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If you are going to call out a trade idea in the chatbox, you must include your entry price, stop price, and target price.
You need to also write the word "cash" if this is a cash trade. If it is a sim trade write "sim".
I am making these changes because too often newer traders try and follow someone else who appears to be successfully calling trade ideas without realizing that person is not trading cash, or that person is "fudging" his numbers. Trying to copy someone else is bad enough without being mislead on top of that.
If you post a trade idea without this information, I will delete it and will ask you to stop posting trades in the chatbox.
I understand the meaning of this rule but it makes things more complicated. I see the Chatbox as a comunication tool, people should not be influenced and if they wrongly do, that is one of many lessons to be learned about trading. I think the real problem is with old and wizard members, their calls might influence somebody. I wish the age or the board status could be linked to the trading performance but in my case it isn't so. To be fair the rule should be extended to threads and posts, which would make things even more complicated. Who wants to remember all this information. I think a reminder on the bottom of the chatbox should be enough, beeing responsible is part of risk management.
I am not trying to make things more difficult, but the bottom line is that a lot of traders are very trusting when it comes to other members and what they say.
I could care less if someone is on cash or sim personally. But then again, I don't get influenced by the trades people call in the chatbox. A lot of members do. Just look at the popularity of the Vendor Reviews section and look at how many members are going from room to room looking for signal calling services.
So you need to understand how many people are being influenced. And it isn't fair for them to be influenced without having more facts, such as a stop and a target for each trade.
I realize some guys may not feel like posting trades any more with the new stop and target requirement. But I would rather have no trades called than misleading trades called.
I think its good and I don't think its that complicated really. I'm sorry, but too many ppl making after the fact calls and then mysteriously nothing to show for it.
received and necessary requirement imo if there is to be any integrity at all to trades called on the box. Of course anyone can type out a phony bologna trade and say it is 100 lot. BUT the timing will now and should now be called to task. Kudos on the idea and the request for this necessary change.
I've never used this feature on the site, but I agree that any chat function of this nature where people can be influenced by live calls, should have the standard trading risk warning, unless the people making the calls are CTA's.
if they are CTAs they are regulated by the National Futures Association (NFA) then they will have to have you to read thru disclaimer first before they can even say anything.
I think it is a great idea simply because it gives some accountability to all parties, the poster as well as the follower.
It helps out the sim guys too, because effectively they are putting their reputation where their mouth is, and sometimes that is as good as money to drive an emotional response. It actually becomes a real trade when everyone and their brother knows...lol. Then they can gripe about getting their calls faded by other people too
There is still no reason that people can't talk about where they think things are going, people will just know that there is not money behind those comments. Quality over quantity.
If Mike wants to give some credence to those that don't like the idea, then make Chat 2-4 available to make whatever crazy calls people want. That way those interested in documented calls can stay in Chat 1, while the others can play around.