Calls and Puts
I never took the time to say “Thank You” to Misfithab.
A blind spot of mine has been reconciling how to successfully run a chat room.
On the one hand, I can make the calls, and hopefully allow traders to survive the learning curve.
I have paid $250 per month in rooms for “calls” and to learn this business.
I conisidered it my tuition for the education, and it was money well spent. My guess is all of these rooms are “educational” in nature, when we read the discaimers and fine print.
We put our “Educational” nature in Bold so as not to mislead anyone.
The chat room business has now exploded, with a bewildering assortment of choices and prices.
Choose wisely, keep moving if you have given a system a fair try and it is not a good match for you.
Believe it or not, some traders are gone within a month, and never give a system a fair shot. (I have seen that phenomenon, and actually use one of those traders twitter posts as my contra-inciator!)
Several traders have purchased my system, and never followed up at all with one training session.
Putting my defense aside, I thought about this review, and decided to do something about it.
I became more comfortable stating MY bias, my preference, and then continue to monitor my judgement as NEW INFORMATION BECOMES AVAILABLE.
I also remind traders constantly that we may have totally different account sizes, risk tolerance, emotional issues at the time, etc. Those factors also affect our perception.
Giving advice is tricky, especially the financial kind.
“Markets turn on a dime, most traders can’t, that’s why they lose.” – Jeff Cooper
Our traders have been able to see the sytem live, in operation, for probably more than a 50% discount.
My premise was give it to retail traders at a fair price.
It also takes time to learn anyone else’s system. It is my belief that the daily context needs to be put into deeper perspective. Many traders are in too much of a rush to perform brain surgery without proper seasoning.
If $200 were lying on the ground, and $100 blew away, would you bend down and pick up the other $100?
Traders become so focused on where we should have entered, we lose sight of new opportunities. We have recommended entries five to 15 points LOWER than our initial entry, and the trades were still profitable.
A great trader I saw demonstrated the principle quite well: “I am in, and that’s it. I am either going to get my target, or they are going to take out my stop.”
In another post, I will respond to Misfithab’s review.