I am in between the extremes of views on this... for newbies without a mentor, reputable chat rooms may serve a useful role in the learning curve... but once the learning curve has been weathered, the educational usefulness of chatrooms does diminish to an extent... Just my 2 cents...
Hey I have been there and done that! I have made my feelings known about those people. I was a member for one month, and I still get anxiety when I hear their name. Scared the hell out of me! All day nothing but catching tops and bottoms. One dollar stops!! What did I leave out? Oh they trade with monopoly money. What a joke. --arky
I´ve noticed that recently a lot of energy on ET is being directed at vendors/websites. This is why I suggested to Baron (ET wishlist) to set up a website review or a vendor review section so that those interested can tell us their impression of each with their +/- We already have a book review, software review, wouldn´t a vendor review make sense? what do you guys think? maybe then we can go back to talking and sharing about trading rather than bitching about websites or snake oil salesmen. I´ll start the list off for Baron: realmoney.com m-trader.com realitytrader.com shortboy.com milleniumtraders.com level5trading.com marketwise.com .......just to name a few
Well just for the heck of it I looked at some of those entries from Reality Trader via newbie. I noticed a sort of cup with a handle entry on a fifteen minute chart and a sort a flag pull back to the moving average on another. There was one trade that didn't jump out at me but if the chat room is spotting entries like those above perhaps another pair of eyes is a good thing. I am assuming that those entries have targets and stops. Just so newbie calms down a little let me say that I have reviewed a few chat rooms and there is some worthwhile stuff in a few of them. I have one concern I think perhaps that a large portion of the market (particularly chats) is/are following Linda Raschke type analysis. I have also read on this board that some traders are feeling that flag trades are becoming less effective. I know that moving average pullback trades on the one minute and sometimes the five minute chart have also become less reliable. So who has effective strategies that are not getting overexposed or are good strategies always good? With all the books magazines and chat rooms out there are we helping the market get too efficient.
Dearest bretheren ProTrader, Not wanting to assume anything, what is your interest in chat rooms? Given the praise given to you by bother Candle as being a Grandmaster of this art of trading, why would you engage yourself in this trash? Please understand brother, I am only trying to understand if you have something other than the obvious motivation. nitro
Newbie, don't take non-constructive criticism to heart. I think many people on the board, me for one, enjoy and appreciate your contributions. Let others rant.. You have to be a bit thick skinned around here
Newbie, Keep up the great work. And don't let anyone ruffle your feathers here. There are a lot of bogus chatrooms out there (MT, etc.) BUT there are also some good ones. RT is one of them. Not only for calls but for teaching. Also, there are two ways to look at trading. One is to learn how to do it yourself and the other is to copy someone else who already knows how. (or a combination of course. I'm sure that is what Newbie is doing). Now I don't recommend to just copy someone else but I believe it is possible to do very well doing just that. It would be very interesting to do a study such as this: Hire someone who knows nothing about the markets but is computer savy. Train them how to do order entry only. Pay them a salary to trade your money and only follow calls in a successful chatroom such as RT. Have them apply proper position sizing such as Tharps methods that Newbie mentioned. And that's it!!! (Having no emotional ties at all to the money would in and of itself be a HUGE edge). I dare to say this person would outperform the S&P, all mutual funds, and most traders. So all you people giving Newbie a hard time can stick it until you prove me wrong. If anyone disagrees, you have the right of course but it would be VERY interesting to see. People underestimate how powerful emotions are in trading and I bet my left nut that my experiment would prove very successful. Don Bright you've got lot's of money. Why don't you try a little experiment like this? P.S.--All you Don Bright bashers out there. Whether you like him or not you must admit....HE'S THE SMARTEST DAMN ONE OF US ALL! He's figured out the real way to make money. I guarantee he makes a HELL of a lot more money from his business than his trading. It's like gambling in your own casino. If you lose so what. He also holds the record for the most posts in the fastest time. He went from 0-668 in only a couple months. You ought to do a study on how many people have signed up Don and figure out how much money you make per post. LOL!!!!!!!!!!!!!!
huby, I don't want to start this all up again, but your suggestion of having someone trade every call is exactly what some of us have been asking. Why wouldn't the room op's do it? Then you would have a no bs trading record with P/L in black and white. They have a million reasons and maybe they are valid reasons, but it can also sound like they are afraid to eat their own cooking.
I tried to get several rooms to submit trades prior to the openings, have them entered (with stops and exits), and actually entered trades. We only had 4 people actually send in their info...and Power TRade was the most consistent with their stock picks (and we about broke even), daytraders.com showed the only actual profit, and it was minimal (but their time frame is longer, so I don't have anything bad to say about them). The overall experiment cost a bit of money, but it was not a big loss. I think it would be better to all concerned to not post the actual results. I would consider trying it again, if we could get these trades prior to the openings (we are busy trading most of the day so we cannot monitor every intra day call....and that is why I am choosing not to post any results at all). If RT has the ability to forecast trades, rather than intraday "reads" then perhaps I can get someone to enter the trades and we can do a month long review. I am still gathering data for the magazine article, and will probably opt for a different approach to the whole thing. I am hoping to have a positive result from this, yet I need to be as objective as possible. I will look back into it after the Expo. And for what it's worth, I do things in "spurts" and this board has been quite a "spurt" - fun and therapy all rolled into one! gotta try for a 1000 posts!!