You and I both know this kind is out there, and not in small amounts But I guess our only chance to hear about them is from disgruntled customers. Those that run this kind of operations are not going to come out and say "Hi, I am a crook and can't trade", and I doubt any of honest chat rooms operators would try to expose them also. I for one, knowing some of them would avoid doing this, and not because of "corporate solidarity", they just give bad name to entire sector. It just would be looked upon and labeled as attempt to badmouth competitors. Also, this is the game you can't win - there always will be pack (real or fake) that goes all out yelling "They are great, I made tons of money with them" and eventually it results in nothing but great entertainment where entertainers are covered in mud all over Some of fights of this kind on Silicon Investor showed this clearly... any clown will find (or produce) his defenders. Instead, I prefer to let our work speak for itself. Still, I agree with you, it would NOT be boring, LOL. Best regards, Vadym
I was thinking about starting a paid chatroom, but figured that I could make a similar amount trading (I averaged $1300 net daily this year) ... like Brandon said, running a paid chat room is just too much hard work and a detraction from what really interests most of us... welcome back, as they say, Brandon! Keep us informed about your free chatroom. Happy Holidays to all Elitetraders!
candle, You have to be one of the best intelligent traders on this board. I've read your posts and I like what I see! $1300/day is beautiful....just beautiful man! How much are you risking (on average) on each play? And what setups are you using? Merry Xmas Candle! ProTrader1
this is very impressive average! I went through my records to see average for last 3 years. It was about $500/day in 1999 -2000 on ~30K trading capital, dropped to $200-300 since I started running the room. I am failry happy with this since consistency in such drastically different market conditions tells me that what I am doing is universal and pretty much works in about any conditions. Happy Holidays! Vadym
Vad, Are you generating the 200-300 still trading a 30k account and if so I assume you use margin, and if so again, are you usually maxing out on a 4:1 levergage for most trades? Thanks for the insights.
I think I barely touch margin at all since I usually trade stocks under 30-40 and rarely if ever manage two positions at the same time. My time horizon is fairly limited since I am having hard time trying to focus on the trade and room running at the same time. It's fine with me though since I always tend to fast scalps more than anything. Not to argue about value of scalping as trading style, but hey, it works for me with amazing consistency. Vadym
no, I am not. Just flipped through the site though - looks interesting, and strategies listed do look valid. First feel is, pretty legit job. Sorry if for those that know them for a while it sounds like superficial evaluation, I don't mean to sound patronizing... it's just that there are so many loud claims and fake strategies out there that one has to start with certain suspicion and work their way up to trust if material allows Best regards, Vadym
Threei I have my own opinions on this, but respect your work & replies on the site & wanted to hear your thinking on this......... Everybody sees the same patterns, the same ideas.........people have written books on the same setups & technical analysis information.........how many books on Chartpatterns, or Fib levels or moving averages or stochastics , we have chatrooms & websites on the net that teach traders how to identify these patterns, we have these threads that from what I seen between Silicon & Elite have incredible amount of information...............I ask you........with all this information why do we have traders that lose & lose & lose & cannot seem to get it going so greatâ¦â¦â¦............ In the last 2 monthsâ¦â¦..I have had no less than 100 emails asking for help, asking for mentorship/leadership....That same common themeâ¦â¦like a broken recordâ¦â¦I am sure you get the same emails....or maybe not.............I try to help & give my best to help people, this I truly do & anybody that knows me would testify to this.......I cannot personally mentor a mass amount of people just thru an email, ......I hand pick a few people, create friendships with them & give them the knowledge & insight outside of trading patterns & setups that it takes to make money.........& I also speak at seminars & also do articles & come to SI or Elite to share with others to help, to give to the trading community to see others grow & become great traders one dayâ¦â¦.. This is a guy that I have guided for almost a yr....started at 100 shares & is going to 800 shares now as you could see in the letter...I work with him in 90 day increments & monitor his growth..........I replied to him & He I am shooting for him to be at 1000 shares going into April 1.............I have a few others I am working with directly that are working on 100-500 shares...my goal for al of them is 5000 shares BUT 1 step at a time............I am proud of this guy, he has been in the USA less than 2 yrs & will make it bigâ¦â¦he has a game plan, has goals, reads books, has a focus & tenacity to win & stays in touch with me each time we go to the next levelâ¦â¦â¦.its not about chartpatterns & setups that make him a successâ¦.read the email & read between the lines ( Second paragraph, Second sentenceâ¦.)