I've spent time in almost EVER chat room on the internet over the last 2 years and I can assure you that they are not what you need. Even the ones that did well for awhile ended up blow up later. You really just need to read some good books these rooms are only profitable for the people running them and if your just looking for company during the day. Buffy's room or woodies room have a really great bunch of people in them!!!
Since you feel so strongly about not going to chat rooms trying to learn something or find real good ones, why you mention those 2 rooms? Are you making more money trading by staying in these 2 rooms? Are they keep you on top of the trading tools & systems? They are probably good rooms to be with other nice traders , but we need to make a living. Money talks! John Murphy's book is nice but it is not enough to use it alone to trade. If you are making $$$, you can start a chat room in paltalk to help others. We will check you out then. I am natually a persone like to learn everything everyday. There is always something to learn about trading. Attending chat rooms makes me not lonely, alert & smarter. Smart Elite Trader members help me with the posts, materials & information. I am trying to help by posting in the forums. Hopefully we can find a good chat room at least. So far I like the DayTrade ES for Beginners in Paltalk. He is professional, post calls ahead & makes MP sounds easy. I am waiting for others to provide review since I do not trade the MP system. The RussellES live trading 10 point daily room in Paltalk seems makes good money with his auto system. I think it is too much to pay for his education & tools. It is just my opinion. If you do try his room you will know he bans many people or if you ask the wrong question. Summary for now: No room that we know of that makes tons of money. We are still wishing, looking & searching
Sure I can open a room and make calls all day long BUT it won't help you at all. Why? Because you will not have the confidence to take the trades or stick with the trades if you do not have the same knowledge as me and the same personality / temperament as me. There are 10 books written on exactly HOW Buffet or Soro's trade yet there is only ONE of them achieving thier results. I honestly believe that Woodie and Buffy make good money from trading but I don't think that a person can just go into their room and duplicate. Yes you can learn from them and take some of the info and adapt it too your personality but at the end of the day you must be confident in your abilities and your observations to make $$$. I don't know what else to say to you other then this is a lesson that I learned the hard way and I can only encourage you to take your own initiative. I currently do not spend any time in either room because as I mentioned earlier I find it to distrating and ET keeps me company when I'm bored.
Hi zxcv1fu, I've read all the posts in this thread but I notice too many problems in your search or in the search by others. I think its the reason why you and others continue to conclude there are no rooms that pass your personal criteria eventhough you continue to use the word we as if all have the exact same needs and goals. First of all, you use the words tons of money. That means your looking for a room that can make you a minimum of a specific amount of money. Can you tells everybody here how much is a ton of money ??? It seems like others have found rooms that they are satisfied with but when you test the room or get reviews by other traders... The room doesn't pass your qualifications. You've also seem to like some room but the cost is too much. Can you tell everybody what your willing to pay or not to pay ??? Simply, after 46 pages worth of searching and discussions... The conclusion (what most know already) is that there will never be a room that satisfy all the needs of every trader. My point...you need to be more specific or define your needs more clearly and maybe someone can find a room for you because it seems like others have found a room for themselves... Eventhough the room isn't suitable for you. Based on that quote above...you are going about this the wrong way (too vague). Me personally, if I was looking for a fee-based signal calling room (I'm not using the word we): * Trading Instruments: either DAX, EuroFX, ER2, ES, NQ or YM * If I can't get the same trade entry or better within 30 seconds after the signal caller posts his/her trade signal... That is not a valid trade for the signal caller. * I'm using the same broker execution platform as the signal caller. * Signal caller should either post his/her end of day trading statement regardless if its real money or simulation trading or at least have someone that works with the signal caller to post such... This statement must correlate with the trade signals the head trader posted. * Averages about $200 per trading day on a 10k trading account without exceeding 5 roundtrip trades per day. Thus, if my account size is 80k...I want to be making about $1600 per trading day. * Per month cost < $400 * Signal caller has everyone in the room on mute (he/she is the only one that can talk) and then