Jem: Sorry for the late response but this thread did not show up on the home page of this site so I didn't realize that there were replies this morning. To answer your question - I can't say whether her trades were directly profitable for me. A quick look at my Quicken P&L shows that my over-all P&L For all securities/investments was positive at the end of last year. How much of that is directly related to the chat room is unknown - I never take trades blindly from any source. I did that once two years ago as an experiement (using another chat room as a sort of "system trading" and that was an unprofitable experience.) It's been a guideline for me - another piece of the puzzle but not the sole input. As for her own P&L - you're a qualified investor (by your own statements) so you have the means to find out if you're willing to to do the leg work. I can't speak for her. My own opinion is this - I would be very surprised if she wasn't - It's almost impossible to start up a new fund (with outside monies) without at least a 2-3 year consistent track record of some kind. Finally, to address your experience in the chat room, I can't speak to it. You got what you got out of it - there's nothing for me personally to refute. Some folks have positive experiences, some don't - it's the nature of the beast (I"m very very tempted to go into a long diatribe here about pros and cons of chat rooms, setting expectations, differences in trading style, costs of researching those, time invested etc....but I suspect that would be taken as being condescending which would not be my intention). I hope I've addressed your questions - I've answered them to the best of my ability. - eLindy
Actually, I think you're underestimating the cost. It seems LBR does nothing 1/2 way. Over time, she's provided some details in the room about her infrastructure in her room. If you go into the room, there are at least 5 full time moderators excluding herself. Assuming she pays them a living wage of some kind (and not profit sharing), that's somewhere around 15K per month plus taxes. She uses comstock as the data feed - that's 600.00 minimum. Since she covers all markets on all exchanges, each staff member probably racks up another $600.00 each in exchange fees and platform fees. She hosts her servers at interland plus she has back up servers. Figure that's another $1000.00 per month with her usage. Into her own office, she has a dedicated T1 line - that's another $1000.00. Her website is topnotch plus her chat software is custom designed (no mIRC or Hotcomm stuff there but it's still ok for custom designed stuff). I figured it probably cost her over 100K to get those two going. Maintainance to keep that going is probably another $1000.00 to outside programmers on average per month. She has backups for everything so let's say she has to spend another $1000.00 per month on computer crap and office supplies and stuff. Total: Substantially less than 30K. It's still a decent amount but nowhere near the amount she can make with a successful fund or even or own trading. -eLindy
I am not hassling you here. But having been a qualified investor and having been in two futures funds and getting perspecti (?) on many. I can tell you that funds are created without significant track records all the time. I went into one that was just few months old because I liked what I saw in the perspectus in terms of a trading plan. (By the way it had good returns for me but I got out of it because the draws downs were tough and I figured that I did not want to give away 20% of the good times and then weather 30 pecent drawdowns.) In fact back when I was investing in hedge funds. It seemed to be: Older successful fund with a track record- Million dollar buy in, minimum. somewhat successful fund ---- 100 - $250,000 buy in. Newer fund without much of a track record 25-$50,000 buy in. So just because someone is offering to manage money means nothing. Nevertheless, I hope lbr has had a good record and I hope she makes lots of money. I just wonder why I did not get to see it when I subscribed to her room?
Why be a guru?A chatroom is surely a distraction for LBR.But teaching others is a challenge.Maybe someone should just ask her why she does it.
Not referring to LBR specifically, but these gurus come with all sort of reasons for why they teach. The best one I've heard, was by this guru that calls himself "Kingfish", he trades ES. I heard an interview with him on Robin Dayne's website (she's also a "guru"). He said, that he was trading his own account with great success, until 9-11. After the 9-11 disaster, he suddenly felt he was very very selfish not to share his insight and knowledge with others. So he opened a chat room. As you can see, these people stop at nothing to get clients. However I must again state my opinion that there are more honest people, and I do think Brandon is one them (and trust me I am not affiliated with him).
Many believe that to be the best you must learn from the best.But they don't realize that the best in 1999 isn't working in 2004.Record or no record.So the bigger the claim the better they grab students (suckers). having been in a guru chatroom (free I wouldn't pay for 4 years plus.Doing my own thing otherwise I would be broke.( I have been in many chatrooms,I always take the free trials for fun). I see a need for honest trainers simply to keep people from flocking to gurus like moths to a light bulb and getting screwed.A good mentor will also put you on the right path and help you avoid all the crap that doesn't work. Even if they are honest time is money and they need to charge.And even if they can pull tens of thousands out of the market but enjoy helping others how much should they charge?I have helped others when asked,they asked me based on my real time performance,entry,exit,stops called in the chatroom (unlike the gurus).I helped them for free,but I will tell you it was a pain in the ass.Phone call after phone call and hours on the phone trading real time.I should have given up a whole Saturday to sit with them after taking many hours to put together class material.Do I want to keep doing it?Maybe once in a great while but for the most part NOPE! The bottom line is -GOOD LUCK! Unless you know someone or know someone who knows someone.You are on your own and hopefully funded well enough to get thru the trial and error to find something that works in all markets.
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Yeah, that is an oldie and a goodie. Amazing how many people believe it. Here is what the CFTC actually say: http://www.cftc.gov/opa/enf98/opaforexa15.htm8. Be Sure You Get the Company's Performance Track Record Get as much information as possible about the firm's or individual's performance record on behalf of other clients. .While firms and individuals are not required to provide this information, you should be wary of any person who is not willing to do so or who provides you with incomplete information.