Jan 9, 2012

How to Choose Online Trading Rooms

I just finished reading Dr Brett N. Steenbarger's Enhancing Trader Performance. In the book, Dr Brett introduces a couple of online trading rooms. The concept being, we can observe real traders in action and see how they execute their trades live. Nope, not just for a day or two but for a few weeks to a few months (at a price, certainly). They are:

Woodie’s CCI Club (www.woodiescciclub.com)

Linda Raschke (www.lbrgroup.com)

Trade The Markets (www.tradethemarkets.com)

I have been following Curl Furtia's blog for a while and he also started a online trading room:

Curl Furtia (www.carlfutia.com)

However, Dr Brett also highlighted in his book that:
"The value of the electronic trading rooms is not simply getting trade ideas from a guru. Instead, you are learning from the mentor his or her particular style of trading."
It is the "style" that cannot be written down in black and white and has to be learned through observation over a period of time.

Hence, Dr Brett also pointed out that:
"Your best mentorship resources will be among people who are trading markets and styles similar to your own."
Different trading instruments and timeframes called for very different styles. So this will help us to select the online trading rooms that we want to visit.

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