Trading rooms will only work in your disadvantage!
You get distracted, the voice of the moderator is always in between, maybe, high risk trade etc and all that s**t talk will make you hesitate to take a trade. And there is no room that will show you the charts with the actual trade happening in real time and no room is posting the results with a simple copy past of the account performance they all keep an exel spread sheet with generated profits after the fact and hidden loses that disappear in exel.
I think the best rooms can be a room with restricted amount of people that all are trading the same system and they will come together in the room after there trading day to discus what trades there were and what they did wrong that day.
You will certainly be distracted following anyone in a room but Al Brooks' room has to be the most useful as far as I have experienced. Pure price action and available every day, from market open to close plus Q&A. No talking from subscribers, just Al giving his interpretation. You can turn down the audio anytime you see a setup coming to avoid distraction.
This is quite true. I've never seen a room that showed the trade marks going on in real time. At best the host would say they entered here, or they are entering here with set stop etc. But no real time NT or platform marks as the trade was happening. CJ did it one time per somebody's question. Then said some reasons or such it wasn't needed. Now I do recall; he did make it clear we were seeing a different chart window than his own one he was taking trades off of, take it or leave it..
I guess if the host was that good to be able to share realtime trade marks , they would already be trading for a bank or firm in the millions or trading for themselves, and not need to be hosting trading rooms. I remember in response to my question post in some quickly dead thread named "post your best winners" where I had asked why don't you post trade marks with full contract number details, and the guy responded "are you kidding? it's like showing off the money in your wallet to strangers!" ; i guess and kinda agree it can be that sensitive..
one time I had followed a newsletter which I lost money on. I entered the guy's daily results on my own excel sheets and kept it day after day. After I quit after a month of losing, I checked back 6 months later to the see the site's "official" posted "past results". The guy had invented and inserted trade winners into the past results and erased some of the egregious losers; i knew what was different because I had been there and kept records as he had summarized weekly results to members and all the losers were accounted for and the results were copied precisely to my spreadsheet i.e. scammy.
Let's say you were insanely profitable and making 10-20% per month consistently. Would you open a room? I wouldn't, not just because I'm a hard bastard but because I wouldn't want my edge to be blunted, or even eroded completely.
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I have seen a trading room that runs real time and the fellow trading is posting his trades and comments and people in the room can also post their trades and thoughts. They used some software which the fellow who ran the room had developed and felt it gave you an edge if you learned how to use it. You can use the software for free two week trail and they have a manual explaining it. The idea was to learn their software see how the trades set up.
It was a promotion by the brokerage house to generate new clients. The fellow who runs the room trades his own money on the system (though his version of the software might have more features ?) and is an ex-trader I believe. At the time his wife had given birth to twin baby girls. He had deep pockets and could add to positions and hold till they came back. Seemed nice and honest - he was getting paid by the brokerage house so running the room was no extra hassle as he was trading anyways.
I tried it for the two week trial and traded along on the sim.
I didn't quite understand the software/system but to be truthful I'm a bit pig-headed and wanted to get back to building my system so at the end of the two weeks did.
I there was an optional chat room and I enjoyed the people. I can't remember what the connection was to the trading room though??? Some of the other guys encouraged me to stay - if you open an account and put in $2,500 you get to use the system for free.
The room was ES and the guy trading was only going for a point or two (of course he might have had a ton of contracts I don't know). He was posting his trades in real time. I didn't really care too much if he was profitable my objective was to just use their stuff and see if I could be profitable.
The thing is a point or two isn't my cup of tea. I don't scalp ( except on the sim when I'm bored but never with real money).
I don't know if its still going but if someone is interested I'll dig through old emails.
I'm not recommending it or not not recommending it - just saying he did tell you his trades live.
I hope it helps.
All this was a few years ago.
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peace, love and joy to you
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The following 2 users say Thank You to aquarian1 for this post:
Yes, there are a few "public" rooms out there that some just share their trades in a hangout style of room. I was mostly referring to rooms hosted as a vendor service for a fee. For non-fee rooms there are a few public rooms on the old IRC. kwik-pop had some guy volunteering trade calls. And paltalk has one room. Yet interestingly none of them showed online platform trade entry orders. Always an extra chart screen. Of course I haven't been to every room out there.
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In this world of suspicion regarding vendors and trade room moderators, I wonder if a good one popped up, would anyone trust it? If they showed the live chart with the live trade (sim or live) would traders actually believe what they were seeing. How much distrust or trust is birthed by having to pay for it? Some rooms are free right now. Does that make them any better or worse than the paid ones?
I wonder if someone from the forum like Fattails, or Tigertrader or Peter Davies or any of the other Market Wizards or even myself were to host a google hang out and just trade normally with the live charts on and chart trader turned on, would anyone actually watch it, secondly would anyone take those trades and third, would they believe it? What would they expect in terms of entertainment value while nothings going on? How much in depth market analysis would be expected? If its a slow day like today and the moderator went silent for two hours, how many would stick around waiting for him or her to click back in and say ok, here's a trade idea and here's why I think its a good one?
I'm wondering these things because having been in a few rooms myself over the years, I've found almost no value in them in terms of learning how to trade other than "just follow my trades and you'll be rich soon" type of comments or pretty strong pitches to buy someone's $3000 course. That doesn't mean some rooms don't have valid methods. I personally think people hate the rooms because they don't stick around long enough to actually learn what the guy is doing and so they say it didn't work for them. Granted there are a few, ok maybe a lot of rooms that are pure garbage, but there are a few good ones out there that teach a method that works for them, but you have to hang on and internalize it before it works for you. The trouble is you are expected to pay up front for a trading method that may or may not suit your personality and you need to commit the time and effort to understand the logic behind the trades all the while paying for it as you go. I'd rather pay a coach that helps me discover my own method any day....but that's a topic for another day and one I can't comment on any further.
