Hi there, I have been participating in a few trade rooms over the past few weeks. One of them I have been trading in sim with almost everyday and am currently up $1240 (starting at a hypothetical $0) in simulation trading after ten weeks of sim trading. The purpose of this thread is to determine which questions I should be asking to determine whether I should fork out hard earning money and invest in this trading room. My weekly average profit (1 contract) is $129 I ran extensive checks on the owners of the firm --> they come out clean If I am profitable after another two weeks (twelve in total), I will consider putting real money to it. Note: I was not trading everyday, but a few days out of the week --> would this affect the 'backtest' YES I know this is not how you learn to trade, but I am planning on doing it in conjunction with learning price action patterns, and even programming. What do you guys think? @Switchgear67 @rmorse @NoVoodooHere @Dinosaur_Supervisor @aquarian1 @nakachalet @Bob Rose @DDR @BlazeTrader @wrbtrader @ZenMusic Please perform the poll above.. Once again please keep it classy.
Since they going to charge you, ask to see monthly statements past three years, now is where 99% will not provide them. No laws saying you can't show your statements, we have first amendment rights. You want to be able to see what their drawdowns are over three years. But the big thing of services, if they are profitable, why charge few hundred month when you can add on 100 lots and make some good dough without putting up with the public? So you spending all week to basically make 10 ticks? For whole week? Would not take to have a drawdown.
Why not just invest with a CTA or fund if you want to be told what to do? Makes no sense otherwise, why not just let a pro manage your funds?
If you are putting on these trades because of what you see and you're the one actually hitting buy or sell, I don't see what their track record has to do with anything. If the trades are taken because they encourage you to take them, then this is a whole different ballgame. Upon reading this again, it maybe seems like you are operating on a free trial and want to know if you should pay to be able to continue in this room? If this is the case, if you feel like you are learning something useful, then its just tuition, so nothing wrong with that. But when you say putting money into it, do you mean buying access to stay in the room or taking live trades in your own money account?
I agree completely. The only reason to be in a room is to learn, not to blindly follow signals. If you're learning, it may be worth the money. If not, it's better to move on to something that will help you progress in your own capabilities.
Thank you for the reply @Handle123 How long will it take for them to compile three years of trade statements from their broker and email them to me? Also i was trading in the room quite arbitrarily, some Mondays mornings I was absent and sometimes I would be absent on certain days. Is my equity value still accurate?
Thank you for your reply @Stewie Correct I am in fact operating a free trial, and intend on renewing every month, the only problem is I have to continue to make new email accounts. To clarify: There are setups, sometimes the room moderators take them, sometimes not. Sometimes when I take a setup (or signal), the room mods do not. When I say putting money into it: Firstly to trade the setup live....and in the future invest in the indicators which the setups depend on. There is quite a bit of learning to understand the model, but I already mastered that.