In the beginning of my futures trading career, I ended up in all sorts of trading rooms with all sorts of unscrupulous vendors. I purchased indicator after indicator after indicator, hoping that I would find the silver bullet to help my trading.
Of course that silver bullet never came, but I did document most things as you can read about below.
It should be noted that these are my opinions only
Puretick (now MarketDancer) - now defunkt
Ran by a charlatan called Alex Wasilewski. I had a 4-month stint with Puretick in 2010. Alex is certainly a character but don't for one minute believe his track record. That very well might be 'his' track record (questionable) but it certainly isn't the 'rooms'. I was absolutely explicit about entering when the buzzer sounded (his method to let everybody know he has 'entered' the market but his entry point was way, way earlier every single time, front running his own room in the process of course.
Yes, I understand in the fast paced world of the mini YM it would be impossible without some slippage, but seriously I am entering when he is taking his first 7 points of profit. No prior analysis of where he might enter, or what he is looking for in an entry. Sure, he waffles on about stochastics but all of a sudden, he is in a trade and boom, out of it with profit.
He adjusts his track record to suit what he thinks were his entries and exits. I know this because I took notes of the chat in the room and asked every time where he got in. Sometimes he didn't answer but for the ones he did, it didn't match the track record posted the next day. On every occasion.
He reads charts and talks shop very well. Educational it isn't but you can always get a one-on-one phone call with him or a designated other...for big money of course!
If you want people to believe your results, trade showing your DOM. Prove you are in a trade. Surely that isn't too difficult, is it?
The ES room was a shamble. I don't know if that has changed since I was there, but it was run by 2 moderators cross chatting all the time. On a number of occasions, they had 7 to 8 losing trades in a row. Yes, again this happens but if they were not just 'blind' entries (as we were led to believe) I want analysis of what happened. What went wrong with our analysis? Why was our entry wrong? They could never, ever answer with good enough clarity.
Eminitrading School - now defunkt
I bought their software and paid for their room. I spent 3 months with them.
Gregory L. Gramalegui (who ran eminitradingschool was charged by the CFTC). You should also be on the look out for Giles Kolakowski. These guys have a history of ripping people off and Giles was part of the team. Karma eventually caught up Greg and I hope it does for Giles too. There was also a guy called Bob in the room. Not sure what happened to him.
Greg used to talk, a lot. His style was extremely erratic, especially his trade 'announcements' - I say announcements because he claimed he isn't a trade caller and just 'hated' when people thought of him that way. But when he declared a winner he would say "I hope you all got that..." or "..is anyone still holding from my last call?" - Really Greg, come on.
He has no trading focus whatsoever and is constantly (or conveniently) away from the screen when a winner is announced with a retrospective call, sorry, 'announcement' "...didn't you guys see that? My software told you it was a time to get in because of the divergence showing here in the chart...but I was on the phone at the time." - Really? Yes, really. It was quite the show.
He refused to show his Chart Trader. Why? I have my own track record of his calls, sorry announcements and they were nearly losing trades.
The indicator build he had 'specially' programmed (for $40,000...or so he told me) looks flashy with all the dots and lines. In reality they didn't really do anything more or anything less than other indicators I have come across and also paid for. And in some cases not paid for because they are stock indicators!
The only thing I got out of them was Market Profile. Well, an introduction into doing my own research on the subject.
Stay away from anybody called Gregory L. Gramalegui or Giles Kolakowski. Karma caught up with Greg. I hope it does the same to Giles.
Well, what can I say about Barbara Cohen and Melonie Son. Firstly Barbara was charged by the CFTC so you probably get the picture of her character. The trading room was a complete waste of time. They were really relying on your purchasing their fractal indicators. Which I did of course, because they looked amazing on their webinar!
Barbara talked and talked and talked. No DOM. No proof of trade entries. Same goes for Melonie Son. She had no problem in showing a DOM in SIM mode, but live trading forget about it!
DTI - Tom Busby
Their sales pitch is excellent and it is the only thing they rely on to keep the hamster wheel turning and the income flowing in. Tom Busby trades (as far as I can see) with nothing but guesses. He has zero clue about how trading works, but it all sounds so impressive to a new trader. Any losing trade is quickly swept under the carpet and the record keeping is abysmal ala non-existent.
Their trading is some of the worst I have ever seen. One of the “traders” Jeanette Sims however intrigued me. She claimed to be a trader but quite frankly she didn’t have a clue. She always sounded so convincing and knowledgeable but something just didn’t fit.
One time she was moderating the “trading room” (by trading room I mean “a chat room sales pitch”). I always record my screen and one day during “live” trading I could have sworn I heard the haunting NinjaTrader voice very faintly in the background. So faintly that it could have been easily missed. I am a musician so I like to think my ears have a good depth, so I rewound the tape so to speak, did some filtering and low and behold I was right.
This happened a few times and so I mentioned it one day in the chat room and her reply was “…you can hear that?”. The moral of course being whenever a trade (SIM more than likely) went in her favour it would be lauded about “did you get that, we mentioned the strong break out earlier”. But the “STOP FILLED” didn’t get any response. Strange that.
DTI is nothing but a sales pitch hoping to up sell you at every opportunity.
Just for fun I looked up Jeanette on LinkedIn. Low and behold her background is business development. Funny that. And looks like she is involved in the trading space again. The bullshit will never end.
I have first hand experience with this room just like the others sites I reviewed above. But this one is a little special. I have seen them transition from Tim Kelleher as a moderator/pro trader and chat host who was supposedly a 20-year veteran trader to some bozo from Brooklyn calling out trades in Bank of America for a .05 scalp.
When I tell you how ridiculous these men are you will think it's an understatement after you experience them firsthand. These guys are made out to be professional traders so that you feel that you are part of a real team of pro traders located in NYC . This room is for the incompetent. Why anyone would pay hundreds of dollars to be in a chat room with about 50 unsuccessful traders on a daily basis is beyond me.
Here's the main sell though. If you sign up to Juggernaut, they will try to sign you up to Broadstreet trading which charges you a $200 software fee a month and other ridiculous nickel and dime charge offs. The software trading platform is complete garbage just like all the other prop firm's platforms usually are. But once again, go ahead if you don't believe me.
Easy Emini Trade & Profile Traders
I will exclude ‘Profile Traders’ and ‘Easy Emini Trade’ from a scathing review. To be fair I didn’t spend hardly any time in EET so to comment would be unfair. I also have to give credit to Reza at Profile Traders for his honesty. Both of these rooms were not for me.
Trading Alert Services
I am so embarrassed signing up for these services I don't have the stomach to review them. All I will say is, tread very carefully when deciding to sign up for any trading alert service.
Indicator / Systems
I strongly advise you go and check out Futures.io for reviews of the above. Suffice to say they belong in the total and utter junk pile.
Norman Hallett – The Disciplined Trader. Upsell. Upsell. Upsell. Calming voice though.
Bill Borkowski @ Dorman Trading. He took the charge when trading Mohan's system. What crooks they both were. Dorman should be ashamed of themselves. Then again, if the commission keeps rolling in...
All of the above = 100% bulls*it
No Free Trial?
Not a single vendor offered a free trial at the time I signed up. That should have been the red flag for me, but it wasn't. There is NO excuse for any vendor not to offer a free trial.
I really took my lumps in the first couple of years trading. I guess some might say that was my trading education, which I guess is fair! Be careful out there folks.
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