Trickery in Many E-Mini Trading Rooms?
Trickery in Many E-Mini Trading Rooms?
If I am having a slow day I will often browse a few e-mini trading rooms to see what other traders are up to. These visits usually occur during times when markets are in a very restricted range and I'm just plain bored. While I have not been in all 600 rooms on the Internet as of now but I've discovered some similarities between a few of the more popular ones. However, the CFTC has imposed some pretty rigorous requirements (though these rules appear to be lightly enforced) on how trading companies report their profits and advertise their services. Because of this, many rooms are currently not able to make specific trades, but provide general guidelines when an extremely likely trade is being developed. In general, I have found it difficult to be impressed with the trading venues I've visited so far. There could be some amazing trading rooms out there and I've only not visited them yet. I have a basic problem with trading rooms generally. The reality is that they do not teach you to trade. It is my opinion that the aim of every trader is to develop the abilities to trade independently with no fear of making mistakes. A trained trader should be able of trading MT4 Indicators without a third-party making questionable trade calls. In a trading room where the trader who is leading is the one who calls all trades and trades, you're only as good as the trader that is the lead caller. That is not a position to have a successful trading experience. I thought a lot about transparency in trading rooms. It appears to me that trading rooms lack proper transparency in revealing trades and trading methodology. This is understandable, considering that the closure of their trading method will render any trading facility worthless. If you understand how the trader is initiating trades, you would not require him or her. I believe that transparency is crucial therefore I made a decision to improve this in my trading room. I run a very small room , and prefer to keep the room that way because I offer everyone an opportunity to speak on the mic and to ask why, when and how I am initiating a trade. My opinion is that the trading room is a great educational tool for learning to trade. it's not the best place for most people to make money. After hearing all the criticisms from previous students about trading rooms , I took the decision to trade live funds with my DOM up. This is a bit of risk because the results of my trading will be visible to everyone. Thankfully, I have an extremely high rate of winning which is why this approach has performed great for me. I view it as an opportunity to display my trading skills without hiding my actions and how I am finding high-quality trades. And, of course, I'll mention that I don't always win every time I trade, and my losses are visible on my DOM for everyone to view. In addition, I've had one or two days where I lose money, and that information is available for everyone to view. It's sometimes embarrassing, but the transparency that the area has is valued by all traders and I have found them to be supportive when I've made a trade that failed to be successful. My suggestion is to locate an established room where the lead trader is making trades that you can verify by the information given. If a trader isn't able to show the results of his trading there is a reason. It's up to you to find out that reason. The final point of contention is sharing old statements of brokerage to establish an underlying history. A few years ago, I began publishing my brokerage statements revealing my gains for all to see. There were some amazing months , and others that were just dogs. This is the nature of trading when your equity curve is growing and everything else in between is part of the process. My suggestion? Find a space that is open and one that can teach you the method the lead trader is using, otherwise you're just wasting time.  

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