Which real live future trading room I should choose?

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Well, today the person running the trading room spent the entire day teaching us how to recognize some of his trading setups. This was a presentation that involved showing us pictures of setups from past charts. As a result, todays market was pretty much ignored.

While it is nice that he took the time to educate us about his setups, I feel that we likely missed out on some great trading as a result of focusing on the lesson plan pretty much the whole day. Not one trade was taken today in the room, because he was focusing teaching us and not the current market. Not too happy about that.

I tried to trade on my own but during the last trade I took, I got whipsawed and stopped out around 1028. Ouch!
 
Quote from Jreality:

Well, today the person running the trading room spent the entire day teaching us how to recognize some of his trading setups. This was a presentation that involved showing us pictures of setups from past charts. As a result, todays market was pretty much ignored.

While it is nice that he took the time to educate us about his setups, I feel that we likely missed out on some great trading as a result of focusing on the lesson plan pretty much the whole day. Not one trade was taken today in the room, because he was focusing teaching us and not the current market. Not too happy about that.

I tried to trade on my own but during the last trade I took, I got whipsawed and stopped out around 1028. Ouch!
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Today wasn't a good day for retail (newbies) to trade. The pending rollover causes the markets to trade kind of whippy as you saw.
Just a quick comment if you don't mind. If you are a new trader trying to trade the ES contract (futures), you should probably try to find a way to trade the "off" the open...What that means is you watch the first 5 minutes at least. This is the opening range. You see where that move ends, and try to trade the second move off the open. If you go back through your charts you will see that this market makes an initial move, testing either previous resistance or support, then goes on to a counter move. Thats the one you can make some money on if you have your act together.

Check out todays market on a thirty minute chart. Just as an exercise, put in a horizontal line at 1023.25. Now follow from the open to the left and you can see how off the open, price moved down to test a previous price, then countered to the upside for 13 points. This is happens a lot. If you learn to analyze the longer term chart prior to the open you can plan your entry off this countermove. Get your risk management in place (your stop) and you have a chance to make some money. Take it slow and watch as much as you can before going live. Protect your capital by trading small at first....and be smart about it.

Good luck
Stevesbg
 
Admittedly, my trading instinct sucks for figuring out the moves of this beast called the /ES.

Actually, today I was THINKING about going long around 1023.5 this morning, but didn't have the balls to pull the trigger. I thought "what if this dips to 1019."

I agree that we've seen similar patterns in the morning where it dips down near the open and then reverses upward. Problem, is that, for me, it's hard to tell exactly where it's going to bottom, although I agree that looking at past S/R would help. The intraday bottom doesn't happen at the same time every morning. Sometimes it might not happen until way later than the open. At some point, we'll get a trend-down day and that's probably the day I get the nerve to try and go long in anticipation of a bounce. ;-)

EDIT: and what really sucks is that I try to do the "right thing" and use stop-losses, but the market just stops me out and then eventually reverses. If I didn't use stops today I would have made money.
 
Quote from stevesbg:

Today wasn't a good day for retail (newbies) to trade. The pending rollover causes the markets to trade kind of whippy as you saw.
Just a quick comment if you don't mind. If you are a new trader trying to trade the ES contract (futures), you should probably try to find a way to trade the "off" the open...What that means is you watch the first 5 minutes at least. This is the opening range. You see where that move ends, and try to trade the second move off the open. If you go back through your charts you will see that this market makes an initial move, testing either previous resistance or support, then goes on to a counter move. Thats the one you can make some money on if you have your act together.

Check out todays market on a thirty minute chart. Just as an exercise, put in a horizontal line at 1023.25. Now follow from the open to the left and you can see how off the open, price moved down to test a previous price, then countered to the upside for 13 points. This is happens a lot. If you learn to analyze the longer term chart prior to the open you can plan your entry off this countermove. Get your risk management in place (your stop) and you have a chance to make some money. Take it slow and watch as much as you can before going live. Protect your capital by trading small at first....and be smart about it.

Good luck
Stevesbg
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Your that Steve from that power charting guy. Are you trying to bump this thread over and over?
 
Quote from Rickshaw Man:

Your that Steve from that power charting guy. Are you trying to bump this thread over and over?
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Actually, that's Steve46, one of the resident GURU wannabe's, who spent the whole day posting on ET and creating threads instead of trading the huge 10pt run-up, so I have no idea why he's trying to give anyone trading advice! :eek: :p
 
Rickshaw

The only "powercharting" guy I know of is Robert Hoffman

I know who he is, and I have checked him out but I don't know more than that.

