trader88, thats the same Allen.. he just started working with RT about a week ago and he just trades the Q's for the most part.. i was a member of mtrader a long time ago and i remember the rough times.. he has been doing well for the last week that ive watched him call trades though.. his style of trading is somewhat different than mine so i dont follow all of his trades that closely but today for instance i think he was net +.35 on three or four trades.. yesterday he took a couple small stops in the morning and came back to finish the day green.. he doesnt seem to go in trying to kill the market every day.. just a nice consistent approach.. -qwik
Since I am relying on chatrooms for the exact reasons qwiktrade stated in his post, I have had trials at most, and memberships at underground and millennium-traders. I just last evening joined realitytrader, cancelled M-T, and will probably cancel underground at the end of this month. I signed up for DTU's daytrading university around 8 mos ago, because I needed a foundation greater than that available through reading ALL the major books (I have around 50 books on this subject) and I had a trial membership at his chatroom. I can report both positive and negative comments: 1) He uses the 2 day high breakout as entries, almost exclusively. Many of his calls were quite good. Some may argue in this market that method alone is somewhat limiting. 2) He talked about only trading Tues thru Thurs, as Mon and Fri lacked sufficient action. He is usually done trading by 11:00. 3) He states many times that the calls are for educational purpose only, and should not be traded. That bothered me a bit, it erodes confidence, or at least it did for me. Take his trial and judge for yourself. Each of these chatrooms has something to offer, the question is, does it offer what you are looking for and are you comfortable with the approach. I hope this helps. Good luck and good trading. --arky
Well Re Daytrading university Yes the calls are good, but you have to realize that except you are a good trader you will find it difficult to trade them and as they are so many , there lies the question which one should i trade . It will be difficult for you if you don't have at least 3 monitors in my opinion . His % of profitable calls will be about 60% but you may be unfoutunate to be trading the remaining 40%. If you stick to a basket like he advices you to do , you will have many days that none of you 5 stocks will hit their highs or lows hence no trades which is fine if you just want to sit and watch market. Take his trial and see for you self i.e after all the calls go back and check the charts and ask yourself how you know you will not have chosen the ones that wiggled .
Thank you guys for your opinions. I took the trial offer at Daytrading University, I read the transcripts, examples, etc... I have to say that although the idea of fast, hit-and-run trades seems appealing to me, I find it a bit hard to sit on hands and watch the stock run 1 point, only to get that $0.25 off the top of the movement. besides, as you have said, it doesn't always work in current markets. Thanx for confirming that I'm not crazy Jaba
and gurus should be avoided by anyone that would relyupon the service to do the work for them, no matter how good some are (and I have read Brandon and Toni's,and Linda B.R.'s material and they are undeniably good) You should go one on one with the market and find your own setups by dint of hard work. A trader has to find his or her own voice/style
very good comments, however, what I will also agree to forgetting is: if the cost of participation is obviously geared towards enrichment of the host, then ditch it.... these excessive fees, no matter what the technology supporting them (like Pristine.com, which has an extensive support technical network, and others) costs over a reasonable $100 - $125 monthly, then ditch it .... .. in these markets, you don't get what you pay for because the subscription agreement has so many disclaimers that void any responsibility of the hosts to their paid subscriber base .. in these markets, the hosts don't care whether your computer system, ISP, Broker and their network can keep up with their pseudo-professional setup, hence, they are expecting that their trades, once called, will hit the floor and be filled, fractions of a second and sometimes -- seconds, before yours gets filled. In another context, that's called "front running", or "trading off order flow". If you can get a sufficient number of investors to "Agree" to those terms, although they are not properly disclosed as such, then, the SEC support for Retail protections are whittled down to "uselessness". Cavet Investor... .. in these markets, supporting the habit of these chat trading rooms at $285 monthly, $300 monthly, $700 monthly, becomes as adictive as ..., well you can substitute whatever you're comfortable with. Balance that with the fact that should you cancel on the renewal date, there's no refund for present day, partial days or 2 days before renewal date. Hence the decks are so totally stacked against Profitable Trading revenues sufficient to support these expensive "time wasters" that it makes the argument regarding a "fool and his money are soon ...." Simply put, what we're doing is raising the performance standards and the awareness quotient high enough to make these services look exactly what they are...., and the vast majority of them, virtually none of them, look good. If they serve the purpose of education, then compare their 3 month cost against attending a seminar or www.tradingmarkets.com seminars or Textbooks.... If they serve the purpose of "sitting over the shoulders of an experienced trader" then consider joining a professional prop firm after getting licensed and doing it in a fuller manner. The last time that most of us looked, doing things half stepped usually never produced a full step result. If they serve as "more eyes, more opportunities", then consider the fact that as soon as you enter, load and view charts and Level2 or T&S windows on a "called stock", these guys systems have already committed and executed and confirmation issued, even before you type in LMT price or MKT order execution. Hence, your system and bandwidth are up against a very steep incline that can't be scaled short of using a professional computer setup and environment, that is usually available at the more reputable DayTrading shops. For the vast majority of "traders from home" this excludes them and their systems. Perhaps, having a reasonably accurate assesment of the actual trading environment and the participants gave rise to the SEC suggesting that "pattern day traders" need more protection, hence the raising of the "funds on account" requirement. Gee, who would have ever thought that they actually ate the goose that made golden eggs? Cheers
Does anybody know of a chatroom for traders on the sell side ie those in investment banking? I am an aspiring fx trader and would like to talk to other traders if possible that work in investment banks? Thank you for your help.
Has Don Bright posted his findings comparing various vendors' calls? If I recall, this was going to be a month-long test, running through January.
Hey ! I have always been very suspicious of chatrooms but I was wondering if you were aware of any chatrooms with calls only, no intraday discussion, no B.S. Education should be done after hours IMO. I visited one chatroom recently that I thought was good after reading some of the operators' learning material and checked another "good" chatroom's logs and sincerely I don't see how these guys have the time to place their own trades with all the writing not surprisisingly they weren't making many timely calls .