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I think it is a good idea. But like other members already mentioned, it will not stop people from posting or selling futures.io (formerly BMT) indicators somewhere else.
In any case no indicator will make you money trading. It's all between our ears, and that cannot be posted anywhere, lol.
of posts in this thread and others today that lead me to think that private colaboration within small groups might be the best way to share things that are sensitive. I will say that some of the tools in my bag are there because other guys posted them. In many cases they had to be decloaked, but if they where "good" that was a snap.
Now some of those elements are "coded in" to larger indicators and strategies. Im not sure how I feel about those being blasted out to the world and Im not sure how guys who I've worked with in the past would like it either.
I will say that if I posted general stuff that everyone already has access to that was simply organized a certain way that I'd have no problem who did what with it. The other side is if I had something I created that was significant, unique, and useful, I'd tend to keep that more private. If someone took that and packaged it for sale there is a chance that they would regret their own birth.
I personally do not mind, if the downloads are elite or non-elite. I think they will find their way to dubious websites anyhow. If I post something, I assume that it is available for everybody sooner or later. My return on investment are comments, which in turn allow me to improve my trading tools and learn about other trading concepts. The return on investment has been excellent, and it is not really dependent on elite or non-elite status of downloads.
I think that the problem lies elsewhere. The forum ows its existence to the entrepreneurship of @Big Mike. It is not easy to animate and maintain such a forum, and I think there are two main concerns
-> covering the cost of running the forum through member's contributions or advertising revenues
-> maintain the quality of the forum
I believe that the second point is crucial As the forum has quickly grown, navigating the contents is more difficult than it has been before. There are more and more threads, which simply repeat discussions that have already taken place elsewhere. Not easy to steer the forum through that development.
The question whether the downloads should be elite or not, is more a financial one. Some of the contents needs to be elite, otherwise nobody would pay for the membership. I would not have done it either, if all content had been freely available.
that first paragraph is really good insight. Open colaboration. Frustrating sometimes though, at least for me. Does Mike have a revenue problem relative to the work he puts in? Maybe a free section, a basic membership (now elite) and then something more above that? If I could get the coding help I need I would absoultly do that. Have a great weekend fat tails.
BigMike, looking beyond your download question (yes, of course), I wish you/the site had some way to pursue those who pirate members work for resale. And if that meant a general member fee or a higher Elite fee to maintain a legal slush fund for such times, I'd be all for it. What is offered here is worth far more than what is charged. You've created something remarkable and unique... most any means to maintain it the way you want is justified to my mind.
My only further thought would be to give a free pass though to those who are such remarkable contributors, like Fattails, Perry, Jeff, Mike W, Wizard, Cory, etc.
I will jump on the bandwagon with you all too I guess. I don't post much as I am learning more about price action (and spending a lot of time with cjbooth in his trading style ).When I started out in the forums this year, I too was an indicator addict (always thought the indicators had the answer). I bought packages and always thought I'd found the answer (naive mistake that was) and downloaded a heap of them from this site as well. There were then a number of indicators I saw appealing to me in the elite section, and decided $50 was worth the money. In hindsight, funnily enough, it turns out indicators have nothing to do with me be successful or not. The webinars and the information shared among forum members on various ways of trading, and tweaks for improving profitable methods (not systems) was where the real gold was. Sure, indicators can help confirm entry and exit points in the martket, but they don't make the money on their own (thanks to cjbooth for this insight). If it wasn't for the help and insight of the information (threads and webinars) here, I would still be downloading indicators looking for that "ah ha" moment. As the saying goes, "the devil is in the detail". My interpretation of that phrase in this instance is the money making "ah ha" moments that make us profitable traders won't be in the indicators as such, but int the written and spoken words we share among one and other. My two cents worth would be to keep the website as is as far as downloads are concerned (though, without description), and privatise the threads and webinars themselves, as this is where the real worth is. You can throw all the "best" indicators in the world at me (without description on its use) and it won't do a darn thing to improve my trading. But, you pull me aside privately, and collaborate on how best to use it in relation to the market, and I might get somewhere. The best instruction I have received thus far (and very grateful for it) is from cjbooth (in regard to NOT relying on indicators). Sorry to ramble, but I thought you'd like a point of view from a former indicator addict. I still keep a lot of indicators on my computer in case I find another USEFUL way of interpreting the market with them. Whatever you decide, Mike, I'll be around for a long time to come. Traders HELPING traders is what it's all about. Do with the indicators as wish.
When the government fears the people, you have Liberty. When the
people fear the government you have Tyranny."
- Thomas Jefferson
i also agree and glad that fatty posted above.. the whole taking indies to other sites will not stop with a complete membership. what got me to join the elite club was the webinars(could be because the indies i wanted were already free, thanks fatty!). this is one of the things i think you should do allot more of.. more webinars.. the ones with vendors, brokers, softwares are nice. you get to see what they off and they give away deals for their services, you do a good job with them. the ones you do with real hard information from people from the forums(fatty, perry, etc..) are the ones you should try to do more of.. those are a major attraction in my mind.
if the the devs mostly like the idea i say go for it. like i said, it wont stop the spread of the indies around to other sites but it will bring a higher class clientele which benefits us all.
dont believe anything you hear and only half of what you see
As others have said, I don't think an Elite membership requirement is going to stop indicators from appearing on other sites. Once an indicator or (more importantly, I'd say) an idea is posted, it's out there in the world, and will take on a life of its own if it has any validity. (There's also the gray area of indicators that have subsequently been tweaked and then put up for sale - at what point does that become acceptable?) In any case, we know that the real value of this site doesn't lie in the indicators, but in the forums themselves.
I'm more concerned about the other issue Mike mentions, the size of the site and the kind of posters it now attracts. Requiring Elite membership might help that, and if so, I would be all for it. Another possibility might be to put a cap on the membership number - and perhaps requiring a minimum number of posts within a set period in order to continue the membership.
minimum number of set posts may no go down so well, as people like me spend more time trading (and learning how to trade for that matter) than posting on the forum. But the idea of capping the membership numbers because of it's size...now that's not a bad idea at all.
When the government fears the people, you have Liberty. When the
people fear the government you have Tyranny."
- Thomas Jefferson