Chat Rooms - Trading oriented...

Jem,

I think I agreed with your point about a good chatroom making a difference to an already knowledgeable trader on page 3 of the thread. However, I should have said "inexperienced trader" in my first sentence. That was my intent.
 
The best chat room is a bunch of friends linked up with microphones in a private room on Yahoo Chat... preferably they should all be experienced traders, and have different areas of expertise.... 5 pairs of eyes looking objectively at 5 separate areas e.g. NYSE scalping, Nasdaq scalping, QQQ, Swings, Sectors... such a set-up produces results through excellent labor divisibility. Its all about finding the right people whose calls you can trust and who will trust your calls. Microphone link-ups allow for immediate discussion / clarification prior to trade entry.
 
Originally posted by dufferdon
. Take the free trial, but don't trade. Just observe very, very carefully. If anything doesn't pass the smell test run away. Better yet, if you are new to the game use the money to buy a whole bunch of well-recommended trading literature, study it very carefully and sort the wheat from the chaff yourselves. There are no shortcuts in my opinion.
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I second that, and not only for the reason mentioned. IF (big IF :)) chat room has certain philosophy behind its trading approach, you better study it before taking trades, otherwise you are going to be lost in the trade details not even understanding some of the comments. Not that comments are confusing, they are just built on assumption that traders went through certain material... can't rely all the basics with each trade time and time again. Now and then I see trialers that do look for shortcuts. All attepmts to explain the trade in advance, show the foundation of the trade are met by them with "Where should I enter and what's the target?" Sometimes it feels like they are 1 word short of addition like "Save the blabbing!" :)
There are books that are must read (plenty of crap, too, of course). Interesting that most of good ones are written quite a while ago... Tells something about industry standards, sad to admit....

Best regards,

Vadym
 
I can highly recommend the channel #tradingspace on the IRC Network "Othernet": irc.othernet.org

On this server many financial chatrooms are hosted but #tradingspace is the one I like best. There's a News and Quote Bot available and also a Bot who triggers Calls. The channel owner also is a very skilled trader imo and also posts his trades and gives calls.

bye

meg
 
Candletrader wrote:
The best chat room is a bunch of friends linked up with microphones in a private room on Yahoo Chat... preferably they should all be experienced traders, and have different areas of expertise.... 5 pairs of eyes looking objectively at 5 separate areas e.g. NYSE scalping, Nasdaq scalping, QQQ, Swings, Sectors... such a set-up produces results through excellent labor divisibility. Its all about finding the right people whose calls you can trust and who will trust your calls. Microphone link-ups allow for immediate discussion / clarification prior to trade entry.
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I have a room like this for invitation only, but it's on MSN where we can also leave each other PM's. I agree with you that this is the most superior set-up than anything else out there. The idea is to bring potential trades to each others attention, and then rely on your own skills to decide what to do with the stock. Relying on others for your trades is asking to have your hand held, and those holding the hands are either failed traders, or are good traders with very little time to hold your hand to provide real value. This does not go for ALL sites, but the ones my friends and clients have experienced......

TeachTrade is an exception. You can get some real value out of them if you have experience and don't need hand holding.....
 
Originally posted by dufferdon
Stocktrendwizard.com - Chris Terry

I have not yet had my free trial with Chris yet, perhaps I never will, so I have not seen him trade. However I have examined some of his examples. They seem less-clearly called than at RealityTrader. I understand "buy now", but a "buy idea" is much more difficult for me.

I also found ambiguities in the trade examples. I will just use one for illustration. I have copied it from Chris' site and I hope he will excuse the possible copyright infringement. The chart is attached below. The first two lines of the commentary read:

11:03:55 QLGC buy break above 48.40, we will see .30 cent stop

11:06:28 QLGC use 48.20 stop.

Sure enough on what appears to be the 11:05 bar there is a breakout above 48.40 to trigger a buy. That bar got to 48.57. Does that mean the stop was at 48.10 or at 48.27. I don't know, it is ambiguous. The 48.27 number was certainly hit on the next bar.

