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That is correct--this is the amount that I have spent (in excess of that and now with Alpha closer to 40K) since I started to day-trade in Feb 2008 on all software and trading rooms. I thought that I could always find a better software package, indicators and/or a trading room where I could win by taking their trades; however, as most who have been down this route can attest too--this is a losing proposition.
Until Alla, all the trading rooms wanted to sell their software and indicators. I do not think most (if any) actually traded for a living, but lived off newbies searching for the Holy Grail.
I could name those software packages I have tried and the trading rooms that I have been in; however, I am not going to go there: the reason is because their are traders who state they can use those methods and no doubt there are; however, I believe that they have incorprated other things they know and experience to be successful---experience and time in the market is the best teacher.
Once I got rid of all those indacators and learned price structure with candlestick patterns, then I became successful too.
Trading is the most difficult undertaking I have ever attempted. I have been highly successful in all my life endeavors until trading.
To be successful in trading, just about everything you learned to succeed in life has to be ignored. This was the most difficult part for me to do and I still struggle at times because I believed that one could always be successful as long as you gathered the facts/information; assimilated, analyzed and synthesized that information; and then used inductive and/or deductive reasoning to arrive at a good decision. This does not work in trading and it is difficult to accept that you will make wrong decisions at times in trading--especially when life has taught you how successful you have been in the past by using the aforementioned method.
Ask your Qs here, maybe others will learn something from them.
No need to worry about wasting money. Stay in the room for a few months and you should earn enough to cover the education fee (if you haven't earned that much after 4-5 months, you probably shouldn't be trading). But be prepared to withstand the "Hurry, sign up now before the prices go up" pressure.
Stymie thanks for fielding questions! I went in the room for one day after a webinar and didn't go back because I thought a few times she was calling out the entry after it had already moved ( like another room I was in did). I doubt you could have got her fill in the room all the time. I get the impression from you that the method is legit and ...
1. maybe if we study the 8 range chart she uses it might give me a heads up on when to be ready for her price? She does give a warning, but it is still possible to miss it.
2. The inverse risk/reward ratio put me off some. One of her trades hit Target One and then stopped out for an overall loss, but it shows up as a winner if you just look at the winning trades column. You think I could cover the cost of the room and make some money trading one contract to start? Could I get enough fills is my question?
3. I understand she has to make her levels "secret" or you could just use the Ninja tool, but she can't change them too much or they won't be Fibonacci, probably close?
She did say she doesn't trade live when she is moderating 2 rooms at once. Combine that with the constant emails to buy and watch her partner webinars and you can see why I was put off. I wouldn't pay anyone 3k again for education, but it seems like you didn't need the education package to make money, so I may give the monthly room a shot based on your comments, (thanks in advance, we'll see what you say). If you stay in the room long enough you will pay more than the education package! I guess I am figuring that you could have figured it out before that crossover of expenses happens after 18 months of room fees.
I`ve had a few free days in her room and I completely agree with all of your points, Longboat. With enough time in the room I think you can probably determine the fib levels that`re used. It is the other criteria that she uses to qualify the trade before entering that I think would be valuable to learn.
From what I`ve seen, you should be able to get enough trades especially if you trade TF, NQ and 6E, as she does, but I agree with your concerns on the risk/reward ratio.
If you do go ahead with it, I'd be interested in hearing your experiences.
Fellows, the fibs is nothing secret about them; however, how she draws the fibs is different than anyone else that I have seen and different than how I use to draw them too. The real secret to her trades is the price structure and candlestick patterns she uses plus the rules for those structures and patterns.
As I stated before, I never was a successful trader until I learned this method. It is well worth the price because if you learn this method, you can make a living in the market. In the last week I had 17 trades and 15 were winners!
I take my own trades using her method and not what Alla calls because she calls every possible trade she sees with her method. I personally take the high probabilty ones where I can see how the longer time frame charts are possibly setting up for her method too. I take trades primarily off the 8 and 13 range charts, but am watching the 21 range and 60 min charts too. If I enter off the 8 range I like to see the 13 range in a possible price structure too and if is not I take all my profit at the first target area.
I will be in trades that she calls, but I have already seen the pattern, and because she is watching 3 markets and answering questions she does miss some trades.
Another reason I do not follow her calls is that she is watching the 6E and NQ. I do not trade any of those. I use to trade the 6E but it has been so dead during the US session I have stopped. I follow the CL, Tf and ES now.
As far as her readjusting her fibs after an entry, you would understand if you knew the method. When she does this it is because she is calling the more conservative entry; however, she readusts the fib when the fill is because the conservative entry is not where the pattern is and you have to readjust the fib to get the proper price target.
I hope this helps you with some of your problems. I would say Stymie has not really learned the method and has it down pat, or he would be very happy with his results using the method.
I could show any entry and that could be a lie because anyone can trade the left side of the chart.
I believe you want to see charts and have explantions of the entry to try to learn the method without paying. I will not share such charts.
Howevere, I will share my performance record straight out of my Ninja so you have verification of my actual performance. This is more proof than any marked up chart can show about how well a trader can trade a method. I have not seen anyone else in Big Mike's offer this as proof of a method.
Send me an email and I will attach it to a reply. I did signa non-disclosure statement and am an honorable man as well as a Christian and cannot explain the method.
probably close?