What I hear second hand is that the guy makes money but that it is hard if not impossible to follow his trades, because he trades size and mostly scalps.....So...thats the opposite of what I would do.....I like to get on the right side of the market and stay there for at least 5 pts.
 
Hi Stevesbg,

You mentioned you trade in an office with other traders, and it sounds like you trade es futures as a non retail trader.

I have not heard of any prop firms that trade futures. I was wondering is there any way I can join?

I have been trading futures real money and have been doing well, but would not mind going to the next level and trade prop.

Currently I am in escrow selling some property, but should have $ 25,000 to fund the account.
 
Quote from Affecto:

Thanks Fast_Trader for sharing
It seems that www.tradepilotpro.com website is not working! Do you know any thing about them, or they went bankrupt?

http://www.eminiaddict.com does seems to be a nice guy, but he said in his website:

I’d like to remind you that the purpose of this trading room is education. This is not an alert or trade signal service. I will not be making any trade recommendations during the course of the day. What I will do is conduct real time technical analysis on the Emini futures to help identify key areas. I will also help put together a profitable trading plan throughout the day. :(

Still dont know about http://www.coiledmarkets.com AustinP although he seems to use a kind of indicators (you know how those indicators things works!!) Does any one have real life experiance about him to share?

Thanks for all of you guys for keeping it simple and clean :)

First and foremost TradePilot did not go under .......LOL

I Have had a really hard time with my current WEB COMPANY
BIZATOMIC .......... STAY AWAY FROM THEM

Talk about stealing money they are the experts !

I have hired a consultant to work with us to rebuild our entire site
so that we can have videos for traders to watch regarding our setups and indicators to better understand them, as well as many other features for traders

I will give my advise on trading rooms in general.....if I may

If you are looking to get spoon-fed trades you will LOOSE!!!!

now let’s ask why?

In my experience you cannot take a trade if you have no idea why you are getting in to the trade in the first place

If you have no idea why you are in, then when do you get out?
exits are what you get paid with not entry's

Now let’s say your capital to trade with is lower than the trader running the room, can you truly follow him ?
can you trade with confidence ? can you handle the drawdown’s
if he calls out a bad trade?

We all trade with different size and risk levels so trying to
( QUOTE) "FOLLOW" a trader in a room is very difficult !

So why does TradePilotPro have a room ?

We take a different approach to trading, at least we try to
and I really mean we try very hard, no secrets, no lies, no bull
we show what we are looking at, where the entry ZONE is and
where the market is likely to run to.

We Educate traders on what to look for, times of day to trade
why price is moving in the first place and what makes it move
we give targets of the market every day both static and dynamic
levels.

My point is if we educate you on what to look for and you see it play out time and again you will have confidence in yourself and know why you are entering and why you are getting out as well
as being able to see us taking the same trade and being able to ask questions about the trade itself, while it is playing out in real time.

There is a saying I use allot in our room

When you know, and you know you know, confidence replaces fear!

If you are serious about trading you will understand it takes hard work and long hours of training to really understand the markets,
I feel most people get into trading for the wrong reasons, it has to be a passion and you must treat it like a business not a hobby
and if you treat it like a business you must know how to run a business !

If any of you ever read Jessie Livermore’s book do you remember what he said he did when he LOST BIG
Hint! it involved other traders

So I hope this helps, trading can be easy however you will first
have to understand what makes price move and always and I do mean always ( Know your levels ) you could be selling into a concrete foundation or buying into a brick ceiling.

I have always been sincere here at ET and hope you will be as well, I like to keep the riffraff to a minimum, if you have a question I will be happy to answer it, as long as it is about trading

I did keep a thread going some time ago you can go and look it up
see if it may be helpful, however I got very busy with trying to work with BIZATOMIC on my web site that was a waste of time
then went to another web company and after 6 weeks they said they could not do what I needed GRRRRRRRRR

So we hopefully will finally have it in about 10 days or so! yeaaaaa

We do send out twitters all day, I did get a few warnings here
from the moderators to cool it ,,,,,,,, so I did

Take care all,

Joe Baker


Remember:

The journey of a million miles always begins with the first step
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Quote from stevesbg:

Why don't you take your sorry ass over to Traderslaboratory and tell him yourself scumbag. After a little research I think the guy actually lost relatives in that tradgedy....That makes YOU the lowest kind of scum doesn't it....

Head on over there dickhead, see how long they put up with your pompus shit. They will bounce your stupid ass out of there in a moment....you dumb piece of ass.
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Actually I do spend a lot more time at TL as they don't put up with crackheads like you steve46. It's not my fault you lied about your imaginary relatives jumping to their deaths on 9/11.

You should be ashamed of yourself. Many good people died that day and you try to use it to your advantage. What a prick you are.
 
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