has designated time periods for open discussions abut the trade signals or the market in general (he/she removes the mute). * Trade methodolgy is only revealed to clients (those that are paid subscribers) and not revealed to free trialers. * Room should be setup to clearly show whom are free trialers and whom are subscribers. * Private messaging allowed among the subscribers to help prevent noise when room is not on mute. This allows one subscriber to compare their results with another subscriber or to discuss anything they want without the knowledge of the signal caller. * Education not required. However, if provided...I would be looking for something that deals with the psychological aspects of trading just in case I decided to trade on my own some day. Now...the above are my needs and may not be suitable for the needs nor goals of another trader. That's my point... To really make this a useful thread for searching for each trader that obviously have different needs and goals... Each trader in this thread that's sincerely interested in finding a room that meets their needs and goals... Should at the minimum...post here what they are looking for so that another trader can post the name with link of a signal caller that meets all the desirable criteria. Therefore, each trader here should categorize their needs and goals to make this a more useful thread. NihabaAshi "Don't judge each day by the harvest you reap, but by the seeds you plant."--Robert Louis Stevenson
I am still running my room for free on Hotcomm and have no immediate plans to charge for it. It is called Swingtradingchannel and is located on Relay.
Yep... I also think if this thread would widen its search to signal calling rooms that are free and located elsewhere besides Paltalk and Hotcomm... They may have more rooms to discuss and test. Yet, getting back to my theme about each trader here stating what they are specifically looking for (needs and goals)... Fee-based, Paltalk and Hotcomm will obviously eliminate many other rooms and keep their search to a specific group. NihabaAshi
Thanks to your well-thought posts! The reason I use we is because I was talking to my trader friends privated, not typing in Elite & came up with the need to find really great chat rooms. Tons of money to judge a room is based on daily range to judge in my book. Others may have differt criteria. I feel in a 10 point range day capture 2 pt/contract does not considered a great room, should capture at least 4 point. It is not too much to ask I think.
Hi zxcv1fu, Via how many trades (max) is this room allowed to achieve 4 points on a 10 point range day ratio ??? You do realize the market spends less time in a trend in comparison to ranging. Thus, most of the trading day's your looking at will have a range of less than 10 points assuming your talking about ES emini or NQ emini. NihabaAshi
I popped back into woodies room today to say hello to everyone and I had conversation with two traders that started in the room back when I did and both stuck it out all this time (1 year), both of them where doing very well and had discoed a few edges that they where working consistently. It just goes to show you that if you apply yourself and work a technique you can make money with even just the cci alone. I have often said that if you studied NOTHING but a 5 and 10 ema long enough you could find success, that being said WHY would you STOP with just those tools BUT you must learn the simple stuff first and that's where I think most traders get impatient and want immediate results. To the fellow that started this thread I wish you luck in your search but the answers you are looking for can still be found in a GOOD book as long as you get a little more realistic about what to expect. I do not think that 4 points on the ES daily and consistently is realistic without at least 10 years trading experience and even then that's a BIG stretch.
I did not specify how many trades per contract per day but the commission should not be a high percentage of the profit. Today I was in the Trend123 Future room in Paltalk. She said made 10 pt per ES contract. It should be good but they were not clear to me. One trader PM me towards the end. He did not get those calls either. They were not clearly posted all the time. Half of the time she said those of you that are short & those of you that all long.... One trader PM me then to ask which way she is & said she will never loss to long & short in the same time When someone do not post entry and exit in real time, it should not be counted. She is clear to call possible levels like others but not clear in calls most of time. Most rooms are like that, they said they are trying to educate. What a joke! I am not conducting scientific project in this thread to specify all the details to judge the room. It just have to be clear & very profitable in general. I started this thread & will provide summary from time to time to save members time not to read so manay paged. With all the member's contribution, hopefully we can find at least a good one. Please post here of any possible good chat rooms. I am sure some will check them out & post the review here.