I am somewhat new to trading and am wondering if there are any good earn while you learn trading rooms on the Internet? I would prefer to pay monthly, since I believe that they would be more honest than the lump sum ones.
No recommendation but advice. Only start ones with a free trial, only trust ones that show their DOM all the time on the screen, and only trade sim during your trial. If you can't follow on sim, you are probably not going to be able to follow paying real money (not your fault, thiers). I have learned more from these BigMike threads, journaling, a few books, and sim trading on my own, than from rooms.
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I completely agree. I'm still a lifetime member of a trading room. The moderator/leader actually insisted that I sim for an extended length of time, while I learn his calls, the overall strategy, etc.
Additionally, he usually puts limits on how many contracts you can trade. Essentially, you work your way up. In the end, I stopped trading with them because the room was over Skype and I could not see his setups (although they did indeed work). I didn't like the idea that if he got hit by a bus, I'd be left with a giant ?.
It wasn't necessarily that he was secretive, but I wasn't on Ninja, so I didn't have 6 second charting and he was running setups based off the 6 second and 2-5 minute to get trend with RSI and DOM strength indicators.
MANY of his trades were absolutely beautiful. But he was scalping 2-3 ticks/day and at the time, I couldn't live off that (and I couldn't have a day job at the same time because you HAD to be on the call at open till about 11:00 Central).
There are successful groups out there, you just have to find them. The fee for the group was very reasonable. I don't even think he made much money off the fees at all, as our group was rarely more than 15 people.
I completely disagree with the fairy tale of "earn while you learn" concept. Firstly, it is inaccurate. You will always be learning while you are learning because the learning never stops. There is no such thing as a light bulb suddenly going on and you have arrived at consistent profitability. Successful trading is a growth process, like building your muscles in body building. You get stronger and better as you go along, and if you don't you just lose your money.
Also, shadow trading can be a very dangerous thing unless you are adequately prepared for it. Shadowing someone else is not an easy thing. There is an essay about shadow trading before you are ready. You may want to read it. The key point is you must throw away your brain and adopt someone else's brain. This is almost impossible.
I suggest you spend the required and adequate amount of time learning enough to allow you to confidently enter into the live market. Then I recommend you concentrate on consistently profitable performance regardless of the profit amount...just positive trading for consistency... and grow from there. Gradually increase the bar to whatever level you can maintain consistently.
If you need to earn as you learn, then you are starting from the wrong place. I suggest you come back when you do not have a need to make money at this right out of the gate, and when you are ready to approach this in a relaxed and gradual manner of preparing first, then entering into the live market with a calm and unencumbered by need manner.
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I realize this is an older post, but I thought I would like to comment on it anyhow. I would pretty much agree with the last couple of posts here, in that you HAVE to learn trading on your own. I can attest from experience that trying to learn from someone else's methods is extremely difficult. If it were that easy to 'earn while you learn', then that's what EVERYONE would do, because hey, earning is what this is all about right?
I was a member of a trading room which will remain unnamed, and the moderator would call out "ok, I'm short....blah, blah price", or "I'm Long!!! GO, GO GO!!", and it just seemed so confusing and chaotic for a new person trying to trade. My biggest mistake was that I thought this was going to be simple, so I started with real money. Big mistake! I blew through about 10 grand my first month!! Fortunately, I quit that mess, and stopped trading for a few months and really took a step back and tried to figure out what it is I am trying to accomplish. I needed to decide whether I am here to try to "make a quick buck" or do I really want to build a long term, sustainable business. Because that's what this is, is a business, and you have to enter the market everyday as if you are the CEO of My Trading Business, LLC, have your game face on and be prepared for whatever the market sends your way. It's just that the problem with listening to someone else tell you when to take a trade and when to exit is, how will you trade when/if that person retires, or quits running a room? I'm not saying that there isn't any room out there that can't tell you when to enter and exit and that you won't make money, because there probably is. But most people will quit the room after a few losing trades and then won't be there when the moderator calls a winning trade, am I right? Most people will quit after a couple 20 tick losses that SOMEONE else tells them to take. And then when the moderator calls the 150 tick-rip to the upside (which if you know what to look for in the market you would enter yourself!) they have left the room, sad about their $400/per contract loss of the day. I'm pretty new in the market, and I'm paying my dues like everyone else, and I'm not claiming to be an expert my any means. I'm just giving my two cents worth and an insight to my experiences in the markets thus far.
Thank you for taking the time to read my post.
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