Chat room reviews
- Thread starter Turok
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I have a major concern about chatrooms and advisory services in general, irrespective of their skills and integrity. I suspect that they are often attractive to the newcomer to trading looking to short-circuit the learning process. I have been a visitor in enough to know that they do seem to attract at least some of the totally clueless.
These novices may even learn something useful there. However, do they really learn to become traders?
I have a background in nuclear research. It was not uncommon for a technician with no university education to become extremely skilled and even knowledgeable about some particular practical aspect of scientific or enginering research. Some even thought of themselves as almost equivalent to professional engineers. They weren't, because they did not have the breadth of knowledge either to appreciate the full significance of their results, or to allow them to adapt quickly to a new challenge in an associated field.
I suspect the graduates of trading schools may be similarly disadvantaged in their trading. They may have aquired some specialized practical skills, but heaven help them if they do not have the broad base of knowledge to allow them to adapt.
I have traded longer timescales for many years, but have only been at the short term stuff for two. It took me seven months of breakeven trading before I got to grips with the long side and nearly as long this year trying to get a handle on the short side. I have put in literally hundreds of hours of study and research to get to where I am now, trading reasonable consistently profitably.
Perhaps I am just a slow learner, but I think that those who are sucked into the chatroom route as an easy option, are destined to be disappointed if they think it is a substitute for a real apprenticeship.
These novices may even learn something useful there. However, do they really learn to become traders?
I have a background in nuclear research. It was not uncommon for a technician with no university education to become extremely skilled and even knowledgeable about some particular practical aspect of scientific or enginering research. Some even thought of themselves as almost equivalent to professional engineers. They weren't, because they did not have the breadth of knowledge either to appreciate the full significance of their results, or to allow them to adapt quickly to a new challenge in an associated field.
I suspect the graduates of trading schools may be similarly disadvantaged in their trading. They may have aquired some specialized practical skills, but heaven help them if they do not have the broad base of knowledge to allow them to adapt.
I have traded longer timescales for many years, but have only been at the short term stuff for two. It took me seven months of breakeven trading before I got to grips with the long side and nearly as long this year trying to get a handle on the short side. I have put in literally hundreds of hours of study and research to get to where I am now, trading reasonable consistently profitably.
Perhaps I am just a slow learner, but I think that those who are sucked into the chatroom route as an easy option, are destined to be disappointed if they think it is a substitute for a real apprenticeship.
<b>I suspect their subscriber base must be falling which makes me wonder how the 25k rule is affecting the chat rooms. I imagine its doing some pretty heavy damage. </b>
Before the new margin rules came out I figured that would be the end of the world for the chatroom business but it was not. We had three people cancel due to not being able to trade because of the rule, and the rate of sign ups did not seem to slow down because of it.
Brandon
Before the new margin rules came out I figured that would be the end of the world for the chatroom business but it was not. We had three people cancel due to not being able to trade because of the rule, and the rate of sign ups did not seem to slow down because of it.
Brandon
Hi,
Anyone here use or have used www.trendfund.com with waxie???
I heard so much about him, I signed up for a free trial when they were offering it for 2 weeks. For one week, it was pure entertainement, I lost money on an ITWO call. The second week, he pretty much told everyone to shove it and took the entire week off (had to work on his screenplay). Told everyone that if they don't get a trading platform like Tradeportal, you will be booted. lol
The guy is very enteraining, and I really don't mind him shooting off his mouth and all those ridiculous post... "waxie, thnx to you, I have bought my dream hourse.. blah blah blah but not for $400 a month.
I want to hear comments from a member or someone's who's been with them for awhile.
thnx
Anyone here use or have used www.trendfund.com with waxie???
I heard so much about him, I signed up for a free trial when they were offering it for 2 weeks. For one week, it was pure entertainement, I lost money on an ITWO call. The second week, he pretty much told everyone to shove it and took the entire week off (had to work on his screenplay). Told everyone that if they don't get a trading platform like Tradeportal, you will be booted. lol
The guy is very enteraining, and I really don't mind him shooting off his mouth and all those ridiculous post... "waxie, thnx to you, I have bought my dream hourse.. blah blah blah but not for $400 a month.
I want to hear comments from a member or someone's who's been with them for awhile.
thnx
murphy,
I went with them for a month with the chatroom ($400) and a month without it but just the alerts ($200). I thought the chief technical analyst, Tiny, was pretty good. I learnt quite a bit from him. Waxie was recovering from an illness, so I never got a chance to see how good he was in the chatroom. (Waxie strikes me as quite charismatic, so if you are a novice trader, you might be easily attracted to him.)
The reason I quit was that daytrading fast-moving volatile stocks doesn't fit my personality. And I lost money doing that. The other thing is that they aren't as upfront about those market calls that went bad--although they are generally quite good, I must say. Looking back, if I had to do it all over again, I would just give myself more time in learning how the markets really work and how to trade longer time frames, instead of coughing up that $600. I would have swing traded until I had been consistently profitable before even thinking about intraday trading. In other words, I would have learnt more on my own buying good books to read and trading my own style than spending $600 on a chatroom on daytrading.
Your experience may vary, of course
stockopt.
I went with them for a month with the chatroom ($400) and a month without it but just the alerts ($200). I thought the chief technical analyst, Tiny, was pretty good. I learnt quite a bit from him. Waxie was recovering from an illness, so I never got a chance to see how good he was in the chatroom. (Waxie strikes me as quite charismatic, so if you are a novice trader, you might be easily attracted to him.)
