What Do You Want In A Trading Room

[NihabaAshi]

Quote from bthomas:

Please Help Us To Give You What You Want

The Trademave Inside Edge trading room, moderated by Charles Cochran, has as it's primary focus teaching you how to be an independent trader. Though levels are identified and trades are talked through in advance of their happening, Charles does not say "Buy here - right now" or "Sell here - right now".

Other trading rooms, to which I have been a subscriber, attempt to provide the buy now or sell now service.

Few organizations, if any, have entered a forum such as Elite Trader and actually asked the trading public what qualities and characteristics they would prefer in a trading room. We are doing so now!

Please tell us exactly what you want from your trading room.

Outside of a crystal ball which guarantees 100% winners, anything else is fair game. If you don't like trading rooms under any circumstances, this isn't the thread for you.

Let your voice be heard. Thanks for the help.

1. Charles should not be referred to as a moderator if he's there to teach how to be an independent trader.

He should be referred to as a teacher or mentor.

If he's mentoring, here's my opinion about mentoring...

http://www.elitetrader.com/vb/showthread.php?s=&threadid=32793&perpage=1&pagenumber=7

2. Charles discloses whether he took trades in any of the levels he identified.

He should also disclose if such trades were simulator or real money.

Regardless if these are only tradable setups and insights before the fact while not the typical Buy Now/Sell Now signal calls.

Regardless if they are simulator or real money trades...a broker p/l blotter must be be provided by end of day with the discussion logs.

In addition, broker contact info should be provided along with stating the account trading size.

3. Audited trading record for any real money trades from an accounting firm independent of the accounting firm for the parent company.

Contact info of the Auditing firm must be provided.

Collective2 and the likes not needed unless the trades are signal calls (buy now/sell now).

4. Charles shows exactly how his charts, broker platform and other trading tools as is setup during the trading day on his monitors.

5. Charles discloses his computer system (computer, monitors et cetera) info.

6. As an ET sponsor, be professional and do not get into arguments with ET members at ET like a few present and past ET sponsors that act like a typical ET member...

Especially on trading days because it will show you are not focus on trading while preferring to argue with the same problematic posters that almost always resort to personal attacks that's combined with their questions about your service.

With that said, it's a two way street and this is where almost all fee-based trading rooms fail at...

A. Trademave verifies (request proof) that the client is properly capitalized.

Account size should equal Charles account at the minimum.

B. Trademave verifies (request proof) that the client is using similar like trading tools.

C. Trademave verifies (request proof) that the client is using the exact same trade execution platform as Charles uses and not a Trademave platform that Charles is not using.

I believe Trademaven has 3 different platforms.

D. Make it clear, multiple times, that these are not realtime buy now/sell now signal calls.

Thus, the trading room is setup to educate clients how to efficiently and profitably use the same trading tools that Charles has access to.

E. Setup a way so that clients have a private member area to discuss amongst themselves how they are using the information Charles has provided, upload their own profit/loss statements or any other images related to education involving the charts...

That's when a moderator is needed to remove off-topic discussions and remove the typical ET like personal attacks (not questions about the service) towards a vendor.

The above gets more into the teaching/mentoring aspect to ensure there's a proper mentor/student relationship that benefits both sides.

Simply, if you guys truly want to educate someone to be an independent trader as stated...

You better ensure you have qualified clients for such to prevent any problems and misunderstanding along with putting yourself above all others in the business.

Hope you actually do more than just read this stuff but actually reply back and tell us if you plan on implementing any thing stated here.

Mark

 

[tortoise]

I can't get away from the conviction that, if a trader were really, really good, s/he wouldn't bother with a chat room.

I mean, George Soros never ran a chat room, did he?

Oh, and while we're at it, does anyone know what alias Soros uses here on E.T.?

 

[sassy]

Quote from tortoise:

?

Oh, and while we're at it, does anyone know what alias Soros uses here on E.T.?

Actually, Soros does or did post here. He uses the name Profturf.

Sassy

 

[NihabaAshi]

Quote from tortoise:

I can't get away from the conviction that, if a trader were really, really good, s/he wouldn't bother with a chat room.

I mean, George Soros never ran a chat room, did he?

Oh, and while we're at it, does anyone know what alias Soros uses here on E.T.?

I'm sure that if we had the same resources that George Soros has...

We wouldn't have the time to run a chat room along with being part of a completely different type of network and trading.

Remember now, this isn't going to be a signal calling (buy now/sell now) type chat room accordingly to the ET sponsor.

Thus, I'm under the impression it's going to be like real-time education in how to use the trading tools offered by Trademaven instead of telling clients their trade positions or signal calling (buy now/sell now)...

I could be wrong.

Mark

 

[Brandonf]

Quote from TraderZones:

Your talking about what YOU want from a service. I'm talking about what actually works, what you is profitable and whats not a waste of time for the vendor. Again, if you want to go out and start a site, if you do better than I did then your more than welcome to critique what I have said. I'm not claiming that anything I have said is the way things should be, or the way I'd like them to be..I'm simply telling you how it is. My own experience with having an audited track record is that in terms of the chatroom it did not matter one bit. In fact it was more of a pain in the ass than it was a help. This is a fact. Now, actually managing real money for real people is another matter, but in terms of the chatroom an audited track record is of no help at all. Threei at Realitytrader had his record audited numerous times, and the result was it did not help at all. Others have the exact same experience.

