Discussion in 'Educational Resources' started by Samba, Mar 4, 2002.

  1. Samba


    I was searching for a ressource in order to learn trading the QQQ. So I found the service www.methodtrading.com. I tried the free trail and I have questions about this service and it would be nice if a member could answer them.

    There are two headtraders in the room, Don Miller and Barbara Stevens. Both are following diffrent methologies.
    In order to learn to trade the QQQ I was especially interested in Don Miller.
    But there were some things I didnt like at all and I would like to know if this were just my first impressions and if they were wrong or not.

    A lot of basic trading rules were mentioned, like "full number resistance is a nice place to pare" "dont force trading there will always be a next move" and so on. This is right and important but its not worth 350 bucks.

    Barbara made calls like, "when MSFT will lose this full number this could be a possible entry" no stop, no target....
    MSFT bounced right back to a .20 loss. No more comments
    Finally MSFT .10 in the gain she said "This could be nice place to exit the trade..." Risk/Reward 2:1
    I´m sure if MSFT had bounced comments like "I`m sure everybody took a tight stop" or something similar had been mentioned.

    The rest of the day she was mostly narrating about 3PB charts, which are very interesting indeed, in a style like " 1, 3, 5 min are short, break price in 60min will be...."
    If I need such informations I would look for a software. I would be interested more in some guidience in using these techniques like: "Futures are short all timeframes, so the short break 3 min Amat could be an intersting entry, I would use the 1 min 3pb as trailing stop" or something this way. But there were nothing..

    Don made some calls on the QQQ and they were very good results but they were mentioned this way:

    "in .05, stop .95, 60 min moving average resitance fade in"
    This calls came very late, which is no problem. I dont want to follow calls I want to learn more about diffrent techniques.
    But the calls were soooo late, I could make them too. Waiting for a bounce, when I happens and fits to my style giving the call a little bit later.....
    The room is using paltalk. So it would be no problem to mentione his idea very early like " 60 min, ma support coming, could be an intersting entry, would take it, would take it not, risk:reward,...."

    And the worsed thing, IMHO, is that there is a free mirc chatroom. And they are always telling these people about theire great live calls made, "another + 0.20 made in the Audio room"
    Thats not true, becaus you cant follow his calls. I prefer the educational side, so no "calls" are needed, but not this way.

    Maybe my thoughts are wrong, I missed a lot, or something else. So it would be nice to hear some statments about members or people involved.

    Also, I would be intersted in a good resource about trading the QQQ, nq, es.


  2. Samba- i am going to give you some advice that you may not want to hear but until I followed it I never had any confidence as a trader even when i was winning. ONLY CHOOSE A MENTOR who will teach you how to trade while using following the price action itself as the basis of a trading system. Following indicators, multiple time frames, "sqiggly lines" etc, etc, onle serve to confuse the student and protect the teacher from revealing if he /she knows anything.Once I focused on following the price action numerous things started making sense. just my 2 cents
  3. Hey Samba,

    There seems to be more negative comments than positive comments.

    Thus, if their trading style does not fit well with your personality...move on and find a better source.

    If your looking for a SOURCE to teach you trading setups about the QQQ...

    the best source is yourself (I know that sounds corny).

    Study QQQ price patterns on multiple time frames...print out charts every day for review...take good notes...keep them organized in a nice binder (I use 4inch binders...one for each quarter)

    Keep reviewing them until you feel COMFORTABLE you can catch many of those repetitive patterns...then try trading the cubes or Emini Futures with a small capitol...then if your successful with the small capitol...start using your normal desired trade capitol.

    If your looking for someone to make trading calls for you (entry/exit)...holding your hand to each profit or each loss...try some of those mIRC rooms.

    I don't know how long that free trial was that you had...but the question for you is this...

    did you make any money during that free trial?

    If so...was it because of them or because you did something different?

    If its because of them and you don't mind the conflicts...keep using them...if not...keep looking.

    By the way, I never heard of them.

    Last of all, if I had questions like you did about this site...

    I wouldn't even bother wasting my time asking other traders questions about them.

    Nihaba Ashi
  4. I have just tried to visit the site it redirects to dellhost.com. What a load of arse.

    I know if I had paid $350 and I was redirected to dellhost.com I would top myself.

    Welcome to the world of the Internet millions of pages of crap all thrown into a big messy network of shit and it is growing by the day.

  5. kempo


    About this time last year, when I was a brand new trader, I stumbled on to Don Miller. He had just left undergroundtrader.com and was starting a mentorship program, for which I signed on.

    There were 8 people in the program and I learned an incredible amount of information, that I may or may not have discovered on my own. I found Don very sincere in his effort to teach - not call trades for you. However, I found that I could not get myself to trade his methods. My ONLY negative about the room was that Don would sometimes say "Whew! If you're not making money today see me!" Well, chances are that I wasn't making money, and I felt like crap. So, I left the room.

