I would add Brett Steenbarger's books to that; especially Enhancing Trader Performance and Daily Trading Coach.
Interesting philosophy FB.. that price action is dependent on what one person sees himself and that it's not a mechanical fact, that is the same for everybody...when looking back at what somebody posted.. if more people know about your strategy it will work better. based on your philosophy it wouldn't matter. It's based on what a person does. The debate of whether you should tell people about your strategy or not, seems to be meaningless. Did buy-and-hold propogation made warren buffet a billionaire.. or did it not matter at all? if a trading room has more risk than reward it is using quite some discretion most probably in their decisions. They would need a 90%+ win rate.. everybody make their own decisions but I don't think it's worth it. anybody who thinks of joining a room, ask themselves is it worth it? a room by definition is a subscription. but what are you subscripted too?? Why subscribe to an education type room? Education can be learned in one go, and you don't "learn more everyday" the market conditions change everyday, but if after a month you still don't know the gist of the strategy aren't you being kept in the dark on purpose? Why subscribe to a live trading room? You can see somebody trade, but how do you know his strategy is good in the long run. From this thread we clearly saw the strategy from Jrality's room clearly didn't work in the long run. Everything else was good though. Nice guy, live trading, "cheap". Jus tnot a winning strategy. The conclusion and question is do rooms even provide a service? A good strategy that can be scaled up, why would somebody teach it somebody else? Either a: it's not a good, winning strategy. b. the guru hasn't tested it out itself whether it can be scaled up. By selling the strategy he can make money without risk. c. the guru doesn't know whether the strategy wil work in the future and sells the system to be sure of income for it. The only system that works in the future, can be scaled-up, and makes money, comes from yourself.
Here is an expert (Dr Brett Steenburger) view on selecting trading eduction or rooms: http://traderfeed.blogspot.com/2009/10/considerations-in-selecting-educational.html In a nutshell, you have find a method that matches you.
It is easier to rule out a method. For example: 1) seems to rely on lots of probably faked testimonials 2) gives trading "examples" rather than a track record 3) refuses a significant free trial, so you can verify the trades you receive match the track record 4) Refuses to offer either verifiable broker statements or independent full auditing of trades (such as via collective2, timertrac, futurestruth, or strategyrunner) 5) Is evasive/does not post their system stats (sharpe/sortino, profit factor, drawdown analysis, etc.) Assume that > 99% of them do not work. If there is any sense of "trust me", ask yourself whether you would hand a check for $798 to a stranger, and then don't it to this anonymous website.
Hard to believe that nearly 2 months later this is still being debated, but after all it is ET, gets funnier by the day.
The system has made a loss of 42 points. Awesome. Atleast the site is honest. Is this like a kaching start up, but for the ES instead of stocks. Not a bad idea. I guess this is something in the building, since the performance is so poor .
Hi Guys, Have tried millenium traders, lbr and alot of other chat rooms and lost money. I have found a couple that are interesting : 1) - Larry Levin, www.secretsoftraders.com - it's expensive to get in and you have very cheesy salesmen hitting you. If you do try them, they are pretty good. 2) - futurescomsignals.com - these guys give you live trades by email/messenger and all trades are chalked up historically on their website. There is a free trial, which means it costs you nothing. I actually told them I wasn't very happy and asked them to extend my trial for 4 weeks after the initial 2 week period ! Have made money from them though, which is more than I can say for the others before. Hope this helps.
Larry Levin has an interesting nightly newletter with opinions about the economy that I enjoy reading. I purchased his expensive Secrets of Traders course, but was unimpressed when I received it and sent it back for a refund. It had some information of value, but not enough to justify the cost. He also posts his trading room results online. I have not checked for a while, but when I was checking daily, he had some winning days and some losing days, but nothing spectacular.
how's about going over to www.paltalk.com and starting a room.... and maintaining a room including bouncing people you don't like and commenting on charts and trading patterns in the popular indicies..., futures, forex and such... then, this thread will have completed its objective... in being the best real time futures trading room to join in on...