Thanks for the reply. I learned of Nadeem's room as a result of khan's posts. There is no website, no performance history logged, and of course no trial offered. You pay $500 upfront if you don't want any training or $1500 for training. This does not include the monthly subscription fees. I had my suspicions after taking note of all of the above.
Broker/Data: Advantage, Trading Technologies, OptionsCity, IQ Feed
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Live trading rooms can be beneficial for brand new traders that should be trading SIM. The problem with these rooms in the long run is you risk becoming reliant upon someone else's trade ideas/recommendations.
Trading is a very cognitive profession that involves essentially no communication with anyone really. Unless you trade with a full service broker. Beginner traders should learn about markets, setups, trading plans, etc. that may be offered from these rooms and move on to formulate their own strategy and plan and trade on their own. Take these trade rooms as a brief "seminar", learn and move on. And of course, avoid anything that offers guarantees that they'll make you tons of money. If you absolutely need someone to bounce ideas off of, I would recommend finding a trading partner that has the same (or near) strategy that you have that trades the same market(s).
You'll save yourself a lot of money as well...
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This so very true! Unfortunately, joining these trading rooms is just part of their educational process. Looking back he/she would say, "that trading room was a waste of money." But in reality it was part of their education...costly but nonetheless their education.
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Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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I've subscribed in IOAMT Trading Room. They work with market profile and footprint charts and trade the mini SP in a short timeframe. I'm really happy to have found them. They are serious. Bill Duryea (and his team, Grass Hopper, Alex Benjamin,etc) is a very good trader, and the most important, a very good teacher. He takes his time to explain in detail what he does and why he does it. He covers practical and theoretical aspects of market.
It has been difficult but I think that Iíve finally found what I was searching. I recommend him to anyone who want truly improve.
Trust me, Iím a simple trader and I donít have any commercial relation with IOAMT. I hope my information can help you.
the most important thing, is risk management : size your trade to feel confortable with.
Few trading rooms will tell you that but it's the better advice you can get.
Personnally, i've been in some trading room but consistency and profitability will come from you, day after day...
That's where risk management is capital : you need time to be profitable and if your risk is controled, you have time to become profitable.
Once you are, risk mangement helps you to stay in the game.
I recommend you VanTharp 's book : Supertrader, a must read book.
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Please see attached - second rollover day.
If any of you is interested and thinking about joining the Cannon trading for trial or more then mention that you are coming from BigMike's trading forum. I cannot post links to their webinars here as I'm not an Elite member...
Last edited by Al2010; December 10th, 2010 at 01:33 PM.
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I have paid for several trading rooms over the years....
Their most important contribution is costly education; even if it is to make you realize what doesn't work or suite you....
I currently subscribe to Absolute Day Trader.
They call 2 sets ups (ES & TF) each morning usually just before the RTH market opens.
No education just a computer generated system.
I use them on a daily basis as a discipline in the morning to get me started trading for the day.
I do not follow their sets up to the letter but modify per my own judgement and indicators based mainly on what I learnt from Trisha at Easy e Mini - another good trading room.
Anyhow, they can be quite profitable; 4/4 days this week so far...
Another good room with impressive published results is Puretick; Alex trades the YM and gives good education.