Post by: tradeRX For: RockTheLurker Would much appreciate your update on the two chatrooms you are presently evaluating. You haven't posted anything new for the last three weeks, so I look forward to any additional observations, insights or conclusions you may have. Please continue to post them here. tradeRX
tradeRX Junior Member Registered: Apr 2001 Posts: 2 Anyone with any past experience or present members using Trendfund.com? Please give us some feedback. What's the chatroom like? What is the percentage of winning calls? Do they just give you trade candidates or do they educate and help you manage the calls they make? Please relate your experience. tradeRX
Check out http://www.traderalliance.com They've got free voice and irc chats and a number of good traders. Pay close attention to Gold's calls until you get to know the others in the room. Gold is very good. And he's a good teacher. Good atmosphere, good people, well controlled so far. Green trades! Richard
i'd be interested to see successful traders with high percent returns, but unfortunately in real life i've never seen audited proof of that phenomenon (i'm not talking about traders who benefit from a little help of an order book)... the only rich traders with a track record to prove it are those with batting records below 50%... did i miss something?? cheers
i copied this from the waxie thread: Dustin wrote: "Ken, at the time some guy challenged Waxie to prove that he really was making all this money, and if he proved it the guy would give him World Series tix. Waxie provided his daily trade P&L for all of his members and his claims were supported. The guy ended up backing out of the deal." what i wonder is, does this guy have an audited (!) track record for the duration that he's been marketing his stuff, showing his risk/return profile?? a daily p/l is hardly an audited document. i mean, larry williams 10k to 1mil stunt was based on a risk per position of up to 30%, not what i call feasible trading for the long term, hehe... or do people just fall for waxies self-marketing?? tokyo joe, anyone, sued by the SEC for, amongst others, providing false and misleading performance figures?? cheers
The thing is you can very easily check it out for yourself. Join Waxie for his free trial and be amazed. When you read Waxie talk about himself you'd think he's either a God or full of himself [or something else]. The fact is, his calls are good and if you understand trading you can make very good money trading his picks. If you don't understand trading, can't hold a stop and things like that, sure you will loose. So people seeking free money and holy grail would waste time there.. they would waste time anywhere ! But if you are seeking for a great stock picker and good trader, this guy is unreal at times. I have only one problem with this, I want to trade my own signals and systems, not be a follower. Not that there is anything wrong with that. But I think a trader should be self sufficient. The Education is very valuable though even when you are simply a follower and I enjoyed that.
hehe, who cares about calls?? i care about a real time audited (!!) performance, everything else is liable to massive manipulation, eg where do you exit, where are your stops, what's your mm, etc etc... Tokyo Joe had great calls, a great performance (which unfortunately turned out to be mere phantasy after the SEC double checked him) and loads of followers... hey, anybody in the biz of actually earning money as opposed to hyping ones stuff?? i think traders trade or start a fund, nontraders sell their rubbish... when i invest with a cta etc i don't give a rats ass about calls, i want to know how much money did they earn at what risk... does waxie have an audited risk/return statement??
I've been following millenium-traders.com for a while and have some interesting things to point out. First of all, if you want action this is where to find it. The two traders in the room "Thunder" and "Lightning" are making calls ALL DAY LONG! They make between 20-30 calls per day. Surprisingly, almost all of them are winners. They post some pretty amazing end of day results. (You can add your email to their list, and they'll email you the daily results. However, there are some things to be aware of. 1) If you choose to follow their calls, it is a full time job. Make sure you go to the bathroom before 9:30am EST and eat a big breakfast or you'll definitely miss something. 2) You need the right equipment. DAT broker, very fast order entry skills, live charts, at least 3 monitors, and lots of focus and consentration. 3) The stress level is quite high following these guys. They will often have 5-6 open positions at a time and will hold positions all day sometimes. You need to constantly be aware of what your holding because they always play the fast movers (jnpr, cien, nvda, chkp, etc) and one could easily get away from you if your not careful. 4) With each call they always say, "Use tight stops". For your information: Their stops on all calls are 3 POINTS!!! Not exactly tight in my book but it works for them. Their philosophy is that they will have many more winners than losers and this will justify such a wide stop. So far I've found this to be true. I've been trading their calls with a 1 point stop for my own peace of mind and have found this to be quite effective. I get stopped more than they do, but I feel better about it and they really do have a knack for picking the tops and bottoms. Usually most of their calls won't get more than a half point away from their entry recommendation. 5) The biggest thing I don't like about the room is their end of day tally report. It is pretty exagerated. They show the entry from where they first recommended it and then they constantly type in where the stock is trading. (I.e. Winner Alert: JNPR 55.61, 55.64, 55.67, etc.) That's fine but often times they won't give an exit. They usually do, but I'd say 20-25% of the time they don't. So if a call they make goes in the black even by a few cents, and then tanks, they will write it down as a winner for the day. Technically they are right. You "could" have gotten out right there, but we all know that's pretty unlikely. 6) The other thing they do sometimes, is when they do make an exit call, it may not be at the same time as the last winner alert. You need to check the time of the call vs. the daily chart. Often times the real exit will be a few minutes later and several cents lower than what they posted for the daily results. Even with those two negatives, overall I've been very impressed with room. Based on my own trades and research, I've found that you can still realistically see about 50% of the results that they are posting. Not bad when you consider they post between 10-30 point profits per day! I'd be interested to know how others have done in the room.
I am not impressed at all by those numbers, it all comes down to risk/reward. most of their picks are highly volatile stocks, with as wild as a 3 point stop and sit through all the wiggles you are most likely come ahead, but by how much? as far as i can see, not that much, from 0.15c to 1 point. say, on average you net 0.25 pointfollow their calls on your 9 wins and lose 3 point on the stop you hit(i assume you will stick to it), you are still a net loser.