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Experience at Live Trading Rooms


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Experience at Live Trading Rooms

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  #61 (permalink)
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traderfranco View Post
Hi Mike,

Do you know a good course about Russel -2000? (TF)

Tks,

Franco

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

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  #62 (permalink)
Juno Beach
 
Experience: Advanced
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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

Mike,

I do believe that a good, key work good trading mentor can either shorten ones learning curve, or at least allow one to realize before spending over 200,000 to learn how to trade (that was my education cost with no mentor). Also, if nothing else, a good mentor will teach his traders how to protect their precious capital first and for most while learning to trade. Trading is not for everybody, and most are not willing to do the work that it takes to learn either.

Jam

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  #63 (permalink)
NY + NY/USA
 
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JamTheTrader View Post
Mike,

I do believe that a good, key work good trading mentor can either shorten ones learning curve, or at least allow one to realize before spending over 200,000 to learn how to trade (that was my education cost with no mentor). Also, if nothing else, a good mentor will teach his traders how to protect their precious capital first and for most while learning to trade. Trading is not for everybody, and most are not willing to do the work that it takes to learn either.

Jam

I agree that emphatically telling someone to just go it alone is not the best way. It does eventually come down to that, but it depends on how many years and how costly you want the ride to be until that point. Training with someone who has gone the road before you and come to their destination can shorten the learning curve and make it less expensive. The problem arises when you think that a mentor equals no loss and an easy road. IT does not. You still will have pain and suffering, but a mentor can help you control it just by his/her example, and help you understand that whether you make it will eventually come down to you as an individual. If the mentor is any good he can teach you to fish well enough to at least eat regularly. Whether you will feast on cake and ice-cream will be completely up to you and no mentor can do that for you.
So I think having a plan whereby you spend 6 months getting your initial training with someone who YOU MUST VERIFY THEIR TRACK RECORD, can go a long way to get you started out with the least amount of pain.
The hard part is going to be finding the right mentor and first method that you are able to understand and work with.
Alternatively is to find a trading buddy or group and help each other. This is where a forum like this can help. It means a bit more work on your part, and you may have to really find a sympathetic ear to spend some real 1:1 time with you, but it is an alternative, but not necessarily a cheaper alternative or efficient method.
If you plan has a time line and goal projections, then you can gauge whether the progress you are making is suitable for you, and go from there with alternatives.

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  #64 (permalink)
Juno Beach
 
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Jaguar52 View Post
I agree that emphatically telling someone to just go it alone is not the best way. It does eventually come down to that, but it depends on how many years and how costly you want the ride to be until that point. Training with someone who has gone the road before you and come to their destination can shorten the learning curve and make it less expensive. The problem arises when you think that a mentor equals no loss and an easy road. IT does not. You still will have pain and suffering, but a mentor can help you control it just by his/her example, and help you understand that whether you make it will eventually come down to you as an individual. If the mentor is any good he can teach you to fish well enough to at least eat regularly. Whether you will feast on cake and ice-cream will be completely up to you and no mentor can do that for you.
So I think having a plan whereby you spend 6 months getting your initial training with someone who YOU MUST VERIFY THEIR TRACK RECORD, can go a long way to get you started out with the least amount of pain.
The hard part is going to be finding the right mentor and first method that you are able to understand and work with.
Alternatively is to find a trading buddy or group and help each other. This is where a forum like this can help. It means a bit more work on your part, and you may have to really find a sympathetic ear to spend some real 1:1 time with you, but it is an alternative, but not necessarily a cheaper alternative or efficient method.
If you plan has a time line and goal projections, then you can gauge whether the progress you are making is suitable for you, and go from there with alternatives.

Mike,

Very well put. I would consider your forum to be hands down the best out ther period. And no better place can be found for finding help and a great community and believe me I have been out there and there is a lot of crap both vendors, and traders that want to blame everyone else for their shortcomings.

Finding a mentor is not easy, but having one that trades large fund money and private accounts and especially in the live trading room is a huge plus. You can expect to pay more for this service I am sure as you are getting experience and not fluff.

Great words Mike!

Jam

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  #65 (permalink)
USA
 
Experience: Intermediate
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Every one thank you for your inputs. Several day ago joined ES and OEX options trading room. Room is moderated by Ed Moore from New Era Trader. Ed is trading end of the week/month OEX options with ES futures. I have been following his trading for over one year now and I think he is very good. Cost for 2 days every week is $175.00 but potential to learn is unlimited. He is offering other services and one month room, but I decided to start with 2 time per week and see how this would go. If I can make 4 points on ES trading with Ed I would cover my cost. I guess its very good. There are records of his trading on his website and you can even talk to him on the phone. I'll keep you all posted on my progress.

Have fun and stay green!!!

