Does anyone here have an opinion about "Daytrader's Bulletin" at this site: http://www.daytradersbulletin.com/ They give signals to trade S&P Futures contracts and some daytrading education. I'm just a beginning trader and I thought it might be an easy way for me to learn to trade futures contracts. Their trading record averages roughly $4000 a month return on trading two S&P contracts. However for the month of October they have a negative return. Should I expect much better than this? Does anyone have any better recommendations?
Using someone elses signals is not learning how to trade, it is gambling. There are only two ways to learn how to trade. One is to figure it out on your own. This is doable, but low odds and probably won't happen. The other way is to find a model. Someone you can watch, see how they do it, see that they are consistantly profitable, and copy exactly what they do. There are people out there who'll show you, give the right circumstances. You need to be committed, figure out what you have to offer and then find that person. It took me two years, and a good chunk of dough, but I never gave up. I found the person. Now, find yours.
bundle is right. the best way to learn how to trade is sitting next to a mentor who actually trades. stay away from all the guys who charge $5000 for you to sit at the marriott watching useless slides of charts. most of the trainers out there are failures when it comes to trading and have resorted to training. i'm sure there are good ones out there but i've never met up with one.
Sam Mcgee, There are a few types of traders out there: Traders that are lazy and want someone else to tell them when to go Long and then when to exit or when to go Short and then when to cover... Traders that are independent via having a mentor or self-taught... If you want someone to give you some trade signals...there are hundreds of websites out there for such and I don't know how much better or worst Daytraders Bulletin is from the rest. If you choose the route of following someone's signals while learning very little about trading independently for yourself...make sure their track record is via ACTUAL TRADES and not via hypothetical trades nor via some disclaimer that saids they themselves don't trade their own signals However, if you truly want to learn how to trade via your own signals...get a mentor that's also a successful trader. Thus, you may want to differentiate websites that provide trade signals from websites that provides real education. From my experience...websites that provides signals will provide very little useful education applicable enough for you to trade on your own because they would be defeating the purpose of offering trade signals if such is fee-based. Here are some basic requirements of Mentors: 1. Verifiable sucessful trading record. 2. Mentors in realtime during market hours (in-person in your trading environment) via their own trading account prior to coaching you through your own trades in your trading account. 3. Provides live-realtime online follow-up education Such individuals are difficult to find because such individuals are very busy successfully trading their own accounts and most likely WILL ONLY want to try the mentor thing as a change of pace (trying something new or to take a break from the stresses of trading)... such individuals are also well compensated by the students. P.S. Such students usually have a shorter learning curve down the road to profits and make back the money they've paid to such type of a mentor. I'm keeping a personal list of such types of mentors and a list of students that want to hook up with such types of mentors. Contact me if you want to get on the student list or even better...give me some names to contact of individuals that I can check out to add to my mentor list. See an earlier post by me at http://www.elitetrader.com/vb/showthread.php?s=&threadid=8750 P.S. The student list is growing faster than the mentor list...a mentor list that's moving like a slug. NihabaAshi
he offers free trial live call for 2 weeks, tried it, wasn't impress, didn't subscribe to it. Niha: is DTI http://www.daytradingschool.com/ legit. Folks, this would be DTI not DTU, don't blame me if you got mix up.
or pay for a month of teachtrade or pay for a month of IHAR the commentators are actual floor traders or ex floor traders at those sites
use them but think they offer a better deal for learning about trading ... than a black box site better yet ... buy a good book on trading or go to a seminar from an expert trader who has documented track record if making millions from trading not from hawking stuff on a site my opinion only ...
Thank you very much guys for taking the time to post your advice. I did as most of you said and last weekend I talked to a successful trader that I know locally here. I'm relatively shy so it was really hard to ask for some help but she told me more in a few minutes than I could possibly learn on my own in many months. I know it took her years to accumulate that knowledge so it was very generous of her to share some of it. As soon as I'm successful I'll do as much as I can to return the favor. I was able to help her quite a bit too. She was making as many as 70 trades a day for $10 a round trip per contract = $700/day. Even though she's making a profit she was getting some horrendous bills from her broker. I told her about Interactive Brokers and she may switch or demand some better terms with her existing broker. She is also spending hundreds of dollars a month for real time data feed and charting. I was able to show her how she could do what she's doing for next to nothing instead. She told me that I really need to practice trading with a lot of historical data. I know there are some expensive programs out there that I can do that with but my wife wouldn't understand if I wanted to spend another $1000 before showing any profit. Would any of you here know of some inexpensive software with technical indicators that could chart historical data?