Good point, talking about trades or even calling them is not the same as making money trading, but on this board it can easily pass as such... A sucker is born every day... You either have some proof of making money or you don't... And if you don't, is it so hard to figure out why you are running a chat room?
I was only a trial member in el ricardos room for a week so I don't know as much as you -especially if you are el ric - (your sentence phrasing sounds like him, but then Woodies groupies start to sound like him too). But the booting I was referring too was over a few stock trades, not ES pts. I think the master asked members how they were doing and a couple said they were down. And then a while later he abuses one and kicks him out. Members like potted plants is not a bad description of some chatrooms...
In my ealier posts, I had menitoned that I was in the Futures Trading Room. They don't comment on all the market's news but only talk about the setups they take based on thier strategies and tradesetups. Every so often, they send out a performance report. I have pasted the results for hte first quarter of this year based on 4 different strategies. Good Luck! I ended up quiting the room because I started working a full time job and they don't allow me to trade Monthly Spreads Trend Range Combined Jan 330 3438 4900 8,668 Feb 2293 838 2700 5,831 Mar 1892 0 -50 1,842 Apr May Jun Jul Aug Sep Oct Nov Dec Total 16,341 550 r/t 1st Q
You only need to see one guru to have seen them all. Their psychopathology varies only a little... Some do wear gloves, but most behave like butchers...
That i am not sure, but at the bottom, you have 550 round turn contracts listed. I am assuming this is spread out between the different systems.
I don't know how someone could do it for most daytrading unless they had a mic and called the trades. I know the last thing I need to do is flip flop between windows or computers to type in calls. I tried this on here in a journal, and there was no way to do it live, it had to be after the fact. For those that question why would someone do it? Anyone who has a business knows if you can create another revenue stream with minimal cost, why not? I would love to have people paying me $300-$500 a month to give them the trades I'm making anyway. I'd use that money to expand trading into other areas, or yea, buy some fun toys for time away for trading.
From what I remember, they call the trades before hand and you get to watch them place it via the market depth so you can watch the P&L. From what I saw, it seemed to be very honest. But that being said, I have tried a lot of others that have put a bitter taste in my mouth so it is difficult to believe.
That's not the point. The point is that unless you can prove that you actually make money trading, running the chatroom is more likely to be your main source of income and not another stream of revenue. I suspect that's the case in most situations. The subscriber is holding the bag of this business expansion that started from a bogus business in the first place... I have no problem with profitable traders running chatrooms, but most are imposters and they all should be considered such until they prove otherwise. In this business that's the only rule to go by...
I agree with what you say, my point was just that it does make sense from a business standpoint if you can do it. Like so many I have gone through the rooms on Paltalk and am just amazed at all the b.s.. It makes good back ground noise but little else. I was in one last week and this week where the guy was claiming 10pt days and surprise, surprise the only 10pt days were when I wasn't in the room, and he probably has been barely profitable do to the quantity of trades anyway.