Hello, last week I sat through a presentation from Rob Mitchell of oiltradingroom.com . I was surprised to see little or no information on Rob Mitchell, or his room on BigMikes, or anywhere on the internet for that matter. Of course his website has many positive reviews and I have to say his webinar was rather fascinating and did seem to stand out above the norm that's peddled these days.
If anyone on here can shed a little light on their experience there, that'd be great.
My motivations are simple; I'd just like to continue on my path of learning from seasoned experts and pros, such as FT71, Dalton, P. Davies, etc. I don't mind to pay here and there for quality education, and am just seeking an honest review of Mitchell and his site outside of the positive reviews on oiltradingroom.com
PS, he also has indicatorsmart.com
Thanks for your time
The following user says Thank You to robblu for this post:
I will report an extract from a discussion about oiltradingroom from another forum:
A- I signed for the trial of the oil trading room (oiltradingroom.com). It has been 2 weeks and still on trial. So far so good. Rob doesn't show his trade but his tools and his commentary are extremely good and insightful. I was able to make some money almost everyday listening to his commentary, looking at his Mega Bar chart and a bit of my own stuff trading Crude. Maybe, the trial period will be over soon. When will it be I don't know.
His MegaBar chart is extremely good. I haven't seen any bar that is as smooth and clear and gives good signal like that. Unfortunately, MegaBar is not for sale. He keeps it for himself and it is only available if you join the trading room.
The rest of the tools used in his trading room are available via the IndicatorSmart site.
Does anyone has any of this tools? They look very good. The UTB bar has been shared here before I think but looks like this version is updated and new. If you have the uneducated indis, pls post here for our expert like admis can educate them pls. Thanks for reading
B-
Why do you think he won't show a DOM or Chart Trader with the trade he calls and claims he's in? Even showing SIM trades are better than nothing IMO.
A-
I think he doesn't want us to follow his trades exactly. He wants us to learn the rules which are clear and publicly available ( Rules | Oil Trading Room | Live Trading Room | Day Trading Crude Oil) and be independent so noone trades exactly like others . I am pretty sure he takes live trades himself coz sometimes he shows his chart trader with trades on. He said he want us to learn and follow the rules and he is there to give us him views and insights into the crude market which I think work quite well for me for the last 2 weeks.
So, I think this room is good for his MegaBar and his views and commentary. For the rest, you have to be on your own. It may not be good for beginners who like to copy trades but if you have your own method and want to leverage on his MegaBar and experience, I think it is good. Just my 2 cents!
Maybe, you can join the room and figure out what the MegaBar is and we don't need him any more!
C-
What did you find as an extraoridinary feature of MegaBars?
You can try to achieve the same by using any renko types with the ability to change the parameters of bars.
A-
can you make the same type of bar ,admis? or point me to the renko bar that looks the same. I am no expert on this type of renko bar so I do'nt know whether it is possible to to create the same type of bar like his.
Looking at the blog articles and the image, you can see that every time the Megabar engulf entirely the previous bar which is running opposite direction, it produces good buy and sell signals. Coupled with the high volume on these engulfing bar. It can provide good signals and stops are just below/above the signal bar . Of course, we need to understand the current trend and context to filter out counter trend trades.
Also, the bar with the wick against the trend is also good I think
Anyone can point me to the same type of Renko bar that has wicks and the brick portions and reversal parameters can be customized?
Ps: The author said he is confident that noone can create the same type of bar . That's why the rules are publicly available. And he doesn't sell the MegaBar
C- You can try to check SBS renko or Better renko.
btw. "...the Megabar engulf entirely the previous bar which is running opposite direction, it produces good buy and sell signals." - This is rather a drawback than an advantage of this family bars... Try to measure the maximum range of reverse (engulf) megabar.
Edit: I've just sent (in another thread) hpBars which you can test as well.
Ticks To Continue: 5
Ticks To Reverse: 10, (2*Ticks To Continue)
Shift: 1
A- Thanks C. I think it looks quite similar to BetterRenko bar.
Take your Pips, go out and Live.
Luke.
The following 4 users say Thank You to LukeGeniol for this post:
I believe u can look at different systems, subscribe maybe to some, learn but then turn out with ur own strategy.
I made the oiltradingroom.com system on my own,looking at his videos and getting the indicators from here and tweaking them. U don't need much, all is free here.
The following 3 users say Thank You to fredgas for this post:
sve renko, u can use 10 or 5. in this image 10.
no stops today.
enter just in direction of t3. then take a 60mins chart, plot mk supp dem zones that u can find on here, and a volume stop indicator and ema 89. when the bar of setup(the one prior to entry, has a wick and also the volume stop is above its average line), then enter.
same u can do with an ntrenko 10...
also he uses 5mins with mk supp dem...
nothing easier then this... and u want to give 400 dollars x month for him?
better u study alone....