The reason I quit was that daytrading fast-moving volatile stocks doesn't fit my personality. And I lost money doing that. The other thing is that they aren't as upfront about those market calls that went bad--although they are generally quite good, I must say. Looking back, if I had to do it all over again, I would just give myself more time in learning how the markets really work and how to trade longer time frames, instead of coughing up that $600. I would have swing traded until I had been consistently profitable before even thinking about intraday trading. In other words, I would have learnt more on my own buying good books to read and trading my own style than spending $600 on a chatroom on daytrading.
Your experience may vary, of course
stockopt.
murphy
I'll give you my take on Waxie. I tried their service for a while.
As for daytrades, I gave up trying to figure out if what they provided was of value. They would post daily entry points on several different stocks. If you had a big move on one, you certainly would hear about it 2 or 3 times that day via email. If we had a big trend day, you might have several winners, and you'd really hear about it.
As for multi day trades, he seems to have a knack for picking stocks getting poised to make a move. Out of 5 calls, he might have 3 that paid off very well, 1 that broke even and another loser. I never analyzed all these calls over a two month period or anything, so take those figures with a grain of salt. A lot of these are option plays, so you can't ignore the loser.
I would feel comfortable using his service and playing his option and multi day calls only. I've seen the emails too; when something big hits, someone will rave about how they doubled their account in just a couple days, so it doesn't seem like he encourages money management. But if you play a reasonable size, I think you'll come out a winner.
I'll give you my take on Waxie. I tried their service for a while.
As for daytrades, I gave up trying to figure out if what they provided was of value. They would post daily entry points on several different stocks. If you had a big move on one, you certainly would hear about it 2 or 3 times that day via email. If we had a big trend day, you might have several winners, and you'd really hear about it.
As for multi day trades, he seems to have a knack for picking stocks getting poised to make a move. Out of 5 calls, he might have 3 that paid off very well, 1 that broke even and another loser. I never analyzed all these calls over a two month period or anything, so take those figures with a grain of salt. A lot of these are option plays, so you can't ignore the loser.
I would feel comfortable using his service and playing his option and multi day calls only. I've seen the emails too; when something big hits, someone will rave about how they doubled their account in just a couple days, so it doesn't seem like he encourages money management. But if you play a reasonable size, I think you'll come out a winner.
I did some calculations. I think the way they tally their results is a bit misleading. They arrive at that 600%+ not on the basis of a fixed number of shares for each trade. Nor is it based on a fixed amount of capital fully invested/traded over time. That is, if you started out with $10,000, your account wouldn't necessarily grow into $70000+.
Rather they do that by way of a profit margin percentage on the price of the stock. That is to say, if the price of a stock goes from $50 to $55, and a long trade nets you $5, they call it a 10% gain. And then in a short trade, if the price of a stock drops from $70 to $63, they call it another 10% gain. They then say it's a 20% increase, but increase of what? I suggest you folks take out your calculator, single out a month or two of their trade record, put in a fixed number of shares for their trades each time and do some math. You will know what I mean.
stockopt.
Rather they do that by way of a profit margin percentage on the price of the stock. That is to say, if the price of a stock goes from $50 to $55, and a long trade nets you $5, they call it a 10% gain. And then in a short trade, if the price of a stock drops from $70 to $63, they call it another 10% gain. They then say it's a 20% increase, but increase of what? I suggest you folks take out your calculator, single out a month or two of their trade record, put in a fixed number of shares for their trades each time and do some math. You will know what I mean.
stockopt.
With regard to my previous post, I just want to add: How can they add up the two percentages when the prices of the stocks are different?
stockopt.
stockopt.
>I did some calculations. I think the way they
>tally their results is a bit misleading.
StockO, you've stole one if my subjects.
Since twas I that mentioned them at the beginning of this thread, I was going to do a post on your exact topic. If you think that this posted 600% gain would have turned a 25K account into a 175K account in the elapsed time you would be sadly mistaken. In fairness to them, they don't SAY that exactly anywhere, but I do consider the way it is presented potentially quite misleading to the casual or uneducated/uninformed. Of course, that what DD is for. If you don't look at the trades with the jaundiced eye, you get what you deserve.
Let me assure you that it was not the promise of sextupling (Is that a word?) my account that stripped the $39 bucks from my wallet. If you look at their results (and you believe them, which I will only do in time) you can see that the return on the investment is reasonably impressive (I know, I know...not to TraderRX).
Time will tell.
JB
>tally their results is a bit misleading.
StockO, you've stole one if my subjects.
Since twas I that mentioned them at the beginning of this thread, I was going to do a post on your exact topic. If you think that this posted 600% gain would have turned a 25K account into a 175K account in the elapsed time you would be sadly mistaken. In fairness to them, they don't SAY that exactly anywhere, but I do consider the way it is presented potentially quite misleading to the casual or uneducated/uninformed. Of course, that what DD is for. If you don't look at the trades with the jaundiced eye, you get what you deserve.
Let me assure you that it was not the promise of sextupling (Is that a word?) my account that stripped the $39 bucks from my wallet. If you look at their results (and you believe them, which I will only do in time) you can see that the return on the investment is reasonably impressive (I know, I know...not to TraderRX).
Time will tell.
JB
Nine pages later and I'm still waiting. Anyone out there can claim honestly and credibly to have made consistent money with a daytrade chatroom? If not, I say subject closed.
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