I'm new to this forum and new to trading. I have made one introduction post and don't feel I have anything of value to offer except for three months of experience trading the ES from a SIM account on NinjaTrader. I haven't lost much money, but haven't gained much either, but having a great time doing it. Emotions are a double-edged-sword. Love the rollercoaster of emotions on one hand and trying to learn to control those emotions on the other. Plan to become an elite member next month and want to start my journal. The cost of entry is so low compared to the wealth of information available. It's all about "Value".
Although I am on the 2 year SIM trading and education plan, I review vendors from time to time. I actually tried to make this post on the "Vendors" forum, but due to not having any posts, could not start a new thread or make a reply. I get it. Rules. However, I still would like to know if there is any consensus here on futures.io (formerly BMT) if there are any reliable, believable, credible vendors??? For every single vendor that markets a product of any kind concerning trading material I can find a bad review, spam comment, or a plethora of negative comments. Are there ANY????
I think your question spans a wide array of answers, many which are subjective. There are as many vendors as there are types of vendors...for proprietary (or not) indicators, software, methodology's, automated strategy's, etc. In my experience there are some really great honest vendors, and plenty more that oughta be locked up. I think everything you need to start trading is right here on futures.io (formerly BMT)...and becoming and Elite member is the way to go as it will only give you access to more and better info. One thing I would say is that most vendors will give you a free trial, so take a test drive and see for yourself, if they don't offer it...then run!
hope this helps and welcome to futures.io (formerly BMT)!
The following user says Thank You to Devil Man for this post:
I started with the "Vendors and Products Review" section. That's where I encountered all the negative postings about almost all vendors mentioned. And if the thread/forum didn't say anything specifically negative, additional research found some type of "scam" or negative review.
I guess that I am not specific about the type of vendor. I'm classifying them all together. I have been researching live trading rooms, books, training courses, seminars, webinars, etc. The negative always seem to outweigh the positive responses.
I can assure you that I am not looking for a "holy grail". I'm just trying to learn as much as possible and want to be confident that what I'm learning has some value. Most of my learning is actually taking place while reviewing the previous days trading, post market activity, writing my daily trading plan, writing in my journal, and daily SIM trading. It's always amazing how I can have a well thought out plan and then trade nothing like my plan. Ha! Even when I'm trading I realize I'm going against the plan, but I can't stop myself. It's going to be a long journey.
I look forward to becoming an Elite member and contributing as I can. Thank you!
Becoming an elite member and having access to the webnars on this forum, is worth more than any vendor has to offer... tons of education in those webnars, on multiple trading approaches...all free for elite members.
The following 2 users say Thank You to sptrader for this post:
Your question is similar to asking which is the best movie out there? There is no one answer. That is why the reviews are what they are - an expression of peoples perception about the movie. Thats all. The movie might be really good and still some people wont like it or it may be really bad and some will still love it. I am trying to say that as far as trading goes, something that works for me may not work for you and vice-versa. Trading is a highly personalized profession in my opinion. If 100 people are given a trading method that has an edge, most will still not be able to make money out of it.
I guess what I am trying to say is that if you already feel like you have a trading plan that looks like it will work if you can bring yourself to be disciplined enough to allow it to, you dont need to look for vendors. Stick to what you have and make it better as time goes on. The less you change of what works, the better it is going to work.
Thanks for the response. The more time I spend on futures.io (formerly BMT), the more I'm finding things that I need to learn, and then the more time I spend on futures.io (formerly BMT). I'm a little nervous about the information that will become available as an Elite Member, I'll never get anything done. Ha!
Here are a few starting out recommendations. I assume you are looking for cost-effective newcomer trading education. These vendors/educators/books have had substantial support by members on futures.io (formerly BMT) though one can't say there is definite forum wide consensus.
For learning price action:
Either Al Brook's original book, the new 3 set, or alternatively his video course.
and/or PATs by Mack.
Trading with indicators:
There are good webinars on using indicators in the futures.io (formerly BMT) webinars section. Some
notable presenters with examples of using indicators are Linda Bradford Raschke and Corey Rosenbloom.
Orderflow:
There are intro to orderflow futures.io (formerly BMT) webinars by Jigsaw trading in the futures.io (formerly BMT) webinars section.
Market Profile:
The "markets" books by Dalton.
Trading room/educational prop firm:
topsteptrader.com seems to have great support on futures.io (formerly BMT) and there are now several TST combine journal threads. Whether to join as a member, or try their live combines.
CJBooth's room/trading site: Not visible on futures.io (formerly BMT) currently. But at one time was voted top trading method taught on futures.io (formerly BMT). CJ had gone through many expensive vendors and came up with his own method. His track record posted on his site is up for individual interpretation.
Your best bet is to get every book you can on trading from your local library (for free). Read everything for free that you can on the Internet. Just read and observe - don't jump to conclusions or close your mind to anything. Just soak up everything you can.
Do this for about 6 months. During this time, avoid any sales pitches, or anyone offering an easy way out. Avoid all trading rooms. The secret: THERE IS NO EASY WAY OUT. NO ONE IS GOING TO INEXPENSIVELY SELL YOU SOME MIRACLE MONEY MAKING APPROACH TO THE MARKETS. THE REAL WAY TO MAKE MONEY IS TO DEVELOP YOUR OWN UNIQUE APPROACH. BUT IT TAKES AWHILE BEFORE YOU CAN DO THIS.
Make no judgment at first about what you read - believe that anyone and everyone providing free info is honestly trying to help you. After a while, it will become clear to you:
1. What is "good" knowledge and what is "bad" knowledge - vendors with an agenda will become ovious
2. What type of trading you may like, or not like
3. Steps to take next will become obvious
At this point, you'll be in pretty good shape for your next step, which is creating your own approach. Now is an appropriate time (if and only if needed) to get/pay for the advice/systems/methods of others, if you find something you like. You'll be smart enough to avoid most sleazy vendors, and you'll hopefully be realistic about how tough trading is.
My golden rule with vendors, trading systems, promises from pros in the business, etc. - IF IT SEEMS TOO GOOD TO BE TRUE, IT PROBABLY IS!
I disagree, to a point. There are systems you can buy, advisors you can follow, and professionals you can invest with that can make you money with trading systems.
I agree though, the majority of stuff out there is worthless junk.
I would add TastyTrade to the list of reliable vendors. Their content is top notch and totally FREE. It is primarily options education but I leave it on all morning when I trade and pick up nuggets here and there.
The following 3 users say Thank You to BeachTrader for this post:
I agree and all of it's guests are traders, not advisors....huge difference.
As far as vendors, my belief is that if they are teaching/selling a methodology vs. selling a magical indicator they are in it for good reason. Bonus points if they discuss psychology and risk management in the material.
Every "registered" profession requires continuing education. As traders, we should not have a problem learning something new. I've been a plumber for over 16 yrs, and am still required by the state to take classes to keep my credential current.
Nothing wrong with buying a book on market profile, or paying a few bucks to learn about xyz method or to see a webinar by a well know successful trader.
There are good vendors out there that sell good tools. The problem is most traders want the food on the plate, they just want to make money and are not willing to work hard towards that end.
It's kind of funny, No full time trader I've ever encountered has ever used a vended system long term. In fact, most traders I know don't even use indicators at all and the ones that do will only have 1 or 2.
R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
short answer .... no .... but use this forum you can learn a lot and weed out the really bad vendors.... i never meet a education vendor that could really trade and was green week in week out. if you find one ... e-mail me s.a.p.
