Chat Rooms - Trading oriented...

No one has mentioned Teresa Lo's chat room, so:

T trades the e-minis, exclusively. A while back she had a free chatroom and i hung out there quite a bit.

I don't trade futs -- and still, i learned a ton! T is a phenomenal trader -- no BS. She had a number of great traders working the room with her when i was with them. She now has some woman who used to co-host LBR's room -- Victoria something or other. Some of you aficionado's may know of her.

She took her room commercial -- and i left. Only because i got my education already -- and i am really a lowly, undercapitalized, part time trader, with a corporate job, and i can't afford another monthly bill for trading.
===============================

I think one thing that hasn't been directly pointed out about chat rooms is the camaraderie! I really enjoy other "voices", even the inane banter.

===============================

Another point: how many folks out there have taken trading seminars? Probably a few, at least. What do those run? 1-3k? or so. These last what, two, maybe three days? Heck, you could sit in someone's chat room for 10 MONTHS! for that kind of cash! There is no way they compare (well, ASSUMING!, they are decent traders) I would recommend that folks who want some guidance -- go the chat room route first -- before you put out 3k plus expenses to go to a seminar!

regardless of dufferdon's pursuit for quality -- and hey! this is a decent cause (even if he comes across a bit strong and hostile sometimes) -- i think the free trial and the initial costs (if any -- check out BF's posts) are money well spent for aspiring, at home traders.

I am in no position to recommend any of these folks -- and you know, even without "independent audit" verification -- i'd give Chris $300 to hang out on his shoulder for a month!
========================
One more point -- trading is not only about entries ( a common beginner's fixation!) It is also about money management/risk control, psychology, and exits/open profit protection. Rooms that just make calls are better suited to experienced traders. Rooms that explain their calls, and discuss the other aspects of the game that i just mentioned -- that is where a beginner belongs.

Enough rambling, i have made a number of points, and plugged one room not already mentioned.

BTW: i have no affiliation with Teresa -- just like her stuff, and when i was learning -- she was one of my "mentors". That "signature" at the bottom of my posts -- it is a T. Lo quote.

regards/greg
 
Hello all,

I have been following this thread recently, though I'd add my thoughts to the mix. I have been in and around the chatroom scene for some time. Living in an area where no other traders exist, they gave me a nice connection point. A place to share ideas, and learn more about trading. About 8 months ago a friend and I joined with Vadym and Chris to open a T/A based trading room. It is structured based on my beliefs about what makes a chatroom useful.....


The Bo Yoder Chatroom Manifesto:

I believe 80% of those in online chatrooms are there for the wrong reasons. Instead of subscribing to learn tools and techniques for trading, they are instead always looking for the guru with the hot hand, somebody they can coattail in a trade-by-proxy manner as they seek their fortunes. This is a wrongheaded approach, akin to playing a round of golf with Tiger Woods...he uses your clubs to play your ball while you follow behind lugging the clubs. You marvel at his skill, but at the end, after the handshake you are left with little more then the memory of the experience, and the knowledge that is IS possible to hit your driver 300+ yards :) What if instead you spent the 4-5 hours with Tiger on the range? Hitting balls, talking golf, he showing you what he knows about ball striking. After THAT handshake you would be left with a number of drills, ideas, and tips to help you improve your game significantly from then on! In my view, educational content is the only real way a chatroom can bring lasting value to it's clients. The chat environment just offers a unique way to conduct these daily "lessons" in real time.

So with that opinion in mind, my partner Russ and I have structured our room around education. The room is NOT about how much money we make, what size we take, how great we are and how lousy everybody else is etc... I try to keep myself out of things as best I can. As I see it, my clients pay me for my ability to communicate, my ability to take my experience and style as a trader, and pass those lessons through to them in an effective manner..

For this reason I think playing the playing the performance game is a waste. If I were soliciting for money to manage, this would be my product, and I'd be promoting it. However in the chatroom context this is not a game that can be won. There are too many differing styles, and rules of conduct to ever really quantify chat performance without argument. It also brings a level of manipulation to the table. If I want to win a contest for % gain? I trade cheap stocks. I want to win a game of point gains? I play only expensive stocks. I just think with all the guru games out there it is a rats nest

With this view however, I am NOT trying to hide from the stocks I watch and call in the room. Our style is pretty laid back, so 80% or our calls are given way in advance of their trigger for entry. They are pretty clear, and there is little wiggle room for "guruing". I am proud of each and every play I bring up, win or lose. I have been trading in the public eye for a long time now, and there are many who have been with us long enough to have seen me dealing with every point in the payout/payback cycle. In fact to my way of thinking, I bring much more value to the room members as they see me dealing with and managing losers. Trading is a losers game. Learn to manage risk and control losing streaks, better then the rest, and you will outperform. To my eyes, a guru proves his worth in times of adversity. Anybody can pick a flyer. (I had SEBL in the room for 3 or 4 days from $25.25, was a no-brainer to manage, little to do, it went straight up.) Instead, show me gurus as they deal with a losing streak, a choppy day in the markets, a surprise gap or news event that spikes their stock beyond their stops. (Any pro basketball player can dunk un-opposed...I want to see how they play when double teamed :) By playing the guru game, and obscuring the losers, the subscribers never deal straight on with the realities of loss. This can leave a deadly gap in their trading skillset, one that will exact a heavy price sooner or later.

