Re: Millionaire Traders by the Minute - New TV Series
Thanks for the link.
Episode 1 is a bit of a worry, do any 'real traders' really wait to push a button upon release of News? I received the impression that the 'Trainers' were leading their Trainees to 'Never Never Land'. I felt a little sad to see the guy with the big expectations (as well as needs) taking delivery of his multi monitor setup.
Well, it was probably more of an exercise in making quick decisions and acting swiftly. If they were going to take a news release like that, they'd have a plan for what to do in a multitude of scenarios, and all the focus is put in executing the right plan the split second you hear the release based on what number they hear. Going through the motions and executing according to plan regardless of the outcome is important.
About trading news a la keyboard money at the release.. well.. this was a pretty popular way of trading news back in the day.. now though, any news that's machine readable a nanosecond into the release is either dominated by bots, or the bots making such markets are able to get out of the way before getting run over (meaning you can't find much liquidity to get into the trade at a decent price before or during the bulk of the move.)
That being said, we still see opportunities to punch in on economic and commodity releases even to this day.. there's a bunch more that goes into such trades, but there's still something there.
EDIT: That being said, firms still teach people how to be mindful of news when they are already in positions. Getting out quickly on some shit news that will hurt their core position is an important skill to master.. it's all too common to see new trainees watch a nice winner go south just because they got 'deer-in-headlights' frozen as news runs them over.
As for the firm itself... sadly, you're right to some extent. The retail level traders they are training are probably not going to stand much of a chance in the long run. In the UK, "education vendors" are popular and charge upwards of a low 5 figure number. The UK bettering/trading culture helps fuel this. As far as the retailers are concerned, given their success rate, never never land is pretty accurate. A lot of these vendors stick to the basics plus some TA.. it's bullshit really.. but heck, I know some people who've lost more than that just figuring the same things out for themselves in the markets.. so maybe there's some merit to a course here and there.
Monitor setup wise.. he should have started with just one or two.. if you can't make money off a single monitor, 4 isn't going to change anything. Monitors make a profitable trader slightly more efficient, that's all... they don't do a thing for a consistent loser besides giving them something to sell used on eBay so the rent is covered once they bust out.
His wife.. oh my.. the look of uneasiness on her.. I bet there's going to be friction there on camera before this show is over.