Hi esdaytrade, Will you be posting an image of your actual broker profit/loss statement to the room members at the end of the trading day??? If not...why not? That in itself will prevent much of the negativity (not all of it) before it gets a chance to be started. Mark
of course the usual caveats apply since I can type whatever I want here but this is my trading story..... started trading in 1998. Lost ALOT of $$ for first 2 years and almost quit several times. For the next 3 years was barely profitable but enough to keep me in the game and thinking optimistically. The past 4 years I have been consistently profitable day trading the ES. My main "breakthough" was a psychological/money management thing. I began trading MUCH smaller positions and this allowed me to think clearer and not be affected by the inevitable strings of losses.
yes, if room members wished to see this I would gladly post it. I'm only 50/50 on even attempting this project. The reason I would do this would be for an additional income stream, why lie? The reason I wouldn't do this is due to possible stress and extra work. I am confident I'll reach all my financial goals in time with my own trading. Having an additional income stream would help me get there quicker but is it worth it? I'm not sure.
Observing puretick.com is a good start to learn what not to do. These penis make every mistake in the book, but still get clients. Good place to learn what not to do.
Nothing wrong with that. But it seems that you never heard of C2, where you could be up and running in 5 minutes, except no chat, but you can do that via Skype. Just out of curiousity, what is your average ES per day per contract and just how much you want to charge for the room?
In terms of the "work", I am more concerned with the possible effect on my own trading than I am the setup. I don't trade a mechanical system so how will I react when I know I have people following me who's money I have to refund if I don't perform and who's questions I have to answer during market hours? These are things I am unsure of, don't won't to disrupt my little world too much speaking of my little world and to answer your question, I average @7 ES points per week after subtracting commissions. I don't claim to be a master trader but I am happy with this amount and I'm sure many struggling traders would be too. But would I be able to duplicate 7 net ES points per week for a group? If I am to do it the honest and guaranteed fill way that I have discussed, the official results would probably be slightly lower since there are times I (and the group) will be filled without price running through limit. as for price, I really haven't given that any thought yet. I do know that if I'm to offer a money back guarantee for any month that doesn't show profit and use the honest result reporting that it won't be the cheapest service around. However, I don't envision it being anywhere near some of these I've seen that are $300 per month.
I suspect that the 'disruption' to your little world would be exponentially more than you are currently factoring into your decision process. Once you start playing with other people's money, things get serious - fast. IMO, This seems to be small, esp if you're including results from the past month or two... (actually it seems incredibly small but I'm also not very familiar w/ the results of others). R
yes, that is my fear and you have scared me even more now to be precise 7.38 (net after commissions) ES points is my average per week YTD. Last year it was 7.59. You think this is too small an amount that people would pay for assuming they were able to follow this and get filled? I know there are many services who claim considerably higher results but if those results aren't honest and can't be followed then who cares? trading just 1 contract ES contract at a net of 7.38 pts per week is $369 per week. Even if I were to charge $369 per month (which I wouldn't) the service would still pay for itself in the first week of each month and that's only trading 1 contract. now, of course there is still the question of could I duplicate those results to others which is unanswered at this time but I don't think that amount is too small at all. I know I would of KILLED to even make 2 pts per week when I was learning and losing. I think unrealistic expectations are a big problem with most new traders. You don't need to make 5 pts per day. You only need that per WEEK and you need consistency. If you can learn consistency then just repeat over and over again and gradually increase size using sound money management.
unless this is auto system, the time it takes to answer questions, to do paper work will cut into trading time. Your avg will go down hence result in false ad of your records, just thinking out loud.
7pts per week or even 5 would certainly not be too small. I can tell you from experience there are no services out there that can give 5pts per week. I am sure there are many traders that make 5+ pts per week but all the services are crap IMO and I think I've tried them all !!!!!!! If you can give 5pts per week and that is based on people getting filled then you for sure have one subscriber here. For now I remain skeptical only because I've been burned so many times and have yet to see a signal service or room perform consistently and with calls that are easy to follow and everyone gets filled. Not trying to hijack this thread but does anyone know of any that do this? Forums are littered with nothing but complaints about these services and I know first hand most suck. They claim ridiculously high points per week but if they could do even 5 I would of stayed and so would many others. sincerely, a bitter past subscriber to just about every service out there.