I find we have two groups in our chatroom. One side we have the newer trader, those who come to us seeking knowledge. They ask questions, spark great conversations as they deal with the weaknesses they have on their way to reaching their goals for trading. On the other hand, we have members who have been with us for some time. They have found their style, and now stay on because they WANT TO, not because they have to. They are there for the community we have built, they use us as a spotting service, but then trade our symbols in the context of their own style of trading. Nothing pleased me more then a fellow we had a few months ago. Came to the room, was a subscriber only 1 month. At month's end he DCC's me saying he had been trading for several years, and had fallen into a period of intense struggle. He came to us for some new ideas, and in that one month turned his trading around. He was then ready to go back to independent trading... Bingo! That's success as I define it. :)

So my advice to those in a chatroom environment. Trading is a tricky art, it takes time and passion to get to the point of consistency. Don't get too involved in trying to duplicate the room ops performance. Instead, focus on what they can teach you, so that you can begin to duplicate the room ops performance with your own picks! :)

Merry Christmas to all...and to all a good night!

-Bo Yoder
 
From the posts here, particularly from the vendors, it appears that virtually every chatroom is run by master traders who will teach you the fine points of trading while padding your bank account. At the same time they provide a nurturing environment and companionship, all because of their love of humanity and their desire to give back to the little people. I am very impressed but I find this all a little boring. I want to hear about the real crooks out there. The vagabonds that run shameless pump and dump operations. The frauds who are only interested in getting your credit card number. The liars with made-up records, phony backgrounds and bogus strategies. Surely someone must know about some of these characters.

Anyone who has kept up with the broker thread knows that SL4 will put all daytrading rooms out of business anyway. LOL.
 
No, I didn't. While working full time in the chatroom, I would often be distracted by any number of things. When I was being paid by people I would make a point to help them any time they would ask and it represented a large opportunity cost for me in my own trading..this is, btw, a big part of the reason I'm not charging right now..it allows me to focus 100% on trading, yet to continue doing a chatroom, which I also enjoy.
 
Brandonf,

I give you full credit for candor. I don't see how you can possibly trade and run a room at the same time. And 30 large a month is not pocket change. If you don't mind, what are the typical costs associated with running a chatroom operation? And how did you get started in the business? I had never heard of you until you started with Ken Wolfe.
 
It doesn't really cost too much to run one. After the site is up and has been paid for (probably the biggest expense if you can't do it yourself) then the biggest expense is taxes, accountants and credit card processing. Aside from that you can add a lot to it I suppose for advertising and expo's etc, but it does not work. The only really effective means of advertising is word of mouth, and since it doesn't cost anything then the cost there in terms of dollars is minimal. :D Some people do pay a lot for adds and what not, but it does not pay back too well. The biggest commitment to it is really time, because in order to build the business up you will have to spend a lot of time interacting with members ect. When I was making 30K a month I was working about 18 hours a day 6 days a week. I basiclly got started with Ken. Toni and I had been doing our swingtrader.net site for I think 3 or 4 months. We had some educational content and then twice a week we gave stock picks. Jeff Tappan, who was at that time Ken's marketing guy, wanted to add other products to the service, and a good number of people from Mtrader were coming to our site every every day and saying good stuff about it, so Jeff got in touch with me and asked if we might like to make some money doing what we were already doing. It ended up being a lot more work than we thought, but we enjoyed it and it paid well. I ended up not liking Ken though, and he didnt like me either so things didnt work out. I got along great with Jeff, and still talk to him a few times a week, but not Ken. We then went with TMTT, but that was sort of a mess so we are just off trading now and running the free room.

Brandon
 
I too appreciate the honesty about your chatroom...is your new chatroom open to anyone? If so, would you post the url....thanks
 
Brandonf,

Thanks for the information. I am skeptical of the value of a lot of these rooms, but I have to respect someone who can turn it into a successful business. Nobody is forcing people to sign up for it, so you must be doing something right.
 
You must log in or register to reply here.
Back
Top