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Experience at Live Trading Rooms
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Created: by MktWiz Attachments:18

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Experience at Live Trading Rooms

  #241 (permalink)
Membership Temporarily Revoked
Toronto
 
Futures Experience: Beginner
Platform: Sierra
Broker/Data: MB
Favorite Futures: ES
 
Posts: 313 since Jun 2013
Thanks: 182 given, 58 received

24 Months?


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


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.

HI Mike,

Where do you get the figure 24 months from?

I have spent 12 months so far, and about 50 hours a week. ( I need to be more efficient).......


I should perhaps start a Trading Journal,

Happy 4th July.

BF.

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  #242 (permalink)
Membership Temporarily Revoked
Toronto
 
Futures Experience: Beginner
Platform: Sierra
Broker/Data: MB
Favorite Futures: ES
 
Posts: 313 since Jun 2013
Thanks: 182 given, 58 received

Has anyone heard of, or have any experience with Simon BazBaz from "Trade and Perform"?


He is a counter trend trader trading the ES, uses market profile.

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  #243 (permalink)
Elite Member
San Diego
 
Futures 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: 981 since May 2011
Thanks: 1,536 given, 431 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.
Iíve 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 ďlearning costĒ 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 Iím still lacking a specific methodology for my setups, but Iíve been doing pretty well on the simulator and I have a very good knowledge of money management, position sizing and have solid discipline.

Iíll appreciate your thoughtsÖ

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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  #244 (permalink)
Elite Member
Florida
 
Futures Experience: Intermediate
Platform: NinjaTrader, TOS
Broker/Data: AMP/CQG (former accts: Mirus, Lightspeed)
Favorite Futures: Crude and ES
 
Posts: 12 since Jul 2010
Thanks: 1 given, 5 received

Day Trading Radio has a good serious group of futures traders. Most of them are Jigsaw and EminiWatch players. They are also creating innovative products for the Emini SP 500 and futures traders.

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  #245 (permalink)
Membership Temporarily Revoked
Prescott/AZ
 
Futures Experience: Intermediate
Platform: ToS, MotiveWave, Firetip
Favorite Futures: Emini ES
 
Allin's Avatar
 
Posts: 62 since Jun 2016
Thanks: 8 given, 31 received

Amen Brother...


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


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  #246 (permalink)
Elite Member
torrance, ca
 
Futures Experience: Master
Platform: thinkorswim
Favorite Futures: es
 
Posts: 1 since May 2014
Thanks: 0 given, 0 received

Besttradingchatroom.com


7-day trial
Quick 1-2 point trades. 1-5 per day
Most cases notifies you that a trade is going to happen and you get an alert
Most of his trades are accurate and consistent.
Doesn't go on indicator, just reading the market.
You get some idea of what, how the market works and reacts. Questions are always answered.
Free Slack community on #general but not that active.

You can follow the trader on Stocktwits https://stocktwits.com/wanderingintrovert or Twitter @introvertwander

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