Dmonz 

Sounds good! But the statements are not mandatory? That means someone who does not do the optional broker statement verification could still claim trading live while they are faking it? Then another question came to mind related to that. What will markets.chat do against scammers, fakers, these typical youtube fraudsters we all know? There is a potential conflict of interest here. As a business markets.chat wants Leaders and Followers. What happens when a Leader with a big following is selling garbage? Someone could say that they do live trading while using market replay or sim accounts and on top of that selling software that does not do what they are showing. Yes, there is the refund policy. But there are scammers out there who are doing their scam business since years. I have no doubt that they can trick their followers for longer than a month. Then the refund does not work anymore. I would love to see a way to protect followers from scammers.

There is no conflict of interest. Please don't make such assumptions or spread misinformation.

Our business model is to protect traders and offer a safe learning environment.

I'm standing behind the product. Most people here know that means something.

Big Mike 

There is no conflict of interest. Please don't make such assumptions or spread misinformation. Our business model is to protect traders and offer a safe learning environment. I'm standing behind the product. Most people here know that means something.

It was not my intention to spread misinformation. I even wrote "potential". I'm just asking critical questions, which I think is important.

Big Mike 

I personally dislike the number of over priced trading rooms, the number that over promise and under deliver impossible results, the lack of accountability, the lack of identity verification, lack of guaranteed refunds, lack of verified broker statements -- etc.

I am totally with you on that and I hope that markets.chat will be the right answer to all of that.

Hey Mike. I appreciate all that you have done for decades now.

If I'm understanding correctly, broker statement verification is not mandatory...but it is available and would likely be a valuable "standard"? Do I have that right?

So, from my perspective: I 100% get that and what validation would accomplish. Add that I don't think I was/am headed to a place where I call out live day trades all day long. To do that, divide focus time that way I'd have to earn hundreds of thousands from the effort. There is NO WAY that I publish account values or actual trading size. In 10 plus years here I don't think I have ever done that...very few have actually.

I understand the desire and why people feel the need for that...but, when I go for a prostate exam, I do not ask the practitioner for a copy of their medical degree and their board certification, right? Why? Because I chose the doctor and did my due diligence on them and their practice history before I let them shove their finger up my...forget it.

Most guys that I know do not advertise their account/trade size or any details about their personal finances. One time I was actually with a very prolific and well known trader at the corner of Madison and La Salle and a woman dropped some change in his Starbucks cup....He said, "Thank you, God Bless you", and we laughed our asses off while getting a new coffee. The guy is high two comma net worth.

So, there are "privacy" issues. The other thing, and this may be difficult to understand, is that most traders, especially the ones that don't "sell" subs do not out themselves as prolific money earners...just the opposite. Guys want to be know as "stand up" all around good guys...someone that you'd love as a neighbor or as coach of your kids team. It is tiresome for people to be included or catered to because the "have money". Folks feel like money shouldn't be the thing that validates them. There are a few reasons for this.

So if I was going to be a leader with a paid side offering, I'd have to set up a new and separate account to participate at a de facto credibility standard...to prove to followers that my methods and experience is valid and worth, what, 29 bucks my end per month to a "follower"? I'd be way more amenable to the follower showing ME their statements and confirms and having them justify their actions to me in exchange for a percentage of the net alpha created from their advancement under my leadership. NOT a 2 and 20, but something based on that metric. What would happen is I'd end up with a dozen "followers" (because I'd fire most of them). If that was 12 accounts that started at $100,000 and we did 2x for the year 20% of net alpha over S&P is less that $200,000 per year. Seems like a hard row to hoe. What am I missing?

-Dan

Even releasing your name is your choice.

Verification of statements does NOT include account balances or trade size. We are looking only at execution times and prices.

I am not ready to say a lot more on that yet. But there will be no privacy concerns. And if you don't want to be verified, it's your choice.

The verification is to say "I'm trading live and taking the trades that I'm calling in the room". Completely optional. No matter how much we may encourage it, I don't expect many to do it. I wouldn't let it discourage you from doing a room, there are plenty of reasons to not get verified and there is not going to be punishment.

We've given this a lot of thought.

Big Mike 

Even releasing your name is your choice. Verification of statements does NOT include account balances or trade size. We are looking only at execution times and prices. I am not ready to say a lot more on that yet. But there will be no privacy concerns. And if you don't want to be verified, it's your choice. The verification is to say "I'm trading live and taking the trades that I'm calling in the room". Completely optional. No matter how much we may encourage it, I don't expect many to do it. I wouldn't let it discourage you from doing a room, there are plenty of reasons to not get verified and there is not going to be punishment. We've given this a lot of thought.

Thanks Mike.

I don't think I would do a room that called specific trades and not allow a time stamp like you are describing here. Totally reasonable, IMO. The bigger issue is do I divide time in a way that would promote a valuable "product". I too am giving this a great deal of thought.

-Dan

Big Mike 

Hi guys! What questions do you have that we haven't yet answered? IMPORTANT: We are looking for room Leaders! We have hundreds of followers participating in our beta test, but we need many more Leaders to help us test the platform. If you are in any kind of room currently, please share our website with the group and ask the room leader to reach out to us. We want to host all trading rooms on our platform, and anyone can do so for free. Mike

I did not know it was up and running. I visited your web page but did not find how to participate in a room.

Can you provide a link that lists all the rooms available ?

Big Mike 

Hi guys! We've been working on our website, and would appreciate your feedback: Please share: https://markets.chat/ What questions do you have that we haven't yet answered? We will continue adding more detailed articles to the site every day. IMPORTANT: We are looking for room Leaders! We have hundreds of followers participating in our beta test, but we need many more Leaders to help us test the platform. If you are in any kind of room currently, please share our website with the group and ask the room leader to reach out to us. We want to host all trading rooms on our platform, and anyone can do so for free. Stop using Discord, built for gamers, and start using Markets Chat -- built for traders, by traders. Please reply with any and all feedback. We are working hard every day and are so excited to share this with you. We expand our beta group as we add new features, so please help us by sharing our website on social media and other trading communities. Thank you, Mike

Hi Mike,

I have a room that I own and run (30+ users) and another one I am a member and moderator of (3000+ users)

I really think it would be a hard sell to move away from discord, especially if it’s a paid service. The groups I am a part of and enjoy are a place for chatting about markets but also just a social place.

There isn’t a leader / follower dynamic and no one is live sharing their screens (unless I helping a friend see how I trade), so while a platform focused on trust in trading sounds great, I’m struggling to understand why we switch from discord to this other platform.

Maybe I am not (and the others in the rooms) are not the target market though? Is it intended to be a replacement for a twitch like service where you can discover new talent? I get verifications of trades is important, but with so many of social traders in funding evaluation programs, the profits are “Real” anyways - and most aren’t spring chickens so we are quick to point out dubious claims

If you need leaders, like I said I have 2 groups that may help with the test, but I’ll just be frank and I dont think it will win many people over. And this is mainly coming from a lack of hands-on understanding and experimentation with the product

Best of luck with the product, and happy to help in any way.

wldman 

Thanks Mike. I don't think I would do a room that called specific trades and not allow a time stamp like you are describing here. Totally reasonable, IMO. The bigger issue is do I divide time in a way that would promote a valuable "product". I too am giving this a great deal of thought. -Dan

With the schedule being made clear up front, you can start with the minimum you envision and go from there. Completely flexible.

trendisyourfriend 

I did not know it was up and running. I visited your web page but did not find how to participate in a room. Can you provide a link that lists all the rooms available ?

We are still in closed beta. Make sure you signed up for the beta so you're included as soon as possible.

Yes, there is an organized room list.