OK I use 2 trading rooms and I believe both to be legitimate.
It is not that I am a big proponent of trading rooms but they suite my style and give me more confidence.
(1) Absolute Day Trader or now called OEX Street.
This I use to get my trading day started; no education given but simple executable trades called (verbal, on charts and text) with live charts; the results quoted are real. They only give one trade a day near the open for ES and TF. Trade is usually over in 30 mins and based on a computer generated algo. I don't follow his call to the letter but edit/change as I see fit based on my own indicators and PA. He trades 2 contracts on each. They also have an auto trade system for TS; only problem is that you have to be quick with your orders and some days you just don't get filled at the called entry price. I have been with them for about 8 months and have always made my subscription and been profitable.
(2) Easy e Mini
This is Trisha Ogilvie; she is a great teacher and sooo patient with all who ask anything. Also a live room with charts; she calls numerous trades that are optional/riskier and she explains the reasons; she only takes the high probability trades herself and she tells you what she is going to do; she claims 80% probability; seems quite reasonable given her very conservative nature; I get the impression that she is more of an educator/teacher that someone trying to reap your monthly fee; only negative is that there are not many of her high probability setups, so it can be a long day; there is no doubt that after 1-2 months you will have learned enough of her MA crossover S/R trading system to do it yourself.
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My opinion of using a trading room to trade your account is not a good idea. many trading rooms are run by salesman that are out there to trap the newbie in to subscribing to their method. I once was in this predicament where nothing I did made money and I was searching for the easy way - let someone else tell me when to trade
This way in my experience has never worked. I believe many traders resort to the trading rooms for the main reason that they do not trust and have confidence in the method they trade. If this is the case with you regardless of the trading room you will still lose money
you must trust and have confidence in the method you trade without both you are doomed. The best trading room is the one you personally run in front of your computer.
trust and have confidence in the way you trade, when the signal appears pull the trigger, and let the market do what it is going to do. If you have a good sound method to trade the profits will follow you
Last edited by cjbooth; July 9th, 2011 at 05:20 PM.
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Trisha is the only trading room/educator I would recomend. She is a good egg and she is very straight forward and has an easy approach. The method I trade now is based on the foundation I learned from her. I can honestly say that you will not make the mega-bazzillions of $$$ promised by others (dream merchants), but she did not damage my account the 2 months I was with her. At the time I started the E-book was $50 and the room was $100 per month. I give Easy e-Mini a big
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I have subscribed to PureTick.com's trading room for about 4 months now. PureTick.com has 2 rooms trading all day, every day, the YM and the ES. Alex Wasilewski is the founder of PureTick and he runs the YM room which is the one I subscribe to.
Alex makes calls throughout the day for high probability setups, provides a great deal of education and market insight. Since being in the room, I have taken additional training through the company to help me better understand the setups, entries and targets. I have been trading for just over 3 years and have been through many courses, classes, mentorships, trading rooms and the like. The PureTick YM room is the first trading room that I have been in where the moderator actually takes trades, provides instruction and is exceptionally passionate about what he is doing. Alex is an excellent trader and I have learned a great deal about market psychology primarily dealing with finding stops of newbies and other traders and how to assess where traders might panic during a trading session.
I also am finally realizing how much work, time and commitment it takes to be a professional trader. Alex talks a great deal about this element of trading and has aligned his company with a professional personal coaching company to help traders overcome mental and psychological roadblocks that can preclude success.
I am a firm believer in what PureTick has to offer and am realizing gains now that have eluded me in the past. I am a conservative trader so I am not making a lot of money but have been focusing on making good trades with the goal of slowly adding more contracts as I progress in my accuracy trading rate.
I hope this helps any traders out there that are thinking about looking at a trading room and wish to trade the YM or ES. PureTick does offer a 10 day (trading days) trial and that is how I got started with them.
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Dave I could not disagree with you more. I was in Alex's room for 2 months and must say it is a total scam. He calls out trades and rings a bell. After you get in the trade he comes out and says he got in earlier than any fill you could have received and is already up 6-7 ticks. He never shows his trades. He never shows his dome. If you question him he gets mad and ridicules you. If you are making money good for you, but it didn't work for me. The results he posts on the website are pure BS! Nobody in the room ever got them any day ever. He should censored by the FTC. Everyone reading the above info should realize Puretick should be renamed Purebul-----.com
New traders should not believe anything that is posted about this "trade room". When I tried to cancel my membership they make you call a number and they give you a hard time about cancelling! I had to cancel my debit card and get a new number to stop the charges. That is real professional. BEWARE!
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I am still a rookie at this trading ,and have been in the process of learning, I have tried many trials on rooms, and subscribed to a few services.
