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Experience at Live Trading Rooms
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Experience at Live Trading Rooms

  #221 (permalink)
Elite Member
Fairfax, VA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES, CL, 6E, 6B
 
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Big Mike View Post
No.

I strongly advise you stay away from ALL of these places. Look, I don't want to tout futures.io (formerly BMT) as the best place ever, but you really can learn a lot more from this forum (and for free, or the price of a small donation -- very tiny in comparison to these other sites) than you can learn from these other sites selling indicators or trade calling services. That is not to be said one of these places may be worthwhile, but for the most part, no one can sell you something that is going to make you a better trader, no matter what that something is. You asked for my advice so there it is.

Now, I'll be honest. I doubt most people reading this thread will heed my advice. Most people reading a thread like this are new, inexperienced traders, who are looking for a shortcut. I've been there. I was even a member of a trading room for two or three months when I was less experienced. I was looking for a short cut back then, although I didn't have the experience yet to even know that. There is no shortcut to trade profitably long term. The two are incompatible. If you are serious and fully committed to trading for a living, then stop spending time looking for the holy grail, and start focusing on building your own experience by doing and learning for yourself.

Mike

Hi Big Mike. Your advice really enlightened me about trading rooms. Every time i get temptation to join one, I read thread to keep me out of trouble.

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  #222 (permalink)
Elite Member
Naperville IL
 
Futures Experience: Intermediate
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Broker/Data: NT broker
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Posts: 954 since Feb 2010
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my experience with trading room

Most of free trading rooms finally lead to selling something to you, such as software, indicators, newsletter, one on one training...here is my experience...

I attend a free trading room, in the room, the host, whom I respect very much, often tries his hard to induce people to buy his one on one training and newsletter, he always tell people that some advanced classes are for one on one training only. so I paid $1200 for the one on one training, at first few classes, he was fine, but after that, he start to kill time at training session, when he was teaching me, most of time he was typing and chatting with other guys, and lost the topic with me. Such things happened for the rest of classes. Sometimes he cancelled classes for personal reasons, he is a broker too, he hopes I can bring my clients to him, when he found he could not get my clients, he simply cancelled the whole course (the training is not finished yet).

Conclusion: very disappointed about this guy and his course, my feeling is to pay for getting fooled.

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  #223 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
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supermht View Post
Most of free trading rooms finally lead to selling something to you, such as software, indicators, newsletter, one on one training...here is my experience...

I attend a free trading room, in the room, the host, whom I respect very much, often tries his hard to induce people to buy his one on one training and newsletter, he always tell people that some advanced classes are for one on one training only. so I paid $1200 for the one on one training, at first few classes, he was fine, but after that, he start to kill time at training session, when he was teaching me, most of time he was typing and chatting with other guys, and lost the topic with me. Such things happened for the rest of classes. Sometimes he cancelled classes for personal reasons, he is a broker too, he hopes I can bring my clients to him, when he found he could not get my clients, he simply cancelled the whole course (the training is not finished yet).

Conclusion: very disappointed about this guy and his course, my feeling is to pay for getting fooled.

Please name the guy, and if an existing thread does not exist on him, create one.

Mike

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  #224 (permalink)
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desert CA
 
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supermht View Post
Most of free trading rooms finally lead to selling something to you, such as software, indicators, newsletter, one on one training...here is my experience...

I attend a free trading room, in the room, the host, whom I respect very much, often tries his hard to induce people to buy his one on one training and newsletter, he always tell people that some advanced classes are for one on one training only. so I paid $1200 for the one on one training, at first few classes, he was fine, but after that, he start to kill time at training session, when he was teaching me, most of time he was typing and chatting with other guys, and lost the topic with me. Such things happened for the rest of classes. Sometimes he cancelled classes for personal reasons, he is a broker too, he hopes I can bring my clients to him, when he found he could not get my clients, he simply cancelled the whole course (the training is not finished yet).

Conclusion: very disappointed about this guy and his course, my feeling is to pay for getting fooled.

Hi Supermht, was this much earlier in your trading education? I remember in the CJ Booth free room a couple of years ago you were doing very well without need for CJ's setups.

I had a similar situation. Room wasn't free, I paid for one month. but the host wanted "everyone" to sign up for the "apprenticeship" which was about $4-5k; Luckily I realized the guy was shoring up the performance with trades after hours and he slipped up the room trades were all sim once. I felt like I was the only client in the room. Sometimes the host would talk to others but it seemed to be other "staff" or always the same "other" "clients". They didn't show how many others there were in the room. I did a review post on the place a year ago.

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  #225 (permalink)
Market Wizard
Switzerland
 
Futures Experience: Intermediate
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The best trading room I know of...

... is my very personal desk

1) it is free of further monthly extra costs plus surprises
2) I know "I am the only one" in there anyway (except the cat)
3) the risk on any trade taken is solely on my side
4) every winner goes to 100% into my pocket
and last but not least
5) I have no need to cancel a costly membership

hmmm - forgot about the sexiest: I can trade on SIM
or for REAL and NOBODY cares

GFIs1

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  #226 (permalink)
Elite Member
Stamford, Ct
 
Futures Experience: Beginner
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I love this post.


Big Mike View Post
No trading room can make you profitable.

I would avoid Traders International at all costs, in particular.

If you are a complete trading newbie then a trading room like EOT's for $233/mo can at least teach you basics, what a future is, all the acronyms, how to do stuff with your platform, things you have to know. But they can't teach you how to trade, no one can.