The following 13 users say Thank You to fredgas for this post:
i m using a different system, i have just this under control so i don't know how it performs regularly.
but the main of the system is that....
good luck guys
The following user says Thank You to fredgas for this post:
@fredgas could you, or anyone, please help me in finding these indicators and setting up a chart? I'd like to try this system.
I was able to find the SveRenko bar type and the VolumeStopV7 indicators. But I was not able to find the T3Color and VolumeProfile indicators you're using on these charts.
hi. sorry for the late answer, I was away some days.
All the indicators are on this forum, take a look under search in the elite section.
I don't actually follow this system. It was only an exmple to show that u can find all for free over here without spending money
I promised myself I would not spend any more money on this kind of stuff. But, I guess I got caught up into it. I took Rob Mitchell up on his trial in his room for $99.00 two weeks. Thank god it was only $99.00. It was a complete waste of time and money.
First of all, the whole premise of his room is to sell his very over priced indicators. He states in his free webinars that you don't need to purchase his indicators in order to be successful as he displays his charts in his room for you to see. Yes, he does display his charts. But, he doesn't explain how to use them. There is a constant pressure to buy his indicators.
The third day of the trial, somebody who claims to have earned 200 ticks that day, posted his email address in the chat room stating that if anyone was having difficulty in learning the system, to email him and he will kindly help. I emailed this individual for help and the first thing he asked me is if I owned Rob's indicators. He then stated that in order to be successful, one must purchase the indicators. That was the extent of the help he would give.
I emailed Rob during the trial and stated I wasn't understanding his entry's and his methods. The only thing he would state was that "you need to be in the room and listen to my lectures". In the room, I witnessed on two occasions someone asking for help in understanding his setups and methods and Rob replied, "You need to read my blog posts in order to understand".
So I was in his room for the first week and gained absolutely nothing. He has some fancy indicators alright.
I guess I should have really known better when I read on his website where he states, "At the time I was one of the biggest e-mini traders in the world, trading as many as 1,500 contracts at a time.".
Lesson for me learned. Each to his own. I am just relaying my experience. Other posters on this board will privately share the same type of dismal experience with Rob Mitchell's, OilTradingRoom.com
The following 3 users say Thank You to jeffman for this post:
I had a similar experience almost. I signed up for his $99 trial. The first two weeks were good. Rob actually explained his setups. The dude who said he made all that money (the one you referred to above also known as Mr. Kachingkaching) was on vacation so I didn't know about him yet. There was another guy in the room who was very helpful - posting his trade setups and calling trades. I learned a lot from him. Then the trial ended and I decided to let it ride for a month. Mr. Kachingkaching came back from vacation and posted all these claims about how much money he made (like $300K plus in a few months). Sometimes he would post his entries (only if they were in the money) but could not explain why he took them. Rob tried to explain them for him. Worse, Rob spent at least 20 minutes a day talking about this guy and this dude's ferrari's and rich lifestyle etc. and did not spend as much time talking about trading as he used to. Then the one individual who was really helpful left the room. It got so bad I had to turn off the sound and only watch his charts as I wasn't going to spend money on buying indicators. Anyway, it started out promising and ended with a thud. Needless to say I am no longer in the room.
The following 3 users say Thank You to BeachTrader for this post:
I took the $99 trial and found it to provide no useful answers. Sure the charts look good after the fact but there was no real strategy presented for stops and targets and when I inquired about the slippage on entries in relation to targets and stops was never given solid strategies to use. as we all know any system can look good if given the proper settings which I never found here. Of course I felt pressured to purchase the expensive indicators.
Oils is a difficult market because of slippage and if your strategy can't accommodate then it will be useless. Inevitably Rob would always show his charts after he was already positive in a trade .
The following 4 users say Thank You to ironman07 for this post:
Wow, $349 for something that looks like an RSI indicator that you will find for free on most platforms. He says one of the best uses for the Smart Momentum Indicator is for divergence which he demonstrates. RSI can be good if used that way too. I bet if you plotted an RSI next to that indicator they probably wouldn't plot exactly the same (the highs and lows, ignoring the numerical value), but after a week of use you would have a similar percentage of times when RSI divergence to price would have produced a good buy or sell indication as you would have done with the other indicator.
That's my issue way too much money for a single momentum indicator, was wondering if anyone know of any momentum similar to this ...what make you think this is a glorify version of RSI?
Thanks
mrbochin23
I didn't mean to say it was just a repackaged RSI, just that in the video it looks like an RSI, and can be used like an RSI and he says it is similar to and can be used like other oscillators. Looking at his site he seems to have quite a number of basic looking indicators which he calls 'Smart' and then sells for a few hundred Dollars. I am sure they are changed and altered in some ways but I can't imagine that in the long term their performance or your interpretation of them would have a major advantage over the similar standard versions.
