JimmyJam, Being under capitalized is one of the top characteristics of failing traders. We recommend you have an account with $5,000 per each contract they are trading in our room. You can find brokers that will give you $500 margin. (meaning you could trade 9 contracts with $5000) but if your a new trader, you're almost certain to blow your account out with that much leverage. Our goal is to make a trader money while (s)he learns. If we do not fulfill that goal , then no one would stay at our service. So far we are meeting our goals and will be here for years to come (unless a RPG takes out our web server). Cajun
i was a member for about 2 months. a) the cost is entirely too high. if they're geared towards helping out the novice trader like they say they are, divide the fee by 3 and you might have something good. b) entries were rarely as good as what was called. futhermore, they often scaled in (at least when i was there) and used the average for the track record. for the noob trading 1 or 2 cars, scaling in isn't an option if you don't want to break the bank. c) re the track record. while it looks all well and good, how about providing a track record for noobs. there were times when alex called for noobs to get out well before the initial target hit. if the noobie is paying for alex's calls, chances are he's going to heed alex's advice to get out of a position. these instances aren't reflected in the track record though. d) risk reward was entirely too high. i'm sure it works great for those playing large sizes due to being able to scale in and out, but for amateurs playing with 1 car, a 7 tick target and a 15+ tick stop isn't going to fly. you need a high win percentage just to stay afloat in that situation. i will say though, in terms of professionalism and education, puretick is at the top (and i've been to my fair share of rooms in the past).
Thanks for the info...so it sounds like you would recommend the service, as long as the trader was at least decently capitalized (ie, over 25k)?? It seems like your issues basically involve trade size and subscription cost...and the track record is sort of reachable, but still a "best case scenario" without being completely fictional...
basically, yes. 25k+, trade small size at least at the start (not sim - sim is worthless imo). the bottom line though - and PT isn't going to like this - is that puretick is not for the brand new futures trader. amateur with some screen time under his belt, maybe; the 'virgin' newbie, absolutely not. i have a feeling the most successful people in the room are the people who have been around the block - which makes sense of course.
Thank you Spectra and Bosco81 for your replies. If the readers have facts to work with, they will be able to make more intelligent decisions for themselves. The more facts, the better the information, the more likely someone will be able to come to a correct conclusion for what serves their purposes in regards to their trading careers. Good trading, JJ
A couple of posts that were made here were just deleted. One of them was mine and it was in response to an unfair criticism of Puretick by someone who claimed to have spent 6 weeks there. If we don't have a free forum to communicate in without concern about censorship of information, I definitely don't want to participate. Ciao Jimmy Jam
I'm sure you realize your other posts are still here so most likely the post your talking about in reference was probably accidentally deleted with the post of others that was unprofessional (deserve deletion). The other thread (VIDEO: Which market should you trade?) that was completely deleted contain a post by myself that I felt was on topic and questioning the merits of choosing YM based solely upon its low dollar value per tick when trade mistakes occurs. However, it too got deleted and that's ok with me because the thread quickly developed into a circus show soon after my commentary that included personal attacks by ET members towards other ET members... Enough mudslinging that it doesn't merit spending valuable time by the moderators in trying to edit out the junk. Thus, I'm sure they thought it was best to delete the entire thread and that's acceptable by me. Simply, if this thread follows the same path... I expect and hope it too gets either deleted or closed. Personal attacks by members on other members and retailatory commentary will only keep potential sponsors away... Bringing merit to the thought that Baron should charge a small fee to all ET members to compensate for the lost sponsorship. Regardless, those involved in the personal attacks should be banned especially if they have a history of such. Just a thought. Mark
Even for the non newbies, how can an inverted reward risk ratio lead to proper execution that overcomes the huge obstacle of fear.... The only way I can see how that can be done is if you've developed the setups yourself and hence have the experience backed confidence to pull the trigger time and time again. But even then... Otherwise said, how do you expect newbies to go through the following equity curve: R, R, R, -2.5R, -2R, R, -2R, R, R, R without flinching in the middle of that equity curve snapshot? The cumulative equity curve would be 1, 2, 3, 0.5, -1.5, -0.5, -2.5, -1.5, -0.5, 1.5. So 10 trades and not much to show for it, despite the 70% win rate. This is simply because the risk reward is ~2:1, sometimes worse because of slippage. Now before Whister chimes in, yes, I understand that the expectancy is positive, but what I am pointing out is that the expectancy of inverted risk reward trades requires super high win rates which are very hard to maintain with the end result being a tiny expectancy that does not leave any room for error and lots of psychological pain to get to it at the end of your sample of trades. How anyone can expect the newbie or even slightly experienced trader to survive this mentally is beyond me. I must be missing something?
No Mark. My post referenced the other post, and I guess it contained information that the Puretick Sponsors did not want disseminated to the thread readers, so they deleted it along with the original post. I'm not talking about slurs and insults being slung back-and-forth, I'm talking about information. *** Nevertheless, there's not point in talking about Puretick (as the OP has presented) if we can't talk about it. Good trading, JJ
JJ, I did say that most likely the post in reference was accidentally deleted considering your other posts that contains information are still here (have not been deleted). Regardless, I'm just taking a good guess to what may have happen to your one post in question considering your other posts are still here. Probably best for you to contact the moderator directly to find out why they deleted that particular post. For the record, I welcome censorship here at ET considering we have too many traders that seem to do too much mudslinging and personal attacks under many facades I don't have time to discuss. Mark