By Mike Wilt
1. We welcome all visitors to the room. This room is about self discovery. No one is calling out trades for you to follow. There are current methods here that have proven to work in live trading in CL. There are several other methods that will be shared with subscribers that are in development. The tools are there, you have to figure it out for yourself on how you will use the tools. It will take time and effort. Probably 1-3 weeks depending on your trading skills.
2. There is a large blog section in the room website filled with valuable information about the setups and other interpretations of the patterns observed that should be invaluable to you.
3. There also is an initial set of trading rules which if you read, absorb and apply as your trading eye sees them, should prove beneficial to you as a trader.
4. There are advanced concepts in the blog which you shouldn't consider until you have the basics down.
5. Today you should be here just to observe. Watch the CL price patterns and notice how wonderfully they trend in 20, 30, 50, 100 tick patterns (each tick is $10 per contract). Pay attention to the chat as various subscribers call out their entries and exits.
6. Notice the Mega bars, the proprietary bars (that means not for sale) that consider the order flow at the current time and for the current bar and notice how they advise the trader if there is adequate order flow to support the trade direction (this might be an advanced topic). Notice the background colors and the changes, these changes consider the order flow of the last 2-3 bars. Between the bars and the background there is an amazing foundation to build successful trading patterns.
7. Do Not ask a lot of questions during the early session because the moderator and others need to trade for a living. In the later morning, active subscribers will attempt to answer your questions.
8. If it were me, I would pay attention to see if the CL is a good trading instrument for you (you should trade even numbered lots which means at least 2). Determine if the traders in the room are employing entries that are making them money even though you have no idea why they are entering there. Determine if you are willing to invest the time and energy to learn methods that you will generally have to employ on your own, without someone calling out the trades.
9. This is not a guarantee. It is only my opinion but if you are an experienced trader and you work hard to understand the dynamics of these price bars and order flow dynamics and entry/exit techniques you should have profits in the first day or even hour that exceeds the monthly price of the subscription. If you are new to trading, I can't really answer that question but there are several traders in the room that have cut their trading teeth here who should be happy to give you guidance.
10. Rob Mitchell (the room Administrator) promised me and all other subscribers a set of tools that work but more importantly an environment where you can grow, in whatever direction you choose, as both a trader and a person.
11. Good luck. If you subscribe to Rob's room he, myself and others will be happy to help on your journey. If not, thanks for stopping by, this is not for everyone.