There are great methods here on futures.io (formerly BMT), like CJ's , that you can learn and many more. Just because it's expensive doesn't mean it's great,thier is so much here that is free,,,,,,,,, but after saying that, I've got to say if you want a trading room, that is opened from bell to bell, and ALL of his educational material, and method of trading,,, comes with the monthly fee, is Davids, Emini addict....
You can get a seven day trial for one cent, and the monthly fee is 29.95 . His room is very educational, he does not call trades,you get a lot of ifs,,,, the market does this,,,etc.... but you can LEARN market structure.. With a minimum amounts of filters.., he is one of the few (besides so many here)that I believe is paying it forward.
2nd is rogers Feltons trading,,,I will going back to that one soon myself,,,most of his trading methods and some webinars and indicators are free right here on futures.io (formerly BMT),and his trading room is free to futures.io (formerly BMT) elites, I guess I would consider him, a momentum type trader, if you know a little you probably can incorporate some stuff to your trading style. I do believe can be helpful.but not much education in room,,,you are on your own thier.
The third is emini junkie, my 400 tick chart, is based on his strategy, I have taken most of the bells and whistles off it, and I play most of the crosses, I consider it a good blue-collar affordable method of trading,mostly you get small chips out of SP......... You have to buy a e-book, that explains his methods, and his room is $69 a month, and it can be confusing because he does trade from the opening bell, and you can get setups with this method both long and short. But I do believe that EJ is 100% sincere,he educates and does call trades,,and does teach more than his method,,,
so saying that don't ever get into a trade that somebody else calls unless it's just confirmation of what you believe.
I put my two cents in, because I spent a lot of money till I found futures.io (formerly BMT), you can learn so much HERE, (and this is a thread that I can contribute to).I hope I can save you lots of money,,,,So remember , try not complicated it to much, the market only does three things. You are the holy Grail. and if you end up in a room use it to LEARN,not for the trade calling.
I do not like advertising for anyone, but I've learned a lot HERE at futures.io (formerly BMT), and I have tried a lot of rooms, and will continue to, on and off, because almost everybody gives a FREE trial now,or almost FREE ,and you can pick something up or maybe start a style you want to develope,and not spend alot of money.
I know that Alex gets a lot of critisizm because of how he makes his calls but that is part of the learning process he wants traders to go through to learn how to trade on their own. Alex does sometimes take early entries because he has a large account and can take small losses. When the trade develops, he will buzz the entry and tell traders to take a limit order somewhere above or below current price.
He does it this way because there are so many newbie traders in the room and he is trying to save them money by taking higher probability trades that are in process, and with a pullback there is a good chance for a winning trade.
One last thing I will say about his win rate; it is based on an initial target of 7 points. 7 points is not hard to attain, if you are on the right side of the trade. After the first target, he recommends 11 points, then a trailer of some sort if you have contracts left.
Alex wants to train people to be professional traders and he treats trading as a high stakes business, as it should be. People coming into trading often do not realize the level of time and commitment it takes to become a pro trader, to support yourself, family and lifestyle. Alex attempts to instill the mindset that is required to become and remain profitable.
I am just another trader that is trying to make it in this business and have found that PureTick.com methodology works for me and I have spent a great deal of time and energy learning how to trade in this manner.
I admit that the PureTick.com trading rooms are not for everyone because not everyone wants to be a professional full time trader and that is what PureTick.com is all about.
People come into the trading room expecting it to be easy because Alex is signalling entries, targets and exits but it does not work that way. Anybody who has been in a paid trading room knows that even if you follow all the directions all the time, you can still lose money. There is just too much discretion in trading to take someone else's calls.
This is my experience and my opinion only, so take it for what it's worth.
does he still turn off the mic after calling the entry (probly he doesn't want you to hear his abacus tablet) then come back and tell you his target? It was rather annoying because I had no idea where did he go and for how long.
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I have been attending a trading room for several months now. I am a consumer only. I have no monetary interest whatsoever in their systems.
Three gentlemen with a combined trading experience of 80+ years moderate the room from 9 - 11:30 Eastern time.
They base their trading on range bars, using 3 or 4 range charts, up to 6 range with higher volatility days to trade and 8-12 range bar charts for long term guidance.
They teach swing trading using both breakout and pullback (they call them probe trades) methods. They call out levels for entry, but not exact entry prices. They do inform you of resistance or support levels where the trades might stall. These are based on previous swing highs or lows. Mr. Rich is uncanny when he predicts pullback levels before prices resume their trends. He makes these calls based on several indicators and 35 years of trading experience.
They do not need to run this room. They do it for the camaraderie and their desire to help traders improve. Of course, I am sure the money they make running the room is a factor, but I have seen them make profits live day after day trading where they show their chart trader charts complete with account number and proper background color showing.
