Chat Rooms - Trading oriented...

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

  1. Thanks, and I have received a few more calls and emails privately. And hey, this is going to take some work (and risk) on my part. My "motive" is simply to see what is out there and give objective results from a trading perspective. This is being done through my Investor Awareness, INC. firm (which I use for training and education) and I will be happy to post results to a web page.
     
    #31     Dec 20, 2001
  2. I agree.....nice speaking to you earlier........I am excited about doing this with you........Chris
     
    #32     Dec 20, 2001
  3. Threei,

    Your posting standards recommendation would seriously elevate the tone of this and some other threads. Not holding my breath though.
     
    #33     Dec 20, 2001
  4. Don,

    Put up or shut up time, thanks for calling these guys out. My prediction is all will wimp out over some bogus issue, then attack you for being unfair. We'll see. I do think you should limit the calls to liquid names though. Some of these guys claim to swing a big line and could run up some thin names.
     
    #34     Dec 20, 2001
  5. Threei

    Threei


    Neither do I, somehow they didn't seem attractive... well, like I said, I will implement them for myself. Really prefer to see pissing contest replaced by constructive discussion.

    Vadym
     
    #35     Dec 20, 2001
  6. jem

    jem

    This is my take. Dufferdon you at time make some seriously good points. I too have found some chat room stuff sickening. However, I have to differ with you on one major point. Because I have seen it too many times. If someone already has lengthy trading experience, especially profitable experience, and you show this person a new technique that makes good market sense, the trader can adopt it very quickly. I know this because I have learned new trades myself and I have seen floor traders walk into an office in San Francisco (after not trading well on their own off floor ) and become quite profitable within a week. In fact a few turned into monster traders.

    So if someone is putting out good stuff in a chat room, an experienced trader can benefit very quickly. Of course the two qualifications are valid techniques and experienced trader. I imagine if Don Bright gave me the fair value spread sheet I could make money of opening orders very quickly. Hint-----I'll read private mails.

    Happy Holidays to all and Merry Christmas
     
    #36     Dec 20, 2001


  7. Not me, I am not one to punk out of a challange, cant speak for anybody else.....I actually called Don at his office to told him personally that its a great idea & I am in !.......

    I call trade ideas all day long for my service ........I have nothing to lose or gain by giving you my swing trade ideas here, I am actually very excited about it.......... I like challanges & it will be a great thing...........Don maybe have a thread just to follow it ?? or a website for it ? whats the game plan ???

    Chris
     
    #37     Dec 20, 2001
  8. Nice try....It is available to all "Bright" traders in January....I'll look for your U-4 application. :)

    Have a Great Holiday!!!
     
    #38     Dec 20, 2001
  9. To start the thread Limitdown asked for some feedback on chatrooms. Here's mine. They are my honest observations and are not intended to be inflammatory.

    Representatives of three chatrooms have responded to the thread. Here are my observations concerning their efforts.

    RealityTrader - Chris shumacher and Vadym Graiffer.

    I have watched them trade. I was very impressed by the clarity of their calls and the explanations that went with them. They seemed to make quite a few successful calls too. However, at the time I was there most of them were daytrading scalping calls and the quality of the entry achievable is an issue with these types of trades. As I was only there for a week the results I saw were not statistically significant. I have not visited their daytrading room though I hope to in the near future.

    Various Chatrooms - Brandon Frederickson

    I have watched him trade and he has posted a lot of setups before the fact (and this is to his credit) on Silicon Investor. I was not impressed by the results I saw of his trading or the outcomes of his posted calls. He was calling swingtrades when I was observing. I thought he relied too much and for too long on a very simple pullback setup similar to the Oz Skyscraper and Bottom Fisher, but with different entry criteria. Again my observations were not statistically significant.

    I note that he has become more of a renaissance man of trading more recently, choosing a wider variety of trading situations. I do not know if they are working for him.

    Stocktrendwizard.com - Chris Terry

    I have not yet had my free trial with Chris yet, perhaps I never will, so I have not seen him trade. However I have examined some of his examples. They seem less-clearly called than at RealityTrader. I understand "buy now", but a "buy idea" is much more difficult for me.

    I also found ambiguities in the trade examples. I will just use one for illustration. I have copied it from Chris' site and I hope he will excuse the possible copyright infringement. The chart is attached below. The first two lines of the commentary read:

    11:03:55 QLGC buy break above 48.40, we will see .30 cent stop

    11:06:28 QLGC use 48.20 stop.

    Sure enough on what appears to be the 11:05 bar there is a breakout above 48.40 to trigger a buy. That bar got to 48.57. Does that mean the stop was at 48.10 or at 48.27. I don't know, it is ambiguous. The 48.27 number was certainly hit on the next bar.

    The next call is very clear, a stop at 48.20 at 11:06:28. However, the 11:06 bar got down to 48:17. Was the stop call made before that or after that? Again it is ambiguous. Nevertheless a quite successful trade was highlighted.

    Please do not get all excited Chris. I am not accusing you of dishonesty. I am just pointing out the type of ambiguity that can be confusing to someone evaluating whether they want to use your service or not. There are other similar examples on your site and I am sure I have seen far worse examples on other sites.

    I am now going to speak generally, without reference to the above sites.

    I come from a background where quality assurance was an every-day potentially life and death issue. Trading is only money, but that's pretty important to us too. The concept of quality assurance is totally foreign to the trading advisory community. Their sites are replete with ambiguities, misleading information and worse. Please remember I am talking generally - the guys above are light-years removed from the worst culprits.

    When they teach us a particular setup, where are the verified statistics on probability of success of that setup? Arguing about whether a particular bar is properly identified or whether a particular entry was or was not achievable will not solve the problem of ambiguities. Don Bright's short term trial although worthy and interesting is not the answer, as a short test might be statistically insignificant.

    Trading an account in association with the site would go a long way to providing quality assurance. It would certainly add value to the customer. How does he know that some unscrupulous chatroom operator is not front-running the customers' trades? If he could see the actual entries and exits of the chatroom account he might uncover problems in his data feed, his broker or his order entry technique. Alas, this solution is unacceptable to the vendors and some of their customers.

    So my advice to potential customers is to examine the promotional material presented with a fine-tooth comb. Take the free trial, but don't trade. Just observe very, very carefully. If anything doesn't pass the smell test run away. Better yet, if you are new to the game use the money to buy a whole bunch of well-recommended trading literature, study it very carefully and sort the wheat from the chaff yourselves. There are no shortcuts in my opinion.
     
    #39     Dec 20, 2001
  10. Regarding RealityTrader

    "I have not visited their daytrading room though I hope to in the near future. "

    Daytrading should read swingtrading. My quality assurance is slipping. :)
     
    #40     Dec 20, 2001