They only show their winners on that statement. I don't think it's as good as it looks. I.e. presume you're trading 1 contract. On the Es they maintain a stop-loss of 3 pts, first profit-taking at +3 pts. How's that going to make you any money, unless they have a system with a very high winners/losers ratio. What I've seen, my guess is that it's about 50/50. To me, their system doesn't look much different from a basic Ma-crossover system, the only difference is that they use S/R levels as triggers. It's the same with every newsletter. If you could make that much, why would you be selling it for $399 a year?
Futurs calls from mellinnium traders
- Thread starter hkaddah
- Start date
- Status
Uhhhh yeah?
I think Iâm a very accurate stock picker, and I just finished an 8 trade win streak which I thought was epic.
Thatâs only happened twice this year, I had a 9 winner streak in Jan, but avg is a lot more like 3-4 in a row. The best traders ALL lose money! The âsecretâ is always that the best traders MANAGE their losses well. Winners will happen to anybody, but the pro will end up banking most of those gains because they minimized losses and therefore donât have a big drawdown to dig out of!On the guru front, remember itâs all about respect! A guru is exploiting you, a mentor/educator is honestly sharing his/her experience and trading tactics without all the hidden agendas. You will be able to detect the difference between a slick operator, and somebody with real info.
Be careful out there. The spam I get now from all the call services has a hysterical tone to it now. The âmedicine showâ aspects are getting pumped as these folks feel their âedgeâ in the market slipping away. ( selling you on their get rich quick schemes)
There has always been a slickster element to this business, but IMO there has never been a time where there were more folks trying to sell you strategies that have not worked for 2 years. Due diligence is crucial as you âreality testâ (pun intended!) Their claims.Here is a question I answered about a year ago, Iâll repost as I think it is appropriate here.
My 2 cents...
(Disclaimer: I run the position trading room at www.realitytrader.com)
Things to look for in an educational service...
Market information, the fundamentals behind stock movement, how to read the trend and see it's beginning and it's exhaustion.
Look for folks who teach modular tools that will be adaptable for different market conditions. Stay away from formula type setup based and very systematic traders. Once they make a name for their âsuper bang-zoom breakoutâ, their success is tied to the "branding" of their setup names or systems
. This makes it harder IMO to adapt to constantly changing markets. Look for teachers who actually trade, who's calls and discussions are clear and understandable. Watch out for shotgun trading, a million calls then hyping the good ones.
Blatant "guruing" will be easy to spot to an objective observer. Look for those who trade a few times a day, and then follow in depth the reasons behind these trades. Watch how they deal with and discuss their losers
(I never mind it when a member or trialer challenges a call or a trade, these questions often lead to the most informative and educational lessons and discussions.)
The value of a service to my eyes is it's ability to teach the style of the moderators. A service should spend a great deal of time explaining and examining trade entry/management and risk reward issues. This is the real holy grail, and something that gets overlooked far too often.
Use common sense! If it seems too good to be true, it probably is...
Use the information out there to develop your own style, don't fall into the trap that there is a "right way" to trade. The only "right way" is the one that gets you to consistent profitability.
Take a look around, almost every service offers a free trial. Spend some time finding what service/guru/etc. would offer you the best value, and then take time to understand the style before attempting to trade it.
Your goal should be independence, work on internalizing any lessons you learn. Take responsibility for your own trades, even in the context of a room call. Start with the support system of a service, but get rid of that crutch as you are able. Get to the point where you stay because you WISH TO, not because you have to or are dependant in any way.
These are the lessons I learned as I taught myself to trade. I hope they will be useful to you in your search.
Good Luck and Good trading!
-Bo Yoder
That was a refreshing reply from someone who makes calls. I sign up for lots of trials because you can learn something from almost every trader good or bad. You are dead on, it's trade management that adds to profits and seeing that a trade isn't working and closing it out without getting overly emotional.
Good luck to you and your service.
Bsulli
Good luck to you and your service.
Bsulli
We're talking about TWO DIFFERENT services here. One is http://www.millennium-traders.com which has a real-time futures room and another is http://www.trade-prospector.com which sells certain software. Therefore in an attempt to remove confusion I am starting a thread on http://www.trade-prospector.com. Let this thread be on the http://www.millennium-traders.com (btw it says the website name in the topic, albeit mis-spelled
The problem you guys ran into is that Trade Prospector software is offered by Third Millennium Trading -- which is NOT Millennium Traders.
Two different companies.
Third Millennium Traders
http://www.trade-prospector.com/
Millennium Traders
http://www.millennium-traders.com/
-- Dave
Two different companies.
Third Millennium Traders
http://www.trade-prospector.com/
Millennium Traders
http://www.millennium-traders.com/
-- Dave
these calls didn't appear on their daily recap., they only list winners on that.- Status