Chat Rooms - Trading oriented...

Discussion in 'Educational Resources' started by limitdown, Dec 19, 2001.

  1. OK , I trade ES and a few Nasdaq stocksl I am just wondering if there is any chatroom operator who just says what he/she is doing in real time without intervention of subscribers and without giving time consuming commentaries during the day that don't add much to subscribers bottom line. I think if I were running a chatroom I would just send subscribers my daily homework before the open with what I look for and the markets of interest. Then I wouldn't have time to discuss economic reports or how to enter on pullback etc, I would just have the time for comments like: "watch resistance at .... short breakout failure below BO bar "or buy now LMT 1145 STOP 1142, buy NVLS now at pullback to 5'MA , watch NQ for confirmation etc...
    Who does that?
     
    #291     Mar 26, 2002
  2. www.momentumstockplays.com is pretty close to your description. You get emailed the setups the night before complete with annotated charts. These include "breakout plays". "trader charts" and charts of various indices, all annotated with brief comments, S/R, objectives of the trade etc. It is geared more toward overnight plays, plays held for a day to a week or so.

    The real-time chatroom expands on those setups offering new plays as they develop with commentary, as well as advice on the night before setups that trigger. Very laid back, always some action but frequently quiet if no plays emerge, as it should be. No BS room, however, the members are permitted to talk in the room, make comments and call a potential play or two. But so far no abuse of this in room.

    The action is not too fast, and you get plenty of time to enter the setups when they trigger. Also i should add that the setups can include techstocks, oil stocks, silver/gold stocks, retail etc., lots of different sectors.

    Are you looking for a room or thinking of starting one?
     
    #292     Mar 26, 2002
  3. nkhoi

    nkhoi

    go to paltalk.com, select bussiness and finance,
    scroll down and click on es{WOODIE}nq room, free for all
     
    #293     Mar 26, 2002
  4. this would be a contridiction in terms. IT's have almost unlimited capital, especially from the cheap seats that we traders sit in. IT's have goals that are adverse to individual traders. Making a market or handling size on the other side of a hedge trade is totally distinct from scalping or trading for a living. IT's pay salaries or a base and comm over quota. Individual traders live on what they earn.

    I doubt that IT's would keep their staff if there was a website for open discussions amongst themselves and competitors or like size
     
    #294     Apr 16, 2002
  5. nitro

    nitro

    Brother Protrader1,

    What happened to you - long time no see!

    nitro
     
    #295     Mar 5, 2003
  6. Simba

    Simba

    Just wondering! If any of these "Gurus", or whatever you want to call them, have such great trading methodologies, then shouldn't it be possible to plug their strategies into EasyLanguage code and trade them with automatic execution on Tradestation? If yes, do we really need to be in a real-time chatroom?
    :confused:
    :)
     
    #296     Mar 25, 2003
  7. They don't need to be 'gurus' -- they just need to know more than you. Or make it sound like they do.
     
    #297     Mar 25, 2003
  8. HMMM!!!! FOUR MONTHS AFTER NUMERMOUS WORDS and claims to provide some evidence that the promoters of the chat rooms in this thread intended to provide some real time evidence supporting their claims and i cannot find a single post. Hey, i got no interest in your room but i got a buddy who does..... can we swap a years worths of service for the brooklyn bridge??????
     
    #298     Mar 25, 2003
  9. Simba,

    Your suggestion may work for those trading via mechanical systems.

    Thus, you could take their system and convert it into TradeStation EasyLanguage codes.

    However, if they are discretionary traders...

    traders that are rule-based...criteria orientated...but knows when to ignore the signal or actually take the signal...

    trying to code or backtest such trade methodologies can often be very difficult or impossible.

    For example...lets say your trading methodology as a discretionary trader keeps you on the sidelines on days with no Key Economic Reports (such as yesterday March 24th Monday) and/or keeps you on the sidelines whenever a parabolic trend is caused by an obvious geopolitical rumor...

    these are things that Easylanguage nor backtesting are able to anticipate (code) if such is part of your trading methodology.

    Then again...if a trader starts making decisions when to use and when to not use his/her mechanical system...

    Would he/her in essence be a discretionary trader?

    With that said...it is possible to code or backtest very simple trade methodologies...

    for example...going Long whenever the MACD Histogram is negative with higher lows along with price having lower lows...

    simple Bullish Divergence without any additional filters (criterias).

    Note: The simple Bullish Divergence analogy above would produce poor trading results in a bear market without additional filters (criterias).

    Also...most of the good chat rooms resident gurus will share with you their trade methodologies that's behind their calls via having basic or in-depth education info about their trade signals.

    Most good chat rooms resident gurus are discretionary traders.

    Here's another example of a discretionary trading style...

    on a Monday they make take 2 trades via a particular trade setup and then on a Wednesday that exact trade setup appears again but this time he/she either ignores the trade signals or takes a position with a reduced size...

    (notifying you of such prior to the trade signal call)

    simply because it just doesn't feel right or because the trade setup internals (what's moving the markets up or down) is via the wrong reasons.

    Hence...discretionary trading.

    In fact...most of the good traders I know that hate chat rooms...are discretionary traders themselves.

    With all that I said above...

    without starting a debate about Discretionary versus Mechanical...

    if your a trader that tends to have discipline problems, emotional trader that causes trading problems, doesn't have a good feel for the internals of the market, unable to adapt to the constant changing market environments...

    spending time to find a simple mechanical system that can produce profits may well be worth it to invest time and energy in finding such.

    Realtime chat rooms with resident gurus that don't reveal their trade methodology behind their trade signals or posted trades (especially the fee-based rooms)...

    are designed to keep you dependent upon them (if the signals are good). In such situations...you are not an independent trader.

    If your going to explore realtime chat rooms...find one that actually tries to teach you how to trade instead of just posting trade signals...

    or you can do it alone on your own...via trial-n-error...while figuring out what works and what doesn't work...then if you do find something that works...

    most likely there's some resident guru out there that's already using it :cool:

    Interesting situation from the above...what if you had first met the resident guru prior to the trial-n-error?

    Something to think about.

    All the above is based on feedback from dozens of traders I personally know and hundreds of traders I've met online in chat rooms.

    P.S. If you or anybody can figure out a way to code in Easylanguage or backtest the subjectivity (as mentioned above) in the trading methodology of discretionary traders...

    I'm open ears.

    NihabaAshi
     
    #299     Mar 25, 2003

  10. WRONG. the intuitive feel developed by a succesful trader can not be duplicated, only followed.

    best,

    surfer:)
     
    #300     Mar 25, 2003