Broker: Tradestation/Tradestation, NinjaTrader, FXCM and Tallinex
Trading: ES, CL, EUR/USD, TF
Posts: 182 since Aug 2009
Thanks: 103 given,
59
received
Hi Mike
I noticed you said you dont recommend EOT trading room especially to newbies. can I ask why? Also, what do you think about any of their indicators? I ask because I am thinking of subscribing for Bill's Arrows and he has this new Neural Network thing. Do you have any experience with this and does it sound like I can get something similiar and just as good from this website for free or a small fee?
I am just really still somewhat lost concerning the best strategy for me. I know you provide coaching for a fee. maybe you can give me some indication of this.
Site Administrator Swing Trader Data Scientist & DevOps
Manta, Ecuador
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
Posts: 50,138 since Jun 2009
Thanks: 32,638 given,
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Actually, I think you read it wrong, I said I do recommend them especially for newbies...
I would focus less on trying to get a discount or get something for nothing, and instead come to the realization that you can't get something for nothing and you need to put in the thousands of man hours on this journey yourself to be a successful trader.
Broker: Tradestation/Tradestation, NinjaTrader, FXCM and Tallinex
Trading: ES, CL, EUR/USD, TF
Posts: 182 since Aug 2009
Thanks: 103 given,
59
received
Mike
Yes, you are right that I read it wrong. thanks for correcting me. I do think that you interpreted me wrong though. I am not trying to get something for nothing. Being that I thought you did not recommend, I did not want to waste my money. I am a VIP member and I did purchase an indicator from you so my history says I dont mind paying for something. Like any other business person, I want to get the best deal for something that has value. That is all I was asking.
Site Administrator Swing Trader Data Scientist & DevOps
Manta, Ecuador
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
Posts: 50,138 since Jun 2009
Thanks: 32,638 given,
98,939
received
Spencer,
Ok so we were both wrong
No biggie. So "in closing" what I was trying to convey is a lot of traders expect an indicator or a strategy to make them profitable, and they spend all their time and energy working on an indicator or strategy. Then they move to another one, and another one, and another one.
I've found this process takes a year or two more before the trader starts to realize the indicators have very little to do with success or failure in trading. Then, for another year or so a battle ensues with the trader where is confused about everything, feels like he has no idea what to do. Then eventually he starts to see it's all about discipline, it's all about trade management, it's all about using discretion and interpreting your emotions about the market correctly, it's all about identifying your strengths and weaknesses and then making a trading plan that plays to them accordingly.
Another year goes by until you start to get really good at that, and then start to finally gain the self confidence needed to make money.
None of which has much of anything to do with EOT, naturally. But for new traders that are going to be searching for the holy grail no matter what I say, at least with EOT I don't feel it's a waste of money. They learn something and the room is geared towards newbies.
Broker: Tradestation/Tradestation, NinjaTrader, FXCM and Tallinex
Trading: ES, CL, EUR/USD, TF
Posts: 182 since Aug 2009
Thanks: 103 given,
59
received
Hi Mike
Thanks. Yes, I hear what you say and I am starting to realize more and more how hard this trading stuff is. I just wanted to say thanks for the advice and in helping out all of us because it does make a difference.
Just a reminder that we have a free open house this Tuesday, February 16th! US market open time 9:30EST, end time 3:30EST. No password required. Click on this link for FREE access.
