I was in a trading room last week, but I came away from the experience disappointed: no trades were called, and no performance stats were provided. I did learn some things about the set-ups they were using however, and I was able to see the head-trader's screen. So I did some research, and this guy was prominent in the determination of the best Emini trading rooms.https://www.linkedin.com/in/dean-handley-phd-mba-ejd-82960a1 Now Handley's gimmick is to provide you (for a fee of $250) with recommendations on which of the 14 sites out of nearly 1000 he has culled as the "best"....would fit your trading style. Well, here is a fairly recent review of one of those sites: http://www.tradingschools.org/reviews/emini-volume-trader-review/ Suddenly, Handley has lost a lot of credibility here IMHO. However, at least one of his sites provides monthly P&L Stats: http://openrangetrading.com/Results/Default You'll find his 14 recommended trading rooms here: http://www.globaltradetitans.com/ Thoughts ?
Oh, the topic of trading rooms. You wanna learn or you wanna follow? If you just want to follow, you have C2 for that. Anyhow, I like Emmett, I don't like Handley (he doesn't even ask for performance statements), and I specially don't like anyone who uses a Dr. as expertise although the doctor degree didn't come from a related field, like TA or business. I think you have already found the 2 "best" resources, so I doubt you will get any extra ideas. ------------------------------------------ Here is a philosophical/practical question on trading rooms general: Let's say you are a member of a trading room, you learn a lot, following the trades you are profitable, now : would you advertise that room? If you have any common sense, you WOULD NOT. Why? 1. More exposure means more people in the room. That is almost never good. 2. The room owner can hike the price based on more demand. 3. His performance might suffer due to more pressure. So if anyone knows such a good room, they would be very wise to keep it to themselves and enjoy the ride while it lasts. It usually never lasts for long. And one word of advice: In this business due to the very high number of worthless scams, you are guilty until you have proved otherwise...
ask yourself this. why would any profitable trader run a room? Why would they want the aggravation or even need the money? Good traders dont need to run anything. First why would they need to break their focus? I knew a girl running a room and she simulated when calling out trades. Of course she did not advertise as such. when confronted she simply said she couldn't justify using real money and running a room at the same time, because her focus was inhibited. Yet she wanted 100 A MONTH.
There are plenty of valid answers to that, in short, as long as it doesn't distract you in any way or effect your fills, why would you NOT want the extra income? (if the money is worth the hassle) Long answers: - steady extra income even when trading is breakeven or losing - the ability to express/exhibition yourself (if you are the type) - not to get bored, something to do - the wish to give back (let's say after a long, profitable carrier) - taking trading more seriously/disciplined when watched etc.etc.
Yeah, I've known some real traders who ran a room. It's not for me but can see why it would be compelling to some.
Waste of time. Could give a newbie some ideas. Could. But I certainly hope people ain't basing their trading decisions on stuff that happens in trading room, although I know 'people' most likely do.
At least OpenRangeTrading publishes their monthly results....which are extremely volatile !! Up $10k one month, down $1k the next. This smacks of instability in their approach IMHO.
You have to be volatile as a trader, you can't be that scared of it. ...otherwise you'll get nowhere and are basically just a safer longer term investor. That's a healthy ratio -- if you would have said up 10K, then down 10K then that would have been dumb.
I agree with Lawrence, that is still a 4.5K average for 2 months return. Everyone can have a bad month, the question is just how bad it is. Their last 12 months average is 1.4K monthly, not great, but assuming it is real, at least it is positive. Anyhow, Syswizard, you never told us, what exactly are you looking for? Mentorship, trading signals?