what others are doing, and market metrics.

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