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  #66 (permalink)
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Please share your experience with the following trading rooms:

Channel-Trading
TAS Futures Trading Room: Get serious about your trading career
Tradingclinic.com
TradingStarPro.com | Learn Simple and Powerful Day Trading Techniques
Signal Trading - Live Daytrading Futures Forex Room

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  #67 (permalink)
Cape Town, South Africa
 
Experience: Advanced
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i do not see anything wrong with a mentor or a tradingroom, provided they have an edge that is recurrent and clear so that the students can test out the edge using sim or replaytrading. plus also, my mentor bill mcdowell says loss management is the key, as wins do not need any babysitting or management to become wins. i am currently having a dismal performance, which is mainly for my lack of focus.

what bigmike says i have heard b4 from estanblished traders. problem is, no begiinner is going to get consistency just doing a throw of coin or some method he has seen on a forum. i have yet to encounter some person who is consistently profitable with a couple of ema's and a coule of hh,hl. if they exist, i have maybe not been to enough forums. i know elitetrader, traderslaboratory. most of the consistently profitable traders on public forums do kept their threads or journals as informercials. if u want to dig deeper into their method, u have to pay for some system.

plus while futures.io (formerly BMT) is a gr8 place, i tend to think that due to countless journals, lack of focus crept in and usually does not mobilise the collective wisdom of the masses of retail traders. if we choose a single instrument like nq and standard anchor and entry chart, traders can share pure price action ideas that are actionable within the confines of what the parameters. unfortunately, i found people tend to think allowing space for every1 to post is the best thing. yes its conducive, but in the long run doesnt really take advantage of the little exxpertise that each little man. i think one of the greatness of AHG, anek's thread, has been to bring the little men toget, definite the parameters, and look for improvements from whatever contribution any1 can make. I tried to look for something similar on priceaction.net, but again, people run their threads and even the close room, doesnt have particular focus to a specific instrument.

Yes the beginning trader can learn from public forums. but there is simply too much out there, even in futures.io (formerly BMT), to shift thru and make sense. I thus appeal for some1 to start a specific thread, with one instrument, and defined anchor/entry charts so that we can share whatever we have learnt in tradingrooms.

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  #68 (permalink)
Brisbane Australia
 
Experience: Advanced
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I'll put a quick blurb in since I've been in a few rooms. The posted question was simply to review experiences, so that's what I'll do:

For me, a reasonable room is valuable for the contact and confirmations in an otherwise lonely office.

I haven't yet found the 'holy grail' of trading rooms and I can't for the life of me work out why one doesn't exist. I mean surely there is someone out there who is actually a great trader who is willing to broadcast actual trades, show their DOM, track record, and all of that ....

But anyway, I've still found all the rooms I've been in to be extremely valuable, so long as you don't expect too much.

1. Traders International. I started there. I know there's a lot of bad wrap about them, but they got me off the ground, got me disciplined, gave me a lot of material and I'm thankful for that. I have actually been given unique right to sell my membership, so if you are interested, please contact me as I'm no longer in need of it.

2. Your Trading Room. I'm still a member and check in from time to time. I think these guys have a lot of integrity but they specialise in FX and I specialise in the ES. However, when I start to trade FX, I'm going back to these guys. They have an enormous amount of educational material, and the little time I have spent in the rooms was very positive. I haven't been inside long enough to really promote them, but I can say that from what I've seen, it's very good.

3. Puretick. Impossible to follow, impossible that they are actually getting those results; basically always feels like they are calling trades after the fact. Too expensive. Still, I joined for a few months, learned a little and didn't blow my account. However, their track record on their website is definitely 'inflated'.

4. Eminijunkie. Still in this room and love it. This guy does NOT call his own trades, rather he calls the trades of a 'system'. This can be frustrating if you are looking for actual calls. His daily video is openly a 'best case scenario' and should not be given any credence. However, I find his education very good, and once you learn to make the system your own, I feel that there is value in this room. It's also very cheap.

Again, for me the key has been that none of these rooms can or will make you profitable. They are all sources of education and instruction and if you treat them as such, you avoid disappointment. If anyone DOES indeed know of a room that consistently calls profitable and followable trades, then please let us know !

Hope that helps,

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  #69 (permalink)
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waverider View Post
3. Puretick. Impossible to follow, impossible that they are actually getting those results; basically always feels like they are calling trades after the fact. Too expensive. Still, I joined for a few months, learned a little and didn't blow my account. However, their track record on their website is definitely 'inflated'.

Puretick was the only paid room I have ever been. I learned something... that I alredy knew. Probably for a complete novice is worth a month. The signals were not useful, I only liked the comment moderators did, showing a good understanding of markets. But that's all. 1 month and you get all they can offer.

When I unsubscribed, they become extremely aggressivelly, trying to convince me to stay. When they said they didn't receive my unsubscribing email (but I received the read message notification, lol) I blocked my credit card...

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  #70 (permalink)
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I tried TradingstarPro for a month. It is very unprofessional. The guy loses internet connection a lot. He is trading someones method and calling out trades, but you never know the method. Seems like he is doing it in his living room with kids running around. Results seemed like what he claimed but he moved his profit target a lot without being clear what he was doing.
I also tried Puretick for a month. What a pack of liars. He rings a bell for a trade but gets in before that if it is a winner, or says he waited if it went later or averaged down and got out a winner. Never takes a losing trade and never shows his dome. All he does is make fun of newbie trades. You must call them to cancel your trial and they try to convince you to stay. I had to cancel my debit card not to be charged again. Beware! He should be censored by regulators.
Al Brooks price action seems honest and good, but very very involved and confusing.
Advanced Trading Workshops. My trial was nothing but a hard sell. Stay away. I did learn a good divergence method but you can get that from any of their many webinars. Very expensive and a total waste. Just a come on.
Big Mike is right . Save yourself a lot of money and learn here.

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