    Over time, because this was a new endeavor, the program and the room evolved from a mentorship program to more of an educational chat room. When I left (06/01), the room had not yet changed to its present format.

    Having stated the above, I think that if you wrote to Don and asked about your doubts, that he would be responsive. Then you'll either hear what you want or not. Best to hear it from the horses mouth:p

    good luck,

  6. toby400


    Don't take this as a personal attack but you can only progress your trading skills by getting off your butt and studying the market in depth as per the above posts.

    By self study you discover your self and by experience discover the trading style appropriate to your emotional self.

    Apart from the price of a few books, much material is free on the web and in furums such as this. But you have to make the effort to study it all and research.

    However, if you want to be spoon fed or chase the holy grail there are plenty of bloated sharks out there who can always fit in another Fool.

    Don't be that Fool.

    Good luck.

  7. IRAF


    I've been following Don Miller ever since he joined Tradingmarkets.com web site. I was trying to learn trading the Qs, but his strategies were not very clear to me . Then I heard him speak at the TM 2001 conference and was truly impressed. He was one of the few speakers at the conference who appeared to be an actual trader who made his money trading the QQQ intraday. After a long consideration I decided to buy his video course on trading the QQQ late last year (the price was the reason for my consideration). I really liked the course as Don presented his strategies and beliefs in a very clear manner and I think that the course did help me a great deal.

    After watching the video and trading using his strategies for several weeks I still had some questions and contacted Don about them. To my pleasant surprise, he was extremely quick and prompt in his responses and generally answered all of my questions. My only problem was that Don never answered any of my questions about his actual trading. Any time time I would ask him about a particular move the market made in the day or a certain trigger that I was not sure or any other specific detail, I would always get an answer saying that it all depends on my particular style of trading, etc. I was not happy with these answers as I made it clear at the time that I was trying very hard to make my style emulate Don's as much as possible. In one of his e-mails Don mentioned methodtrading.com and suggested that the service might be helpful to me. As I was seeing definite improvement in my trading after watching Don's tapes I decided to join MT service in hopes that it would clear things up for me even more and thus help me improve. Well, my first month subscription to MT is expiring this week and I am definitely not going to renew. I am going to try to summarize my experience in the next couple of sentences.

    I definitely like the fact that they do all the narration over audio. First of all that doesn't take up all the attention as I can still watch the graphs, etc. and also creates a feeling of not being alone which is also nice. I also like that their service is more education oriented rather than just calling trades. Because I was very familiar with Don's techniques I also found that I understood the reasoning behind every single trade he made.

    Now the negatives: First of all, I find Gio's narration completely useless and even distracting. In my month there, she never made a single call that I could see. She routinely makes statements like "You can go long here.... You can consider going short here" and spends the second half of the day reiterating how great a day we all had today. I got extremely pissed off on several occasions when I was having a not very good day and she kept saying "we've mad so much money so far, we should all just take the rest of the day/week off." I find statements like that to be utterly unprofessional and improper given the fact that most people in the audience are probably struggling to learn about trading. I was also very disappointed that Gio and not Don was speaking most of the time, I remind you that I never heard of Barbara Stevens before and thus the only reason I joined the service was to get insight into Don's actual trading. As far as Don's participation goes, the subscription definitely helped me understand his thinking even more than I did before. I did have a lot of problems with his "sample calls" though. As my own trading is based on his strategies, often times I would enter the same trades that he did before he actually made the call. It was very upsetting when I would enter a trade, the stocks starts moving in my direction and Don makes a call 10-20 seconds later and supposedly gets the entry price 3-7 cents better than mine. Not a single time in the 20-some trading was my entry price better than his sample entry price :( Furthermore, often times when Don is already in the trade, he would say "stop changed to .95.." The QQQ would hit the stop repeatedly and then move in his direction, 9 out of 10 times he would act is if the stop was never hit and continue the trade. Those things made me to realize that most likely Don is not trading as actively as he led me to believe and this is very upsetting to me.

    In any case, this is my personal opinion on methodtrading.com. E-mail me if you have any other questions.

    As far as other QQQ teaching services go, I participated in Allen Zuckerman's chat room trial a while back. I think that Allen's room is the exact opposite of Don's. IMO Allen does much more calling the trades than educating the audience. His calls are indeed very good and unlike Don, the entry exit prices are totally realistic and easy to follow. That room was not for me as after a week there I had no clue as to why Allen entered most of his trades, even after his explanations.

    Hope this helps,
  8. I have read Miller's columns a few times on TradingMarkets and was distinctly unimpressed. Maybe he can make money trading the way he explains things, I know I couldn't and I've been at it a lot longer than he has. Of course, that hardly distinguishes him from the columnist/chatroom operators who now make up most of RealMoney's daily offerings. What a load of garbage both sites have become.
  9. toby400


    Agreed AAA, isn't it a part of "thestreet.com" ?

    What was an informative site with contributions from Gary Smith etc has now degenerated into a repository for mammon and snake oil.