I think watching another trader trade with live charts with no expectations about what you may or may not get out of it might be of some value. Particularly if the trader was able to articulate his or her thinking before, during and after a trade. I know in the beginning of my trading journey, I would have given almost anything to sit with someone that knew what they were doing and just watch and listen. Just hearing the thought process while seeing live charts would be of tremendous value I think.
What is the consensus here? Would a free room moderated by a trader with no agenda other than to just let people watch what he or she was doing be of interest among traders looking for a trade room? Would traders attach any value to it? Or would it be just another side trip for the curious to pop in and have a look see before heading off on their merry way?
Of course this raises the question, "why would anyone do this?" If they're trading well, no need to do something free right? I agree, but still I think the question is a valid one, would a room like this be of any value?
Why or why not?
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
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I'm sure you're quite right.
I never pay a fee for someone else's advice, for as you say if they could do it they be gadzadillionaires.
I can't remember if his trades showed on the chart as markers or if he typed them in the chatbox - but as I said I really not too interested in someone's else's performance.
I would never trade on someone else's recommendations.
It's my money and if I lose it it's my fault.
Just me.
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peace, love and joy to you
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The following user says Thank You to aquarian1 for this post:
a rare but key quality
traders who "were able to articulate his or her thinking before, during and after a trade."
A lose quote:
"A encouraging fact of spiritual life is that one when helps another with the sole motivation to help them they cannot but help themselves."
This would be a no charge to the user service.
If one could collect a group of 5 or 6 good traders who where also good communicators and good teachers and whose heart was geared to rendering service to others one good create a valuable service, true value and a good service could be created.
"With good hearts and good vision one can create great good." - Robert Neils
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peace, love and joy to you
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The following user says Thank You to aquarian1 for this post:
I have trained with some that have made a good living from the market. Bill Kraft is my favorite trader. He had a service that was free for awhile then went to subscription. I did both the free and the subscription. He would select a trade to do, put it on a video, post it in the room and send it to you on email then pull the trigger. You could be very close to trading with him and I did get in on his limit each time that I was able. I made a lot of money and learned his style. He operated the service for only 2 years. Thankfully I made good records and I still review them carefully.
His trades were all swing trades usually 2 to 3 days. I made around 20% off his trades, I believe his final was around 30% annual gain over the two years. I didn't get to do all his trades and my fills were not as good closer to the limit.
Basically his trading was about a slight edge, if it happens to be the edge others are using so much the better, the saying I remember most is, "When you make an entry is the exit close and near?" He was mainly a resistance trader when it coordinated with a MACD or DI some common cross over where he tried to get in at the leading edge.
I really don't look for anything like that anymore, but sometimes you can find it. I think it's rare though as it did take me 7 or 8 years before I ran across him. You might find others. His thoughts and and advice run through my mind each day.
The following user says Thank You to GaleWilliams for this post:
I don't post very often either. I can't see the point of Trading rooms either, much better to learn to fish than to be given fish.
Having said that, altough I have never been and never will be in a trading room (I don't need to aisde from not seeing the point of it), saying that those who train or run trading rooms can't trade is a bit of a general statement. Why would one run a trading room if one can make 20% person a month? Well, my view is why not. Why not take some extra pocket money from those in the room if you are doing what you are doing either way?
It's like saying Messi can't play Football as he does ads for crisps ..
1. Emini Strategies – Now Scalping Emini – Good luck with 2 tick bars or bars under 1 minute in today’s HFT environment. Slippage?
2. Equity Management Academy – July 17 to August 4 = $62K drawdown. Trading in 100 contact blocks? In your face marketing.
3. Global Forces Trade Network – GONE
4. Jaguar Trading Club – Gone private or just gone?
5. Rios Quant – Appears to be a sincere approach to quant trading. Didn’t see an average trade value in the performance and some of the numbers could get destroyed in execution. Not clear what time frame is being traded.
6. Tesseract Trading – Appears to be defunct but Bob Amico now has Veritas Futures Trading. Proprietary software. I wouldn’t want to be locked into a propriety solution where I can’t select the broker. Bad reviews as well.
7. The Strategy Lab – Looks like the guy that runs this site is making a sincere effort to differentiate his service. This is probably the only one on the list that I would look at any further.
8. The Trading Clan – GONE
9. Trader Shark – No performance on website but lots of stuff to buy.
10. Valhalla Futures - ~$3K entry to play. No thanks. Also, trading ends at 11:15am (which is a major issue for me being retired and living on the west coast…)
So… I score this article 2 stars out of 10...
This is the only legit futures trader with a room I have ever personally seen. He is way more than a 3 lot trader. I have never been in his new room but He was very transparent and open before that. Miller-Dayne Global Trader Network
after 10 years learning and being in many trade-rooms I can recommend one room with moderating live-trades: thetradingzone.com (ttz-room). The room is setup new for few months and the moderating and education is great now. Its not a trade-calling room! Its education with comment on live trades (entries and targets)! If you agree with a setup you might do the same entry, its up to you. Its starting after 8:30 EST for preparing (profile levels, markets...) and live trading CL from 9:00 EST and then from 9:30 EST also GC, NQ and ES.
Honest guys over there! I dont want to miss it anymore!
AND you dont have to pay for it, you just have to do before access some links every day which is about 2 minutes. They get paid not from you but from the advertisers.
PS: I do not get any commission from them, I write this information here because I´m happy to be there and want to support the room. Please just let them know you are there because of this post from Tony in bigmiketrading/futures.io. Again, I have no advantage from this, I just want to support the room and the nice guys over there and I´d like to know if there´s success from this post here. Thats all.
- just saying he did tell you his trades live.
