I have been in JP's room 6 weeks and am starting to have profitable days. I trade real cash, not sim. I have been trading for 1.5 years and have blown out my account more times than I can remember. I have been in several rooms, 3 of which I do recommend. The thing about me finally starting to make money in JP's room is part JP and part timing. I think I just finally reached the point where I was ready to make it. I don't know. I haven't made it, as yet. Just starting to have profitable days. That is a first. Anyway, I saw posts saying stuff about JP that in my experience are not true.
someone said he goes off mike and calls a trade, albiet AFTER the market has moved away. NOT TRUE IN MY EXPERIENCE. He calls out an area several minutes BEFORE it gets there, then he explains what he will be doing, then he goes off mike and takes the trade. You can hear him bascially scream it out. He sounds like what I figure a floor trader sounds like. It bothered me, at first, as it is grating to hear, but once I realized he really is on the trade and the way he sound is pretty indicative of that, lots of emotion and intensity, well, it actually comforts me now. You know? Scares the living crap out of me to be on a trade. All this bunk about ignore your emotion, control your emotion. That is crap. Honestly. It is like saying hold your breathe. Ain't gonna happen for long. Our emotion is part of us, like breathing. Actually, breathing is somethign I have been taught recently that has helped. Anyway, back on the subject of calling the trade. JP calls them in advance and then goes off mike cause there are several people in the room that get offended at his cussing. Me, I woudl prefer to hear the cussing, as I think that is real and valid feedback of how JP is processing his thoughts and emotions while in a trade.
My opinion, fund an account, have the broker put a loss limiter in place and go trade. You won't learn a thing in simming that will really apply in live, losing your rear trading. The fact is, I can sim and make tons of money. But, when I put on a real trade with my live account and it gets down 10-15 ticks, that is when reality hits. My emotion and my decisonmaking kick in. To me, that is trading. All this other stuff about simming and backtesting is only very limited useful. The real thing is having a live trade on. Maybe I am just a throw em in and they'll learn to swim kind of guy, but to me, that is reality and learning to trade in reality is the key.
The following 4 users say Thank You to rwhitt for this post:
Peter Steidlmayer now has a new, "better" method, which he wants to sell books, software, and the platforms that use it. He is doing this by discrediting his old method, which (an assumption here) he probably no longer profits very much from.
Just an observation. My post was not directed at you in any way, shape, or form.
The following user says Thank You to Frank R for this post:
I am a grandfather in JP's room. Simply put, JP is an excellent teacher, has very clear and defined MP set-ups that provide an edge. I have become consistently profitable with JP's help and would highly recommend his room. I have received value 100x the price of membership.
The following 2 users say Thank You to ngwolfe1 for this post:
After squandering much time & money in the chatroom wastelands, I found a couple that are honest & decent and JP's is a stand out in my opinion. As for a previous poster who claims having documented his trades for 3+ years & not made any money, one can only wonder how foolish that might be to continue doing so for such a period of time!!!
JP's methodology is not for the 1-2-3 lot traders which is the bulk of the trading public out there - but if you can trade atleast 5 or more lots, you WILL make money - I speak from personal experience trading live - not SIM. Do all of JP's trade set ups work all of the time? Of course not - if anyone claims theirs do, run in the other direction... however, when they fail, the risk is low but when they work, they deliver pay days... as Dalton, the guru of MP, says : trade location is the best form of risk control.
As for Steidlmayer, he may well have been the genius behind Market Profile but he is by no means a genius trader... furthermore, since he did not really monetize MP, he's now trying to do so with this latest "invention" of Volume Strips.
>> You would also lose voice as he was entering a trade,, I was in the free trial today just to see if had changed his ways but I saw the first trade off the open (open range trade) the voice went quiet,, until all of a sudden I heard' I am short 42.25',,, price was at 41.25 by that point... funny cos it say's on his site all trades are called out before hand.... mmmm may be not then...lol
Haha, that happened today - first losing trade called out clearly, 2nd winning trade 'internet crapped out'...
I have been in JP trading room for a while and honestly he has been getting lots of internet issues with his provider......he does call levels and setups, he will explain what levels he's looking at and why.....in my opinion this is the most important for a trader "WHY" then when it comes to this level you can execute....