Why I operated a live-room for all the WRONG Reasons
From reading these last posts on another "vendor and product review" thread, and viewing the YouTube video BM just posted there about live rooms, I wanted to give my 2-cents here, since I "used" to have a live room:
I too was a newb and didn't want to listen to anyone and searched and jumped from live room to live room.
I wanted the "short-cut" to make my millions that were promised on most of the sites out there.
Then for some reason (WRONG reasons), I decided to open my own live room.
Did I ever wanted to help others? yes.
Did I do it for all the wrong reasons once my room got up and going? yes.
Did my live room actually help others? yes.
Was my live room a signal-calling room? no.
Did my members complain why I never made it a signal-calling room? yes.
Did I ever get frustrated and irritated that members wanted to be spoon-fed? yes.
I "used" to have a live room as some of you folks knew.
Some of you folks were happy that I had this room, and some were not so happy.
I fully understood both sides of the coin.
For those who were "happy," you were the ones that just wanted that trading chit-chat in the background.
For those who were not so "happy," wanted to be spoon-fed and adamantly wanted signals called, and didn't want to actually study and learn.
I did it for the WRONG reasons as time wore on.
I saw the membership money roll-in because I low balled all the other sites out there.
I charged $25/month.
Perfect price for the newb to open their wallets for me.
Memberships kept on rolling in.
My live room went from"lets help some traders," to "lets make some easy money."
And it didn't help that I listen to others in the industry regarding "easy money" as a "vendor."
I, in no way blame these "others" in the industry.
I ultimately made the choice to press forward.
Yes, this was WRONG.
I went after the "easy" money, and my actual trading suffered.
I could not trade and operate a room at the same time.
No way I could help others in a live room, and trade my live account at the same time.
No way possible. NO WAY.
I needed to able able to concentrate on my own trading and not get distracted.
So if other live room mentors claim they trade in their live accounts while they mentor and call out trades in their live rooms, then more power to them.
Don't know if they are telling you the truth or not, all I know is, it was IMPOSSIBLE for me to do.
So what did I do?
I kept my live room up with full steam ahead, and virtually stopped my own trading.
Why not! EASY MONEY, right?
Was I happy about this? NO WAY.
Was I happy with the "easy membership money?" YES
Was I irritable at members who wanted to be spoon fed? YES
Why was I irritable? yes, because I could not do what I wanted to do, trade for myself in my live account.
So the moral of my story, I used to have a live room for all the wrong reasons.
I saw easy money and targeted my marketing campaign for more easy-money, as oppose to study more and improving my own trading technique.
I used to post here in BM's for the sole purpose of gaining more memberships.
I had my hand slapped a few times from BM.
I could had continued until I was banned.
But deep in my heart, I knew I was wrong, and complied with the rules of BM's site.
I was unhappy with myself, and needed to end this asap.
I needed to make a choice.
Either I needed to be a VENDOR and continue to make easy money, or needed to be a TRADER to trade for myself.
The choice was made, I finally closed my room earlier this year.
I am happy now, and my trading and technique has improved drastically 1000%
Like others, I blew many accounts, and bought most systems and over priced indicators out there.
Did I waste my money? No, because I gained a little from each.
I don't solely use any 3rd party method or system 100% that I have bought.
I learned from each of these systems and put the pieces together and created my personal technique.
This BM forum is a big part of my personal trading success.
It works for me.
I am now fully happy with myself and enjoy this BM forum.
From my experiences from operating a live room, I can now look back when I was a newb being a member of at least 6-10 live rooms, and replayed all the email communication and chat conversations between the vendors and myself.
All I can say with my own experiences, I was just easy money for these vendors and they never truly wanted to help me.
I can look back now and see it from a vendors point of view and tell my self, "they just wanted my easy membership money!"
These are my own experiences as a newb in the rooms that I subscribed to years ago.
In my opinion, if you are asking questions to a live-room vendor, regarding signal-calls and how fast I can make money, then you just informed them that you are willing to open your wallet to give them easy-money.
They will appease you and tell you what you want to hear, in order to gain your membership.
Again, this is from my own experiences when I was a struggling newb.
I know most newb's have a hard head and will continue to search for that holy-grail live room.
I hear you on this. I did as well.
But I learned the hard way.
It's like this:
I was a little child that didn't want to listen to my parents.
Now that I am all grown up, I am a parent now, telling my kids what to do and not to do.
Make sense now?
Sorry if I am rambling, but I just wanted to put this out there, so others can learn from my mistakes.
BM stresses that trading journals helps one with their own trading and accountability.
I fully agree with this, because this post, is my personal journal (confession) on why I operated my own live room for all the "wrong" reasons.
I wanted to get this off my chest.
This was the last piece of the puzzle for me to take my own trading to the next level.
So to everyone that is reading this, thank you for reading and allowing me to bring down my walls.
I closed my live room down earlier this year.
I do not collect email addresses any longer.
I closed my Aweber email marketing account.
I am done as a vendor and I am HAPPY and guilt free.
(I hope I posted this in the correct section here on BM)
Last edited by marker; April 8th, 2012 at 10:27 PM.
The following 14 users say Thank You to marker for this post:
I didnt say I ripped them off.
I stressed that I never signal-called.
I stressed that the live room was an open forum and everyone chatted about everything under the sun, from all types of trading styles and mentors.
This was actually unique in the live room area of this industry and many members loved it.
Some members disliked it because they wanted a traditional room with a particular method being taught with signals called out, which my old room was not.
Hope this clarifies your comment and question.
In the past, I would take your comment personal and justify it to my fingers turned red.
But now, it's all good, and I am in a happier place in my trading.
I am just a trader now, and no longer a live room vendor
I could have.
When I had my vendor hat on, there were so many options for me...but I needed to make a choice.
I didnt want a 9-5 job, which my room was turning out to be.
So I decided to be a bum as a trader.
Now I don't have to clock in and out for work.
I come and go as I please now
The following user says Thank You to marker for this post:
Hi Mickey, i was a member briefly last year, and i dont consider myself as being ripped off at all.Also, i believe it helped me.To be specific, your room helped me in three ways.
1.dont overtrade, i remember the "one and done" days.
2.you would describe the pa as it was setting up, but were silent about your entries.
3.Being realistic about risk/expectations/reward reinforced ,imo, the awareness of how easy it is to blow an acct.
I know many who have spent big$ on indicators.This is big business.IMO, it is the individuals choice to spend the$on them.Good or bad, thats life.
We all know how hard it is to succeed in this business.Some say 5% make it..Whatever the % is, from the other traders who have become profitable, they typically tell a similar story...Serious hard work, in many different areas.
I have subscribed to 3 chatrooms in the past, and learned from each one.
In closing, i remember your room, as it was the last one i did.Personally, i think you did a great job.Now, do you plan to start a journal here?Not so much about your chat room, but more about your trading?I would be interested to read it.
thanks, Bob Maughan
The following 2 users say Thank You to bobarian for this post:
Yes, I plan to start a journal one day.
But to let you know before hand, it's nothing much.
I dont have alot of indicators, and actually, I just have one simple free indicator that is standard on ANY platform.
That is all, I use a higher time frame that generates 1-2 signals per day or two.
Thats it, stress-less for me.
If I lose on a trade, its only 10-20 ticks on the TF.
If I win, its about on average 30-150 ticks.
But more on that in my journal if I decide to do one shortly.
And thanks for your comments on my old room..glad it pointed you in the correct direction.
The following user says Thank You to marker for this post: