I've been following millenium-traders.com for a while and have some interesting things to point out.
First of all, if you want action this is where to find it. The two traders in the room "Thunder" and "Lightning" are making calls ALL DAY LONG! They make between 20-30 calls per day. Surprisingly, almost all of them are winners. They post some pretty amazing end of day results. (You can add your email to their list, and they'll email you the daily results. However, there are some things to be aware of.
1) If you choose to follow their calls, it is a full time job. Make sure you go to the bathroom before 9:30am EST and eat a big breakfast or you'll definitely miss something.
2) You need the right equipment. DAT broker, very fast order entry skills, live charts, at least 3 monitors, and lots of focus and consentration.
3) The stress level is quite high following these guys. They will often have 5-6 open positions at a time and will hold positions all day sometimes. You need to constantly be aware of what your holding because they always play the fast movers (jnpr, cien, nvda, chkp, etc) and one could easily get away from you if your not careful.
4) With each call they always say, "Use tight stops". For your information: Their stops on all calls are 3 POINTS!!! Not exactly tight in my book but it works for them. Their philosophy is that they will have many more winners than losers and this will justify such a wide stop. So far I've found this to be true. I've been trading their calls with a 1 point stop for my own peace of mind and have found this to be quite effective. I get stopped more than they do, but I feel better about it and they really do have a knack for picking the tops and bottoms. Usually most of their calls won't get more than a half point away from their entry recommendation.
5) The biggest thing I don't like about the room is their end of day tally report. It is pretty exagerated. They show the entry from where they first recommended it and then they constantly type in where the stock is trading. (I.e. Winner Alert: JNPR 55.61, 55.64, 55.67, etc.) That's fine but often times they won't give an exit. They usually do, but I'd say 20-25% of the time they don't. So if a call they make goes in the black even by a few cents, and then tanks, they will write it down as a winner for the day. Technically they are right. You "could" have gotten out right there, but we all know that's pretty unlikely.
6) The other thing they do sometimes, is when they do make an exit call, it may not be at the same time as the last winner alert. You need to check the time of the call vs. the daily chart. Often times the real exit will be a few minutes later and several cents lower than what they posted for the daily results.
Even with those two negatives, overall I've been very impressed with room. Based on my own trades and research, I've found that you can still realistically see about 50% of the results that they are posting. Not bad when you consider they post between 10-30 point profits per day!
I'd be interested to know how others have done in the room.
