Re: Traders International - Trading S&P500 Eminis
Timmy just to answer your questions.
"Now, whats the story with the $50 trading dome fee/month and the $30 fee every three months? Those sound like fees from a broker?"
Yes this is broker fees, we are encouraged to use the recommended broker as I there has been a discount arranged for us and the trading margins are reduce. We also recieve exceptional support as TI members...but I do not know what support level you get not being a member so have nothing to compare this to.
The Trading Dome I use is Strategy Runner, the is the dome of choice by TI and they run education classed on using and setting up this dome, so logically new members who do not have previous experience will choose this platform. TI state they get no kick backs from any of these parties, but as there are so many members they are able to negotiate on behalf of us all for better, service, fees margins etc.
"As to working out a trading plan that suits you ... isn't that what TI is supposed to provide?"
TI assist you in creating a trading plan you can send it in and they will critique your plan and assist you in getting it right for you. They do not put out one plan for all as this would assume we are all the same sort of trader. We are encouraged during our sim trading time to find a way of trading that suits our personality and build a plan from this. Some traders are aggressive traders will jump on more trades and take more risks. I am a very conservative trader, I take less trades waiting for high probability trades.
"trying to get onto a trade that is being 'called out' is an almost certainty of missing the entry"
The trades are not normally called out intime for you to get on them, rather they are discussed as they are forming as there is a probabal trade accuring on such and such trade, this is the confirming candle, then it is up to us as traders to decide if this trade meets our personal plan and if so get on to the trade when it has confirmed. The time to get on to a trade varies as you know, when the confirming candle has completed, you then need to get on at close price and as I said sometimes you miss out. This is not TI fault or the traders fault, sometimes it just moves off fast and you just miss out...this does not bother me, there is always another trade around the corner and we are taught never to chases a trade.
We use esignal charts as they are the charts used in the room, and they are the charts that TI support by way of full education in setting them up etc for the TI methodology.
Sor for beginners like myself it is best to go with the flow so that everything you are using for your trading is all supported in one place, with heaps of videos and classes to help you understand these platforms. You do not have to use these products though you may use any you choose, but you will need to know how to use them as they can not support every platform, so pick one and support it fully.
You may use any broker you wish, but if you have trouble with the TI recommended broker you may contact TI and they will act on your behalf to help clear up the matter, so you have a bit of added insurance that you are not just a number to some big broker firm. I have nothing but praise for the recommended firm, they have answered all my emails in less than an hour sometimes in 5 mins, and the trading desk pick up evertime with an actual person ready to help you. Not sure if this is because of TI or they are just a great borker firm.
As I have said Ti is fantastic, they have great training and support, a fantastic product, and if your consistent and disciplined I believe 100% that you can make a career out of trading the TI methodology, I would not continue on night after night if I though otherwise.
My only beef with TI is the small amount of room time your receive, the ongoing cost of the room and the possibility that with new indicators coming out over the nest few weeks may only be available in the room.
If the room amount is affordable to you I highly recommend TI, if your on a tight budget and can not afford the room then it will make the program very difficult for you.
Of course if these new indicators are as successful as they say and all the back studies etc. are correct then the room will be a small price to pay for there use I guess, but I still like to have everything on my own charts to manipulate as I see fit, to be dependent on the room is not a good option as they do have there amount of down times, issues and lag, like any program I guess.
Subscribers are also sms all potential trades, it states possible trade forming on such and such chart...this allerts you to go and have a look at your own charts or room charts and prepare for a possible signal..this allert service is only in pre market not cash market. It would not be possible in cash market as it moves to fast, and you are generally there watching anyway.
They are also introducing the ability to place trades in premarket by mobile, so if your were out, got a sms of a potential trade you can mobile in and say if it confirms put me in. That is a fantastic idea..and may also make the room subscription worth the $$.
I you have any more questions re TI I will answer them honestly.
I do not know if there is better programs as I was recommended to this by a family member and new nothing about day trading. I also wanted to be using the same program so we could support each other.