It is my general observation that e-mini trading rooms vary widely in their approach to trading and implementation of their trading method. If you are looking to learn how to trade, then I would find a room geared toward teaching new e-mini traders methodology and technique. On the other hand, some trade rooms are designed specifically to make live trading calls for room members to initiate copy-cat trades on their own accounts.
My view is that trying to copy another trader’s system can be difficult and tedious. I have seldom seen room members match the daily totals the trade room moderator claims to have earned. On the other hand, there are some outstanding rooms which make clear calls that are relatively easy to follow; if you have no desire to learn to trade, live trade calling could be a good choice for you.
In a teaching trading room, there are some important things to look for and will ultimately enhance your chances for success. Some issues that I might want to investigate are:
- What are the course designer’s qualifications? Does he or she have any professional trading experience or other relevant experience?
- Can you sit in on the trading room for a period of time to see if the pace of the room is compatible with your learning style?
- What trading style does the room utilize? How does it work?
- How is trading information from the course imparted to the students? If a new e-mini trader needs explanations or help, what is the mechanism for that process?
In a live call trading room, the concerns may be less specific and may be limited to matters like:
- Is the chart understandable?
- Are you getting clear trading signals with enough time to execute those signals to your trading platform?
- And my favorite: Does the moderator ever shut up?
Like all things, there are good and bad versions of the two types of trading rooms, and finding a suitable match for your demeanor, comfort level, and atmosphere may take some investigation. On the other hand, if you are serious about trading as a career, where and how you start your training may have a great deal to do with your future success. Be critical in your analysis, and choose wisely.
In summary, we have taken a look at trading rooms in this article. While I do not recommend any particular room, I gave some characteristics of rooms that should provide you with a good chance for success. Finally, I pointed out that the copy cat traders in live call trading rooms tend not to do as well as e-mini traders who have taken the time and made the effort to learn and implement a good e-mini trading system.