The room follows 6 charts - NQ TF EMD DX 6E and CL --- If the equities are not moving, then the currencies are. Maybe the crude oil is really moving and that is what they concentrate on.
They teach you how to mark your charts and take the trades when the lines are violated. They teach how to recognize pullbacks. They even have a semi-automated system where you can place a trend line on your chart (at ANY angle). Once the line is broken, it fires a market order, places your targets and stops (depending on the settings YOU set) and manages your trade for you. The trailing stop follows at different levels depending on the amount of open profit. If you get into a monster trade and do not want to give up much, you can "crank" your stops to follow closer or place the exit trend line at ANY angle or any price level on the chart. Once the exit line is violated the system exits the trade. In panel 2, the trade's profit and loss graph is plotted for you. If you see an entry and do not have the entry line set, you can just hit the market long or short, and once again the trade is managed for you.
The indicators show the current trend with background colors. The individual bars are painted to show whether the bars are agreeing with the trend, are neutral, or are bucking the trend for a possible change.
They show and teach possible trade targets based on previous swings. The indicators show swing levels and trailing stop dots. The stop dots are different for different range bar charts, and it is uncanny how often you can enter a trade when prices pull back to the stop dots. If the trailing stop dots are broken, you can quickly exit the trade. Or my other option is to wait for a resumption of the trend after the pullback to the stop dots.
They teach you how to establish daily goals and how to quit when your profit or loss goals are met. Their motto is "Nicely Green, turn OFF the machine". The moderator showing the trading charts quite often will bring a live trading chart from his other screens showing his LIVE ACCOUNT (with the right background color on the chart trader panel AND his acct # showing so you know it isn't bull). He rarely fails to show charts every day showing that he is in several contracts and making thousands of dollars. They give you profit targets based on previous swings. Take partial profits when these are reached and leave the rest on @ break even or use intelligent trailing stops. They also let you know when a trade is a loser.
With the volatility these last few months 50 tic trades are common, 90 - 100 tic trades are not unusual in equities or oil. Stops on probe trades are just a few tics, while breakout trade usually have 15 - 20 tic stops based on volatility. They also teach you how to avoid choppy markets, how to recognize choppy markets as opposed to trending markets. If you do get caught in a "head fake" breakout, how you should quickly exit.
In curriencies, they have a proprietary indicator called the Oracle. The Oracle takes into account tons of different information and gives you both a mid and short term value. By waiting till the long term background, the mid and short Oracles all agree, your chances of getting in a currency trade that chops you up are really reduced. It is common the profit targets of 80 tics are reached several times a week. This is their "3 ducks trade" - 3 ducks all in a row. They also teach the "hook" trade. The short term Oracle dips below a certain level, while the mid term stays in the right level. Once the short term hooks back to the proper level, an entry signal is generated.
One unique feature is their HIGH ENERGY TIMES and High Probability Trades. Twice a day (usually around midnight and 4:00 AM) they email the information to you. It is uncanny the amount of times these HETs are close to a swing high or low or a resumption of a trend. These High Energy Times are good for around 40 minutes. Times with a double asterisk attached are VERY strong. High Probability Trades show which instruments are due for a large volatility day based on previous days price action. A lot of customers just use their system to trade around news events and high energy times -- times when the markets are expected to move and breakouts are more common.
They have literally 100s of hours of recorded webinars members can access explaining their methods. They teach proper risk management. They teach breakout and pullback trades in great detail. If you are new to trading, they encourage you to stick to the dollar index or NQ where the risk on their system is $75 (15 tics on 1 contract) till you learn the system. With the current state of price swings lately, $300 profit days on these 2 instruments with only 1 contract are common. At $5 per tick, that is 60 tics per day.
There is a 10 day free trail you can access. The name of the company is Viper Trading Systems. Once again, I am just a satisfied customer. If you are brand new to trading, these simple methods work, the charts are simple. And the good thing is, if you miss a trade, just be patient. Just like trains or planes, another trade is coming along. Trading range bars instead of time based bars allow you to see trends easier. Larger range bar charts are the equivalent to longer time frame charts. By trading the smaller term range bars using the larger term range bars for long trend guidance, you increase your chances for success.
Trading is not easy just be prepared to be wrong anytime you enter a trade till price action shows you otherwise.
Gary, Rich and Charles know this and give support by email or Skype. There are also 4 webinars per week where their methods are discussed and questions are answered for all. Every webinar includes charts of recent trades and methods to improve your skills. If you cannot make it, the webinars are recorded for members.
Last edited by sparky; August 21st, 2011 at 10:34 PM.
Reason: wrong pronoun - no signature showing
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