I would like to hear from any of you that could have any previous experience as a subscriber to a Live Trading Room.
Iíve been at some demos at Traders International, Rockwell Trading and also a trading room from Australia called Your Trading Room and it seems they have a methodology that works. Also on the publications of their results the show impressive track records, off course with the disclaimer that those results were obtained on the simulator.
My personal opinion is that I rather use the $4,000 - $6,000 they charge for their services as a ďlearning costĒ and star trading on my own.
I think that at this point in my trading career I have enough experience, discipline and knowledge to start day trading; probably Iím still lacking a specific methodology for my setups, but Iíve been doing pretty well on the simulator and I have a very good knowledge of money management, position sizing and have solid discipline.
Iíll appreciate your thoughtsÖ
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I would avoid Traders International at all costs, in particular.
If you are a complete trading newbie then a trading room like EOT's for $233/mo can at least teach you basics, what a future is, all the acronyms, how to do stuff with your platform, things you have to know. But they can't teach you how to trade, no one can.
The best thing you can do is set aside all your money and make a promise to yourself that you won't spend a single dollar trading for at least 24 months from today, if you are just getting started. Then spend 60-80 hours a week for the next 2 years learning. But since most people think that doesn't apply to them and they can somehow beat the odds, the next best thing is to be completely honest about everything to yourself, and keep a Journal of your trades and journey in our Journals section here on futures.io (formerly BMT). No excuses. Everyone loves to make excuses for why something went wrong, but 99% of the time the trader is at fault and whatever excuse they make is pure crap. These are the traders that will fail ultimately. 95% of all traders do fail.
Trading is both the easiest thing to do and also the most demanding thing you've ever done in your entire life. It can ruin your life, your family, and everything you touch if you don't respect it, or it can change your life, your families, and give you a feeling that is hard to find elsewhere if you succeed.
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The following 82 users say Thank You to Big Mike for this post:
I'm currently in one at <edit by me to remove the URL>.
The cost is about $30 a month.
The guy has a live room ALL DAY with his charts and audio.
I'm not sure how he affords to do it.
He only trades the ES and 6E and is a pretty good technician. He uses what he calls Ambush trades and uses Fibs extensively.
One fault (imo) is that he uses Think or Swim charts. I never did like them.
He also gives daily video updates and tries to teach you to trade. Most of the people in the room are newbies and papertraders.
I've found that most trading rooms are more of a distraction than a help once you have settled on a method that works for you. The competition of posting your wins/losses and opinions is mostly hype (or lies) and usually creates unneeded pressure when trying to focus on trading.
For a newbie, the rooms give you an idea of how to trade (sometimes) but mostly they create a crutch. You become dependent upon the room or the mentor and can't break free to develop your own method and become successful.
I can post the URL if that is appropriate.
I would not want to advertise his site if that is not OK with futures.io (formerly BMT).
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The following 7 users say Thank You to DavidHP for this post:
I was a student at Felton trading and was with Roger when he was with expert money trader . When I pulled the trigger and commited to joining up I was working for someone and was dying to leave ASAP . I sat in on the room in the AM session and went to work in the PM . I had a rollercoaster P/L when I went live ( up a grand , down a grand ) after the suggested ( everything was a suggestion ) 30 sim days . I clutched on to the rollercoaster for a month and went bust -$$$$ plenty . Then I quit my job and started a seafood business and focussed on that while still joining the room every day . In other words I was looking for a way to leave " the man " and realized trading wasnt gonna get me there - yet . I left the room and trading and after a year started focussing on trading again ( after building a business of my own that I really enjoy ) .
Looking back now after 3 years I do realize that what I learned there was that joining a room or having a mentor or buying a black box or subscribing to newsletters or listening to cramer because you want to quit your job and tell your boss to screw off IS A BAD REASON TO WANT TO TRADE !
Only after looking back now do I know that Roger did emphasise - look at the big picture , recognize and avoid chop , bigger timeframes give stronger signals and he did want all his students to learn what works for THEM .
But the reality is clear , educators dont make money if they dont get people to sign up and they will use any tactic to achieve that end . And BTW I sit in on his training classes all the time and wouldnt you know I always pick up something interesting and have a few laughs .
The following 4 users say Thank You to Eric j for this post:
I'll appreciate if you could provide the name of the Trading Room you are currently using, so I can take a look...
Thanks for your wise advice.
I have 12 years of market experience actively trading stocks and options and I have been “studying” Day Trading for almost 2 years and practicing a sim account with good results for several months now.
My goal to become a full time trader comes back more than five years, so this is a project that I have been preparing for a long time, with no hurries, looking to be ready when the right time comes.
I already have some signals and setups using mostly price action, S/R and some tech indicators, but I’ll appreciate any simple technique you could share. At this point I’m not into any sophisticated programming.
I’ll really appreciate your help and advice.
The following user says Thank You to MktWiz for this post: