This is not first time I am told this. Please help me understand what is unclear in alert "ABCD breakout candidate, trigger 15, stop 14.75". TIA, Vad
Hello Threei: First let me say you have a very fine service, and you have helped me with the psychological aspects of this game. If you are asking for suggestions for improvements, then I will mention a few thoughts I have: Before I do that, to all that come to this forum for entertainment purposes, if you do not leave something of substance behind, then please do not post, get a life! Some of us that are here to learn and improve ourselves derive great benefits here. Chatrooms are my vehicle for education and on the job training. This is working for me, the alternative is to spend thousands to be exposed to one particular method, and I may not end up liking it! My approach to self-education exposes me to a variety of methods and I am migrating to the methods of Jea Yu, as difficult as they are to learn. After several months of study I can read the noodles and identify the chart patterns with the highest probabilities for success. I am learning to fish! That being said, back to you Threei: 1) Many times you mention a stock, but I am sometimes not certain if you are calling a trade alert, just watching it or advising us to take partial profits or to close the position. If it is unclear I tend to just ignore it all together. Now let me state that the trades where I was clear on your calls, that they tend be of excellent quality with few stop being taken. The current low volume environment is very tricky for everyone, so kudos to you for your track record. Also since I am in a couple of chatrooms, my eyes are covering a lot of territory during the busy times, so if you mention a symbol but are not clearly stating why, rather than attempting to scroll back up and read the dialogue to try and figure out what you are stating/or calling, I just ignore it and move on. Maybe something like this would help: Consider Long, ABCD, Trigger 15.05 or Consider Short WXYZ, Trigger 12.95. You need to make it easy and fast to clearly understand the comment. 2) I must say that with the implementation of the screen capture technology and the ability to make it immediately available to the members, with comments about the price charts and indicators, is taking chatroom education to a new level (a nice plug for the Level5 room, where I first encountered this technique) and it makes a world of difference. I can see what they are seeing! This is a tremendous advantage and accelerates the learning curve. Add voice over the graphics and you have a very effective learning environment. I hope this feedback is helpful. Have a great weekend! --arky
thank you for detailed answer. Gotta tell you, I really dislike voice part, we tried it and found it highly unreliable and potentially very confusing. Suggestion about graphics is very interesting, we are looking into it for some time already. Alerts... I think it's just about who likes what, since many alerts are exactly in a form you cite as ideal, and some are in a form of discussion which is liked by many... cooking for big restaurant you have to prepare different dishes Thanks again, and have a great weekend! Vad
Arky Could you please provide the URL for Level5. Also, what ex trader from Jay's room started it? I was a member of Jay's room for about six months. During that time I learned a lot and have no regrets about paying, what I consider, a small fee compared to what I would pay for a weekend workshop elsewhere. Jay's insistence in starting out small and his constant berating of Newbies, telling them (me) to shut up and watch, has perhaps been the main reason I am still in the game and didn't blow my account overtrading at the beginning. For that I am grateful. Although Jay is a great market commentator and has an excellent 'feel' for the markets, I do not think that he is a good teacher. His style of teaching is all over the place. I first noticed this at a seminar Jay gave during the online trading expo in NY last year. Although his methods do make sense after a while and he is very enthusiastic about what he does, he has a hard time getting his message across. Many (if not most) of the people at the seminar were shaking their heads wondering what he was talking about. Perhaps he needs to cut down on the coffee. It was only after leaving the UT chatroom and being away from Jay that I was able to put much of his teaching into perspective. In retrospect, I have learned far more for $1500 in fees than I think I could have got at any workshop or any course for the same money. To stay at home traders, chatrooms sometimes offer the only option for good longterm, relatively inexpensive education from an experienced trader. Threei I also spent some time in your room with a couple of trials over the last 6-7 months. In the short time I was there, I learned a great deal from both you and Chris. Your methods are simple and your teaching of them is excellent. I never had to struggle (as I did with UT) to understand and implement your methods. You made trading, for me, a more pleasant and relaxed experience. Alas, as I am still very much in the middle of my learning curve and am fighting to preserve capital, I had to make a choice between using your chatroom services or purchasing your scanner. I have chosen the scanner for the time being, but hope to join your room when I become profitable. As far as your calls go, (not Chris's), Arky is right, at times it was difficult to determine whether you were making a call or just discussing a stock. I rarely saw a precise,... Breakout..Buy at 15...Stop at 14.75 etc.... Although it didn't really concern me, as I use chatrooms for education and companionship, and not blind calls, it may be helpful to other people if your calls looked more like an alert than a conversation. I also liked the way you 'help' people manage their trades and don't just tell them to manage it themselves. Please keep up the good work. For any newbies wondering about chatrooms, at least give the vendors the benefit of the doubt and use their free trial service to judge for yourself. Don't listen to the detractors on this board and blindly discount their services because some other trader (who may or may not be successful, who knows!) has a grudge.