â¦..anybody that understand what he is saying will understand this message today SEE EMAIL BELOW I have more notes below his email.......... Subj: Re: Trading Inquiries Date: 12/22/01 1:29:42 PM Eastern Standard Time From: XXXXXX@XXXXXXXx.com (XXXXXXXXXXXX) To: Stocktrendwizard@aol.com Hi Chris, how's everything? First, I would like to wish you a merry christmas and a happy end of year with the best wishes for 2002. Feel good for all the hard work you have put into the chatroom during this year because it has been great and very helpful for all of us. I decided to reply you from the past email you wrote me so that you could remember what we spoke last time. Finally, I got a bigger account and now I am ready to begin the new year with my updated business plan. As you know, I have been trading in 500-share lots, and now I would increase that size. In your own game, when you decide to increase your position in what magnitud do you do it? 50%, 100%? I was thinking to increase it by 60% to 800-share lots, just because I didn't know if going to 1000 shares was too much of a step. Anyway, I have kept my good performance over all these months and feel very confident with my trading, but I would like some help from all the experience you have. It might be a very simple decision to take, but I would really like your insights in the matter. Thanks! I believe you already know that the branch manager here at the WPB office is willing to bring you guys (Linda & yourself) to do some workshops over here with us, so I hope everything could be worked out and see you guys here soon. Thanks a lot for your help and your time. Happy holidays! XXXXXXXXXX Success to me is not from patterns.....its not from the setups.......It takes me 5 mins to teach a bull or bear flag, a head & shoulders or any pattern..........5 mins if you have been watching the markets for some time & have a idea how to read a chart It takes me 5 mins to show somebody BUT yet we have so many traders out there begging for mentorship or guidance.......... Then what is it ?..........The mental part of the game is not really spoken about.........everybody wants to hear the secret to trading......how does this guy make 1.300 a day or you make 300 a day or how does this other person make 350k a yr..........what patterns do they use what the secret........the secret is your mindset your goals & your game plan, your structure........... I cannot tell you how many traders miss this point & are so close to making money BUT have no structure bellow them..........you need a foundation , a well rounded balance of technical patterns & attitude/mental strenghts.........90% have no idea what I mean about this..........this is why 90% + mever make it long term....... Learning the patterns are the easy part.........knowing yourself is the hard part..........hope fear greed dispaire are 4 emotions that keep traders at 200-500 shares forever.....OR failure from trading & lose an acct............I like to see traders have consistant successes.....points not money........I would take a guy trading 500 shares & makes a 1 pt + a day on 3-5 trades over a 3000 share guy thats trading 50 times a day to make a point if that & then deduct commisions & the wasted energy......if you click the button enough you will eventually hit a winner, to me thats not a trader but a gambler....... ......I like to see them grow in size after being consistant over a period of time growing from 100 shares to 300 to 500 to 800 to 1000 to 1300 & so on...to see that 5,000 share size for real profiablity...................But my point is.......I see so much focus on setups & patterns & trading ideas & this has been talked about over & over & still 90% dont get it........... Get your mind right & the patterns will work.............get your attitude right & The patterns will work......get your focus & your personal life in order & the pattersn will work............. Read Positive mental attitude books, self talk, associating with successful traders & learn how they THINK....your patterns will then work........90% mental 10% technical..........I dont need to teach the traders in my chatroom, how many times do they need to know to BUY at the 20 ema on a pullback on a oversold stoch or decreased volume OR SHORT into retest of highs on overbouight condtions or in a range.........or Short the markets on a lower high in price & higher high on the NYSE TICKS ?.........its all avalible...........all of it.......my job is to find ideas for them & let them BUY or SELL based upon the setup...I cannot pull thier trigger for them, Excuses are abundant when a trade is missed........But if the pattern is there the pattern is there, no getting around it.....I am proud to say based upon the offices I speak to & emails i get from my traders in my room that they dont need that hand holding & are a great bunch of people.....BUT I have a few I work with personally that are just getting into the business or I feel could use that personal touch BUT for the most part, I am happy to know the traders I give ideas do understand the setups..........I montior that ........its important to me that I dont have any losing traders or confused traders in my room & I put alot of effort into that ...........your chatroom people seen your setups 10,000 times...so had brandons..& mine included as well as the others out there..............I personally think its all about the mental side .......BUT this is something that takes AGES to work on....not a overnight thing........you cannot have a losing attitude or fear of the markets & read 1 book & your life changes......or talk to yourself for 1 week & you will make it big.........takes time....many many many months & years for some to develop that proper mindset that it takes to be a veru big success in trading........you teach this stuff to people I know this but do people really understand why its there ? When I speak to groups of traders ......I am speaking to about 500 + people over 2 groups in January & have a active trader article in Feb.......all technical......nobody wants to learn about the mental side of the game that seperates the few who understand it from the masses.......Linda has work on her site from Brett Steenbarger or There Is Ari keive that is in the stock market wizards book, I met him as he came to my office about 3 mo ago to talk to a buddy of mine about goals for 2002........he coachs Some of the top traders in the country, if the TOP traders in the country need to have the right mindset, why dont the smaller guys need it ? make sense ??........Small guys cannot afford 5k per hour BUT there is plenty of info out there on how to groe personally & mentally to protect the brain against negetive forces that stop many from succeeding.........This is what is the difference from making some money & true trading success.....When i got into the business in 1996 I did not get in to trade 500 shares......my goal was to trade 20's. 30;s & 50;s to trade a 500 mill acct.........I set my goals very high & been working toward that since..........I have some stuff to share with you & the memebers that if understood will change the game for many in 2002........anybody that is having any challanges now or not growing the way they like or if your having success & want to take it to the next level, we need to work on the mental side of the business....the technicals will take care of themselves SEE next post for info..........