Quote from Laissez Faire:
I have been fortunate to be a member of a non-trading related forum in the past where everyone was moving in the same direction and shared a great vision. It was truly a great environment for learning, but I think it is futile to hope for something like that today in a public forum like this where there is no level of entry for registration. Especially now that trading is mainstream. I agree with the guy who once suggested a forum where every member needed to submit proof of a properly funded broker account among the requirements to participate. That would weed out a lot of unwanted participants who have nothing to do but spread negativity and lower the level of any discussion. Perhaps monthly broker statements would have to be validated to ensure that blowups or failed traders hang around to spread negativity long after they quit the game. Those seems to be the most bitter and negative. A sworn and written oath could be accepted as an option if the trader truly wanted to repent and continue learning in this environment to prepare a comeback. Perhaps a small fee could work.
Translation: you would like proficient traders to participate on Elite and share their strategies with you and show you how to do it correctly. However, as intelligent commentators are treated poorly when the content they provide contradicts the majority popular opinion this is not going to happen.
Your proposed solution is interesting and shows us how you think. You mention money twice: a funded broker account and a small fee. This is because you think having money is, or ought to be, the quality required of aspiring traders. Not true - all the losers start off with enough money to open a brokerage account and trade, and all the winners end up with several multiples of whatever they started with. The last thing a novice trader needs is a "properly funded broker account".
If really successful traders wanted to form a "club" it would be on an invitation only basis to traders personally known to existing members. Criteria for membership would not involve money, or the proving existence of a brokerage account. Top level players are not going to be interested in discussing either finances or methodology with others. It would be an environment for discussion amongst people who have similar personal characters and who share similar experiences owing to their efforts to achieve big success in this particular business. Successful people enjoy the unique experiences provided by interaction with other successful people. A filtering mechanism would need to be in place to ensure that those invited to join had earned their place and would not trouble experienced members by trying to pick their brains for either tips or strategies.
What you would like is a club where you make the rules and everything is as you think it should be. Rather than learning from failed traders and the lessons they provide, you label them as "unwanted participants" - perhaps their failure is an uncomfortable reminder of the inevitable fate of all those not sufficiently prepared. If you think you truly ought to be the arbiter of good taste then why not set up your own forum with membership criteria according to what you think proper? This should not take a computer literate person more than a few hours and need not cost you much or perhaps can be done for free.
I can assure you however that you have nothing to offer which would induce the experts to join your club and teach your members.
Quote from traderslair:
Everybody who says that Al Brooks is awesome and that most of the non believers are to stupid to understand him but THEY CAN must show their extremely profitable PNL immediately or shut up about it.
Leave them to their little delusions. They are comfortable in self deceit. Bottom line is that there is a limited amount of liquidity in day trading and holders of a highly effective methodology would not publish it as the net result would be other traders doing the same and competing for liquidity. Eventually enough would copy to hammer out the edge. Anyone with sufficient savvy to develop a highly effective method understands this.
(good example - a few of the ex-Schonfeld folk who post here and are known to have made 7-8 figures in their careers have mentioned that good edges / strategies stopped working once they became common knowledge and too many people in the firm started using them)
using them once they need them if their income is too low, you know just to boost credibility.