 

[TraderZones]

Quote from Brandonf:

Your talking about what YOU want from a service. I'm talking about what actually works, what you is profitable and whats not a waste of time for the vendor. Again, if you want to go out and start a site, if you do better than I did then your more than welcome to critique what I have said. I'm not claiming that anything I have said is the way things should be, or the way I'd like them to be..I'm simply telling you how it is.

You keep talking from a SINGLE vendor's point of view.

I don't care how much revenue or how successful or unsuccessful your single business was.

I am talking about what many many potential subscribers for many different signal services over many years have said they look for and want from a service.

Your viewpoint is surprisingly naive and does not reflect what SUBSCRIBERS, not "ME" want. It reflects what you think people want.

I respect many of your viewpoints, but you are thoroughly incorrect and do not understand what Joe Trader and his smallish account are hoping for and want from a signal service. You are guessing.

I have much background with tracking sites. It is becoming rather apparent you do not.

But I will not pursue this line. You are free to keep spinning and trying to huff it up as if you are Mr. Established Guru, when you seem to know little about customer psychology. In fact, your opinions suggest that perhaps your success is more imaginary than real.

I will not respond to you again on this thread.

 

[austinp]

<i>"Your viewpoint is surprisingly naive and does not reflect what SUBSCRIBERS, not "ME" want. It reflects what you think people want. I respect many of your viewpoints, but you are thoroughly incorrect and do not understand what Joe Trader and his smallish account are hoping for and want from a signal service. You are guessing."</i>

Well <b>rcan = zones = next alias to come,</b> you have professed for years that tech analysis doesn't work at all, trading is a losing game except for your red herring offer of an untested system for sale @ $250,000 USD

I'll waste two minutes here in response while waiting for the afternoon action to heat up. Joe Trader and his smallish account usually wants what does not exist. That is, a kindergarten simple, A-B-C approach to trading. Something that can be digested in days or hours and then applied to real-time markets for consistent profits right out of the gate. No learning curve required.

Anyone who promises such things will be deluged with subscribers... they are singing the song Joe T. wants to hear. Even though he doesn't believe it deep down, Joe T. will still get sucked in because he needs that false hope to be real.

Audited track records and real-time performance means nothing for room client retention. It can actually increase cancellations, in all reality. Joe T. inwardly hopes to replicate the room operator's trades almost verbatim. After all, he hopes for a kindergarten level approach used by experienced veterans in the first place. Once the room operator is plugging along profitably while he struggles to keep up, Joe T. is apt to cancel in dejection or frustration and move on elsewhere.

Joe T. then experiences the same exact thing at next room stop, and continues to repeat the churn process. It's the false expectations and desire for instant gratification which set up Joe T. for certain failure BEFORE he ever discovers the room service to begin with.

Brandonf knows exactly what he's talking about. You clearly don't. What a room client thinks he wants and what actually makes him stay are completely different things.

 

[Marsupilami]

Like others have stated, there is no need for things like "Collective2" etc. Simply post your trades ( entries, exits, stops) as they happen or before. Do this everyday. Not with the goal of running a signal service, but with the goal of proving that you can trade.

I'm not going to quit my job to spend 3 months full time in your room without being certain that you can at least trade profitably for yourselves. Whether I will be able to learn and apply the methodology is another question, but this is a risk that I simply have to and will gladly take if I see that it is working for you.

 

[Boib]

Quote from bthomas:

Please Help Us To Give You What You Want

Please tell us exactly what you want from your trading room.

Outside of a crystal ball which guarantees 100% winners, anything else is fair game. If you don't like trading rooms under any circumstances, this isn't the thread for you.

Let your voice be heard. Thanks for the help.

Quote from austinp:

Joe Trader and his smallish account usually wants what does not exist. That is, a kindergarten simple, A-B-C approach to trading. Something that can be digested in days or hours and then applied to real-time markets for consistent profits right out of the gate. No learning curve required.


Joe T. inwardly hopes to replicate the room operator's trades almost verbatim. After all, he hopes for a kindergarten level approach used by experienced veterans in the first place. Once the room operator is plugging along profitably while he struggles to keep up, Joe T. is apt to cancel in dejection or frustration and move on elsewhere.

Austin is right.


All the customer wants is to make money. He certainly doesn't want to pay and lose money.

No training, no experience, a new $5000 account. For $99 to $300 he expects to make at least enough to pay for the subscription and would of course like to make $200 per day or better. If being in a trading room doesn’t accomplish this objective then he will move on, probably after the first day he loses money.

He will then start a thread on ET to let us all know what a rip off this particular room is.

Giving the customer realistic expectations will probably keep him out of the room.

 

[Brandonf]

Quote from austinp:

[B
Brandonf knows exactly what he's talking about. You clearly don't. What a room client thinks he wants and what actually makes him stay are completely different things. [/B]

tah dah!!!