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Bowl Leader
What’s everyone doing today 🧐
Anyone want to grab a drink? 🏳️🌈
Hyderabad or Banglore which one to chose.
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Bowl Leader
Additional Posts in Option Traders & Investing
Enthusiast
8/3 Thread (General):
Are USO puts a good idea rn?
Visual Storyteller
Mentor
Enthusiast
7/15 Thread (BC):
Coach
Visual Storyteller
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TL;DR I think a month long trial would be helpful to learn the strategies, but if you’re willing to put in the work and homework afterwards I don’t think you need a room longer than that.
I did a near-free trial for a month and paid for one additional month before quitting. I enjoyed learning what they had to say, and I definitely wouldn’t say it’s necessarily a scam, but here’s some things to keep in mind:
(1) You can follow their trades and still lose money. No one picks 100% winners, and the fact that they placed the trade does not increase the odds that one trade will work. This also doesn’t mean they’re bad at trading. If you work a full job (and since we’re both b4 let’s assume more than full) you’re going to miss the opportunity to put some trades on that they did because you’re working and something came up and xyz. Also for us in PA the one huge winner they picked that month may have violated the independence restrictions for your firm so you had to sit out that trade. All of that to say that just because the guru was up 40% does not in any way mean you will be.
(2) Tying in the above, I had a bad habit of putting on a larger size than I would have on my own idea “because the expert said so.” Thats not a reason to deviate from your rules and plan.
(3)They don’t know your risk parameters. The room I was on was very big on multiple entry levels and multiple targets. Which is great if you’re buying multiple option contracts, but in a small account that’s not really feasible. In that case, they tell you to go flat at the most conservative target, so your gains will usually underperform until you build size (not a bad thing in and of itself, but you won’t be hitting the advertised returns)
(4) These rooms are a revolving door of members, which leads to a ton of repeating the same things everyday. Which at first is helpful to really ingrain the strategy but becomes very old by the second month.
(5) No matter what they teach you, you won’t be completely confident in the strategy until you make it your own. Overall, I think more people could start giving away their setups for free and it wouldn’t change a thing, because the trader psychology steps in to make sure the beginners struggle even if they are looking at the same exact charts/setup/indicators as the pros.
I think rooms can teach you how to look at markets, how to use new tools and setups, and maybe even set up your trading plan and risk parameters if they’re good. But...and this is a big but...they won’t teach you how to become consistently profitable. Unfortunately I think that just takes time, sweat, and reps. Best of luck to you!!!
Mentor
I can't say they are all scams, however, I'd start with the free resources from TDAmeritrade or Schwab and then look to augment.
Bowl Leader
Yes and no
SM1 - any you recommend?