I am glad to hear we were able to help even during simple 1 week trial. You know, interesting thing about alerts format... while I am doing many of them in strict " *** type of setup, trigger here, stop there", sometimes I slip into simple discussion of what I see and many of traders find it more helpful than formal alert. So far it seems like the more experienced trader is and the more time he spent with us the less is his need in strict formal alert. It all again boils down to dealing with traders of different skill levels. While it creates some complications for room leader (gotta find the balance so skilled guys wouldn't get irritated by repetition of basic things and newer guys wouldn't get lost), it also works out as great learning environment, providing people are friendly and helpful. For instance, we had one of our original members that turned his trading around from losing 6 figure account to profitable trading, sharing his personal experience in the room and answering questions. As he is not a teacher but rather fellow trader, his words were easy for many to relate, to see where they are. OK, gotta stop this train of thoughts, too much writing for the weekend Best regards, vad
Thanks a million. You sound very sincere about your experiences. What is the name of this new chatroom? Also, your disagreement with M-T's 1 point stop loss is totally understandable. Can a trader reduce his/her stop loss to a 1/4 pt. and still trade their calls without being stopped out continually? Are the plays to volatile for that? Also, how easy is it to get in on a short play that they call given the Nasdaq uptick rule? I'm going to give the free trail a run but any up front advice is always welcomed. Thanks, Thunderbolt
I only post what I believe based on my own personal experience. I have received a lot of valuable information and advice from this forum that has helped me on my journey to becoming a successful stock trader. I post as a way to give back some that I have received. I don't know anything about what level you are at in your trading or the tools (some may say weapons) you are using, and these things make a difference. If you are scalping you better have the right broker, trading platform, trading capital and even your internet connection is important. Your question leads me to believe you may be in the early stages. Paper trade, simulator trade and learn one stock as well you can before you trade. I don't recommend blindly taking any trade alert from any chatroom if you do not understand the premises for the trade. This is important because the premises can fall apart quickly, and if you are not aware of this it will cost YOU money, not the chatroom guru. By the time they type the STOP, you read it, process it in your mind, and then complete the order entry screen, well I think you get the picture. I have just configured my hot keys in Realtick to help me respond more quickly, both to get in and to get OUT. It also reduces the anxiety associated with the process of filling out the order entry screen in the heat of battle. I am still new to this myself and I can tell you I am nervous when I get into a trade, and especially when it it goes against me. Regarding M-T, of course you control the stops, but I can tell you their tally sheet at the end of the day does not reflect the fact they may have endured a significant move against them before the stock moved in their favor. Frankly, that room scared the hell out of me. As an example, a few weeks ago they called IMCL Long after they believed it hit a bottom, well it ticked up for about 6 seconds and then proceeded to tank again. That stock should not be touched by anyone below PRO level, I bought in for only 200 shares and recognized quickly it was going against me and got out with only a $50 loss, but others in the room were not as lucky! My final words about M-T, proceed with great caution. Always remember it is YOUR MONEY, it is only THEIR CALL. Have a great weekend! --arky
It's sounds like you might be using TerraNovaOnline as your broker since you are using the RealTick platform. But I could be wrong. If so, are they worth the extra cost?