This putz "Geoff Presotn" did not even spell his name correctly on his e mail, do you expect him to be able to trade?
wonder what the lifecycle of these rooms is? even the seemingly honest ones with limited hype, like puretick, appear to burn out or are exposed quickly. is LBR the longest surviving chatroom host?? surf
Can you give us a little longer feedback? How was it, how many YM points were made, did you learn anything new? Just curious, but lazy....
I really like alex's explanations about panick selling, its pretty simplistic but so true, learned alot today.
well i stopped in the room for a good 3-4 hours - from about 11:30 till the close (CT) - just out of pure curiosity. I've never listened to a broadcast like that, all i listen too is the tradersaudio squawk daily. And it really seemed like the room was just filled with novice traders that were just fighting all day long to squeeze a few ticks out of the market. It didnt seem like it anyone in the room had a real grasp on what the price action was actually doing....and it seemed like it was because they mentioned a new technical indicator or chart time frame (or different tick chart) every 15 minutes. So literally every 10 minutes someone would point out a new indicator (like a 3 minute trend line, or tick/trin) and everyone would over react to that indicator and basically think they are disicphering (and trying to trade) RANDOM MARKET NOISE. And the reason i found this too be strange was simply because the market was just in a tight chop range for the whole second half of the day. And instead of someone just coming out and saying "we're in a tight trading range with a longer term timeframe/chart bias to the upside"...they distorted that with tons of technical indicators, useless tape reading observations, and some really novice trading calls - for example, trying to pick up top, going short, and placing a stop RIGHT above the high....then the market runs right to the stop and back down. As for the technical indicators....I really dont use em, i have all my levels written out prior to the market day, so i purely watch price during a session (so my trading style is drastically different)....but they seemed to talk about a new indicator every 5 minutes. It didnt seem like they had a set plan, and they were just executing the plan during the session - they had LOTS of impulse trades, and again, it was just random market noise. They looked at tons of different time frame charts, different tick charts, and a handful of technical indicators on each chart/time frame. What I thought was amusing was the fact that AFTER the market made a move they said things like, "thats a situation where you should have traded off the bollingband chart - sell into rallies and buy weakness...". <B>They were essentially making the mistake of looking at TOO many indicators, so everytime you get a trading call your always going to have an indicator or chart formation/time frame that will tell you the call shouldnt be traded. I know they had some past threads regarding guys in the room not taking all their calls....well thats the reason. If someone doesnt know how to trade on their own, AND they are looking at a handful of indicators and timeframes they'll never have the disipline and self confidence to pull the trigger.</B> The other thing i wasnt too impressed about was the fact that everyone was overtrading - and it was all just random noise. The guy that talked in the room, and a few guys in the chat were pulling a few ticks from the market every few minutes, but it seemed like there was no consistancy in their approach. One minute they are getting short to pick a top, the next minute they get stopped out and flip long, then there just getting short and trying to make a few ticks (on no volume!)....there was no consistancy, and all they were trading was random noise. Now i dont want to bash puretick or anything....i'm sure you do provide a good mentoring service to a handful of traders that you work with, and the moderators sounded like they knew what they were doing. But on the other hand it sounded like the room was just filled with way too many novice traders that will blow there account within a few months. I also got the impression that the puretick guys/moderators would simply be better off just trading on their own without the room. Constantly having to watch over a room of traders while your trying to examine the market seems way too difficult and is probably holding you back from being more profitable....So it makes me wonder why they even trade in a public room. Those are my two cents on being in the room for a few hours....personally, i would recomend just subscribing to a S&P squawk box if your looking for something to listen too during the trading day. They're not going to hold your hand and tell you what to do or how to think, but you'll get a better understand of order flow - the order flow wont get masked behind all these technical indicators and useless charts that they talk about every few minutes. Some of the indicators i remember them talking about were...various moving averages (simple and exponential), bollingbands, divergence, tick/trin, tons of different time frame charts and tick charts (i think it was an 89 tick chart), volume, tape reading...really all the technical indicators most beginning traders use and trade.
It was the open house, what do you expect ?!?! disclaimer: I am not a subscriber of PureTick (current or past). I am not associated to, or have ever engaged the services of, the chatroom owners.
I dont know if things have changed but when I did the trial a few months ago they were using tick, trin, a/d for market strength which quite of few people use. The only other thing I remember them using otherwise were pivot points and Alex seemed to be trading off those most of the time. I think they could have picked a much better day to have an open house than so close to a holiday. I never did like the Maxspan as a 40 pt stop on ym makes me cringe.