The next call is very clear, a stop at 48.20 at 11:06:28. However, the 11:06 bar got down to 48:17. Was the stop call made before that or after that? Again it is ambiguous. Nevertheless a quite successful trade was highlighted.

Please do not get all excited Chris. I am not accusing you of dishonesty. I am just pointing out the type of ambiguity that can be confusing to someone evaluating whether they want to use your service or not. There are other similar examples on your site and I am sure I have seen far worse examples on other sites.
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DON...........to even argue about a tick here or there ?no.......I would not even get into it with you.......BUT the 48.20 stop was 2 1/2 mins later & the 48.17 tested prior to that.......but in fairness to all....that 48.17 was a bad print & no size was traded at that price.............SO no the trade was valid...........if you are nitpicking.......then nit pick the WINNERS ALSO........NOT JUST THE ONES YOU MAY NEED A REFEREE TO DECIEDE...........lets be real & fair.........but the trade was a winner hands down. ALSO BE FAIR.......You cannot comment on my room, you said that you had a week trial to RT & wasnt enough......how is a after the fact example good for you ? I dont get your thinking......Its obviouse that you want to keep up your games..........BUT I thank you for it........EVERYTIME YOU POST ABOUT ME..........you market me........so keep on posting, negetive marketing from you is POSITIVE FOR ME.........so relax & pick on somebody else I am not accepting any new memberships at this point, you refered to many people to me...............chris
 
After completing my week trial with the Chartwiz, a certain electronics company slogan comes to mind...."Nobody beats the wiz" Chris and Linda are topnotch traders with market insight that's second to none, I fully intend on continuing my subscription. Don, I swear my man, if you put half the energy into making cash as you do pulling other people down (who are just trying to make it easier for newer traders)... we'd be sending you a check for your picks.
Who am I you ask, I'm Gordon Gecko, no just kidding. I'm 22, a daytrader for 2 1/2 months, trading for a prop firm. Including seat fees I'm down a little... take away 3 months of seat fees on my account, and I'm net profitable. In this market, starting off...I'll take it. I'm excited to be where I am and enjoy the site/controversy over the last few months. I don't really go home after the mkt closes anymore to catch 90210 ...seeing it's 9:30 at night here on the west coast...I need drama in my life somehow. Todd:cool:
 
Originally posted by volkl151
. Don, I swear my man, if you put half the energy into making cash as you do pulling other people down (who are just trying to make it easier for newer traders)... we'd be sending you a check for your picks.
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Haha........Dufferdon I see you have a fan.........hahaha
 
There was an earlier thread on chatrooms that was closed, I emailed zboy requesting an explanation, and did not receive a reply. I have gained a lot here at elitetrader and I would like to share what I have learned, however I'm not sure that this forum is as open and honest as it was a few months ago. I think we as individual, independent traders should be able to share our experiences here with others freely and without any concern of offending someone. What we all have to say are personal opinions. If we have to sugar coat or conceal our actual experiences and beliefs, then there is no real value to the information. I have some great feedback on the chatrooms since I belong to 3 and have a trial with a fourth! It helps when you are new and you are seeing two good traders make the same call, I pull up the chart, look at the futures and make a FAST decision. This method is working for me, but I don't know if I should elaborate, as someone may close this thread! It is a shame that I feel this way about this great site, but I'm beginning to agree with others here that there are too many vendors lurking around here now! Happy Holidays & Good Trading!

--arky
 
not sure if you include me in "too many"... but if, as you say, we all can express our opinions freely, you should allow us "vendors" the same rights... :)

Just fooling around, don't take it too seriously... on more serious note, IMO: tell and elaborate all you want, otherwise what's this thread good for? What's the point to save it from closing and not have opportunity to talk freely or recieve information? :) Also, I think if it's still alive after all the early flames, it might survive, LOL

Happy Holidays guys!


Best regards,

Vadym
 
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