The best thing you can do is set aside all your money and make a promise to yourself that you won't spend a single dollar trading for at least 24 months from today, if you are just getting started. Then spend 60-80 hours a week for the next 2 years learning. But since most people think that doesn't apply to them and they can somehow beat the odds, the next best thing is to be completely honest about everything to yourself, and keep a Journal of your trades and journey in our Journals section here on futures.io (formerly BMT). No excuses. Everyone loves to make excuses for why something went wrong, but 99% of the time the trader is at fault and whatever excuse they make is pure crap. These are the traders that will fail ultimately. 95% of all traders do fail.

Trading is both the easiest thing to do and also the most demanding thing you've ever done in your entire life. It can ruin your life, your family, and everything you touch if you don't respect it, or it can change your life, your families, and give you a feeling that is hard to find elsewhere if you succeed.

Welcome to futures.io (formerly BMT)!

Mike

Hard work, harder work and more hard work.....honesty, self-reflection, accountability, mental fortitude and pristine money management. Your success is in your hands, and yours alone. Trading education is a wasteland. Few beacons of light. I would however recommend marketgeometry.com. Not a trading room. But a solid educational site run by a great, world-renowned trader (Tim Morge).

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  #227 (permalink)
Elite Member
Portland Oregon, United States
 
Futures Experience: Beginner
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Zondor's Avatar
 
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The KLOWNE ROOME ® !

I recommend the Klowne Roome, links to which are posted in the futures.io (formerly BMT) Forum chat box from time to time.

It has charts that show some unusual ideas that may be useful in addition to normal charts of ES that you already have (don't you?) with stuff like VWAP bands for timing entries based on trend continuation, mean reversion, etc.


It's just an informal screen share and the only cost is having to put up with me. Can only hold nine visitors and I am not sure how much longer I will be doing it.

"If we don't loosen up some money, this sucker is going down." -GW Bush, 2008
“Lack of proof that something is true does not prove that it is not true - when you want to believe.” -Humpty Dumpty, 2014
“The greatest shortcoming of the human race is our inability to understand the exponential function.”
Prof. Albert Bartlett
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  #228 (permalink)
Elite Member
bellingham, wa
 
Futures Experience: Advanced
Platform: Ninja trader, Multicharts
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Posts: 12 since May 2010
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".........I strongly advise you stay away from ALL of these places. Look, I don't want to tout futures.io (formerly BMT) as the best place ever, but you really can learn a lot more from this forum (and for free, or the price of a small donation -- very tiny in comparison to these other sites) than you can learn from these other sites selling indicators or trade calling services. That is not to be said one of these places may be worthwhile, but for the most part, no one can sell you something that is going to make you a better trader, no matter what that something is. You asked for my advice so there it is.......


I agree with Big Mike on the above statement.
I have been to many rooms, paid or free, many are not trustworthy. Even the honest one does not know how to trade profitably. So those rooms come and go. Check out Paltalk rooms for trading. You will see my point. If you decide to go into a room, just watch and DO NOT actually trade for at least 1 months, not just 1 day or 2. IT's your hard earned money, don't loose it because it appears to be good. I have seen it many times. Some room owners was doing fine for the first few days or weeks then everything went against him/her. Also, stay away from those that sweet talk to you how good he is. One of my worst experience was with this Marek (polish accent guy) ,he is a crook 100%. Do not go into his room under any circumstances. If you want to learn Market Profile, James Pendleberry is a honest guy. But mp is widely used. IMO, price action is the best.
Join a room for your learning benefit and not for following others.
Just do what Big Mike suggested, learn yourself. I am now a better trader when I learned it all myself.
It many take time but definitely will save you money in the long run; so later you can use that money to trade when you are good and need it.

Good luck to your search.

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  #229 (permalink)
Elite Member
Chicago, USA
 
Futures Experience: Advanced
Platform: TradeStation, NinjaTrader, Market Delta, TOS, StreetSmartEdge, OptionXpress
Favorite Futures: ES, currency futures, options, stocks
 
Posts: 182 since Dec 2010
Thanks: 283 given, 246 received

Then back that up with substance. Show your trades, the techniques being used at a high level. You don't need to review any secrets, we've been around the block long enough to be able to tell if something is valuable or not. Don't point us to some cheesy web site!
Also, you seem new to trading, winning strategies stop to work after market conditions change. Seasoned traders here can validate if your claims have any value. We've been on a strong uptrend, the market is very forgiving these times.
The value of this forum is exactly to avoid the hundreds of bad businesses out there, if you are not willing to contribute in that way, there is no point in posting here. We come here to help each other as traders and avoid the pitfalls that many of us went through when we started trading (btw, if you really are in this for the long term you will not really need any newsletter... )
Be careful out there and good luck!


Last edited by dstrader; March 9th, 2014 at 07:59 PM.
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  #230 (permalink)
Elite Member
desert CA
 
Futures Experience: Intermediate
Platform: NT7, TOS
Broker/Data: AMP/wCQG, TDA
Favorite Futures: CL,YM
 
Posts: 2,022 since Jul 2011
Thanks: 2,211 given, 1,543 received



dstrader View Post
Totally fishy... I think people here at futures.io (formerly BMT)F are smarter than this ... come on! don't waste our time!


Big Mike will usually moderate and check out one-note posting ads like this. He's been gone for a week or longer leave currently I think.


Last edited by Cloudy; March 9th, 2014 at 09:51 PM.
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