It's already been said, but yes, it is definitely worth it.
It will not be real, real easy to learn, and there will be many contradictory viewpoints to figure out, and you will have to find your own way to do things, but futures.io (formerly BMT) can help. And people do want to help here.
I would say, do it.
The following 2 users say Thank You to bobwest for this post:
So the posts in this thread pushed me over the edge to finally become an "elite"...
I'm very new to trading myself, basically started learning about it more out of boredom and curiosity in early September. Thus I can't tell you whether futures.io (formerly BMT)/the people here is/are the highest authority on trading on the whole web. But I can tell you that I personally haven't found a better forum regardless of subject matter in the 21 years I've been on the internet. The people here are friendly and very focused on generating knowledge together. If my money can help keep this place alive, I'm happy to contribute.
Is it worth it to pay for the "elite" content, though? That's actually a very hard question to answer in one respect but a really simple one in another: Nobody can tell you what will benefit you the most. You might want to start out just watching the free webinars and asking questions in the free section. See whether trading is for you. At the start I was certain I wouldn't ever buy the elite membership. A couple of months later I was certain it was the right thing to buy it. There definitely is enough content freely accessible that you don't have to buy access to what is behing the pay-wall. However the information, the indicators, the experience etc. you get access to are definitely worth more than the 85€ I paid. All of this would cost many many thousands of euros, were it sold as seminars, books, dvd sets or software packages. And that's only looking at the direct cost, without looking at how much additional profit, reduced risk and less work (of figuring it all out yourself) you get from having all these people's know-how at your fingertips.
The following 2 users say Thank You to skoa for this post:
Regardless of what your approach is to the markets, I think one thing you should learn to do is read the order flow. I think most pros use this regardless of their style (if you do not trade intraday not so important). The jigsaw DOM trader is excellent for this, it is rather pricey but I highly recommend it - it will show the bids and offers being hit and also leave a temporary trail - the standard ninjatrader dom only shows bids and offers. I also believe a sound understanding of technical analysis is very useful, I use horizontal S/R (which I use market profile to help me refine, honestly atm I only have a very basic understanding of it) as well as trend lines and chart patterns which I use to find entries. Ideally I should wait and see how price reacts at the location watching the order flow but my biggest weakness is impatience and this costs me a lot. Like yourself I am an aspiring trader, so this is just my opinion and I guess it aint worth much cuz Im not trading live lol. All I know is there are lots of profitable traders out there who have very different approaches. Another thing I should mention is the path to consistent profitability is tough and will take time. I have heard it takes around 6-12 months according to mike bellafiore, manager of a ny equities prop firm and author of "one good trade" (and this relevant only to their traders who receiving professional guidance and are trading full time). The important thing is to focus on getting better, have process oriented goals (like doing your daily prep everyday, sticking to your plan.) because it is highly unlikely you will show good results when you first start, and keep reviewing your work. I like to record my trading sessions and review after. Did I miss any opportunities? Did I get involved too much and overtrade? (me way too often). Where could I have gotten bigger? Things like this.
Last edited by TickedOff; January 6th, 2015 at 08:00 PM.