You may have noticed that I haven’t been posting the last couple of days. I’ve been putting a lot of thought into a project I’m going to try, called the Move the Markets Team.
What Is It?
I want to put together a small, private group, dedicated to technical analysis research and study. I want there to be a real emphasis on real-time chart reading, so that we actually try to use the stuff we’re working on. In addition, I will share open code of indicators I am working on (I’ve even started negotiations with EOTPro to open up some of their indicators over time).
The group will be small, so that we can keep things productive and respectful. As soon as the group starts to feel too big, I’m going to cut off new registrations. The group will be private, so that we can freely share our insights without telling the whole world. The group will be cheap to join ($29/mo), so that even beginners will have no trouble participating.
You know I’m used to charging $233/mo for closed-source, leased indicators… so letting people choose a price all the way down to $29 for open sourced indicators plus a team to collaborate with is a bit of a leap of faith! But, I think it will be a win for all of us in the end.
You can learn more about the kinds of activities I have planned on the MtM Team page. Like all new ideas, I haven’t tried to set anything in stone… I just want to see if the idea takes off and where it evolves.
Why Do This?
Over the years, I’ve gotten a lot of requests for private mentoring. I usually turn them down due to time constraints, but when I do take an interest, not one prospect has been willing to pay my normal fees. Obviously, a lot of people desperate for mentoring are also not in a very good financial situation.
The MtM Team is my answer… instead of expensive one-on-one mentoring, I want to build a small group of people enthusiastic about technical analysis. I can do this on a very cheap basis, and hopefully we can all help each other. It’s an experiment… we’ll see!
Hi Richard:
Maybe the answer for those in poor financial shape is to stay away from trading, a *business* that takes money to make money.
Nice to hear from you, Teresa! Indeed, they’d be better off not trying until they are on better footing. In my experience, they never listen when you tell them that, though!
Hey Richard, it sounds like a pretty neat idea. I am bit confused. You seem to be looking for input on one hand, but then on the other hand offer some mentoring of some form. People that need mentoring don’t normally contribute much of value IMO.
Hi Daniel, well I partially agree with you . This is what I want to do _instead of_ mentoring. The way I want it to go, is that I attract a nice mix from beginners to advanced. We all go through chart analysis and research at whatever our levels are, and give feedback and criticism etc. So, mentoring happens as a byproduct, but I don’t have to necessarily do it all. I just provide a friendly environment and don’t let it degenerate into a typical internet cesspool.
On the other hand, you might or might not be surprised by how much you can learn by trying to explain stuff to people. So, I do intend to get a lot out of it in the process.
Richard, This is an interesting idea and I’m glad you opened it up for beginners (of course I am one).
Thanks, Andrew, I appreciate it.
count me in Richard
Bob! I had no idea you had a blog. (either that or you’re not the Bob I’m thinking of!) Either way, I’ll check it out.
And, thanks!
Where do I sign up? :-)
and my girlfriend wants to know just how did you become so amazing and attractive?
LOL Dave, sign up here!
Wait for me guys !….. I’m in
Idea looks interesting. I’m a unsuccessful beginner and have pondered at times if the small trader making a living by trading is a myth, and I’m just feeder fish for the sharks and it’s just a matter of time before I’m dead as a trader. Period. But at the same time I swear I see it, right there in front of me and I know I can grasp it. I also have been thinking to find my way I need to STOP listening to others, BUT I’m unsure. Maybe a small focused group may help me find what works for me? Don’t know if being on a mac with Thinkorswim will be a hindrance or a plus but I’m giving this group idea a real thinking this may be what I need to make my trading happen as I see it. Wishful thinking or ?
Hi Alex, whether you try us out or not, it sounds like you have the right idea. Definitely stop trying to emulate others, but learn all you can about what others do so you can keep the best bits of it and incorporate it into your style. I don’t think of the group as tied to any one platform, and ToS is pretty well programmable anyway, so any ideas the group posts in ninjascript or easylanguage could be translated to ToS.
The team should be a place where we can all post our successes and failures (the first live trade I posted was a 2-tick trade that fizzled out… no pretenses allowed in my team!) and get useful feedback. The emphasis will be on identifying where we are strong and where we are weak, and actually DOING something about it, with help and encouragement from each other.
And even better, I’m making it very cheap to try it out, and the terms of service allow me to keep the place clean and respectful.
Hello Richard,
I’m signed-up! I really really really want to be able to make my living by trading. Yes the price is very cheap and I appreciate it, been a tight year but I look at it as a wake-up call for change.
Thank You,
Alex
I agree that collaboration is essential; however, people should and will pay your consultation / mentoring fees if you put your foot down. I have done consulting on and off since the early nineties and they always take your info and run whether it is a low price or a high price. It may seem counterintuitive, but charging more for your hard-earned expertise and knowlegebase will keep them coming to you when they are A) ready to listen, B) ready to devote time and energy, and C) spend the money.
“I have some simple projects I need just a little of your time on”… sound familiar?
P.S. Your blog is excellent and I appreciate all you are putting out there, I will gladly pay whatever fees for your consultation when you have the time…
Oh what the heck, send a PayPal money request to my email account and I will sign up too…
Will do, though it will be Wednesday because I’m on vacation and away from computers. There’s a link to sign up on the team page (link above in the post) if you’d like to go that way. Conversation is slowly building steam in our forum, which is exciting.